The Central Bank of Russia has announced the appointment of administrators to investment company QBF LLC for a period of three months.
The reason for the regulatory decision is that the company has failed to meet its obligations to its creditors. The company has also failed to inform the central bank about any circumstances related to this failure.
As FX News Group has reported, the Central Bank of Russia announced the annulment of the licenses of QBF LLC in July 2021. In particular, the regulator annulled the company’s licenses for depository, broker and dealer activities, as well as the license for securities management.
The regulator explains that its decision is based on QBF’s repeated violations of regulatory requirements and the securities laws of Russia. More specifically, the company has failed to comply with orders issued by the central bank. QBF has also violated the rules regarding securities management. Other violations concern risk management and internal accounting.