OREANDA-NEWSGoldman Sahcs investment group is changing the structure of business in Russia. She refuses a separate brokerage company and transfers all brokerage operations to the bank, Dmitry Sedov, chairman of the board of directors of Goldman Sachs in Russia, told the Russian media.

Now Goldman Sachs operates in Russia through two legal entities that fall under the regulation of the Central Bank: Goldman Saks LLC broker and dealer and Goldman Sachs Bank LLC. “Licenses of these two legal entities largely duplicate each other, as our bank can also provide brokerage services and carry out dealer activities. At the same time, for each of these two companies it is necessary to prepare separate reports for the Central Bank, the tax inspectorate and other state bodies”, Sedov said.

Goldman Sachs has been operating in Russia since the late 1990s. Sedov noted that initially a broker-dealer was created in Russia, and a few years later - a bank, which also received a broker and dealer license. Then the Central Bank regulated only the activities of banks, and brokers and dealers fell under the supervision of the Federal Securities Commission. In Russia, Goldman Sachs also has a branch of a British company, it provides investment banking services, its activities are not subject to licensing.