Central Bank of Russia : On cancelling qualification certificates

On 21 January 2016, the Bank of Russia cancelled series AV-015 qualification certificate No. 000382 of qualification corresponding to the position of a financial market specialist to manage investment funds, unit investment funds and non-governmental pension funds and series AVII-015 qualification certificate No. 000377 corresponding to the position of a financial market specialist to carry out non-governmental pension provision, compulsory pension insurance and professional pension insurance issued to Alexei M. Kushnir.

The reason to cancel the certificates was the repeated violations of Russian pension legislation by Alexey M. Kushnir, who acted as the sole executive body of Garant-Prof trade union non-governmental pension fund of social insurance, non-profit organisation (hereinafter, the Fund), when the Fund repeatedly violated Russian pension legislation which resulted in the cancellation by the Bank of Russia Order No. OD-3001, dated 2 November 2015, of Fund's licence to carry out pension provision and pension insurance No. 125/2, dated 29 November 2005.