OREANDA-NEWS. September 10, 2010. The FFMS has cancelled Central Moscow Depository’s license for registration services, the FFMS director, Vladimir Milovidov told journalists in September 9. The decision to prolong the validity term till February 1 was made in order to allow share issuers to move their registers to other registrars, and other companies to finish their initial public offerings.

At the moment, only one company registered at Central Moscow Depository is bound to hold an IPO, which is to end by December 20; however, Milovidov did not reveal the name of this company. “Violations revealed during the inspection of the Depository have therefore been asserted”, the FFMS head said. Milovidov added that Central Moscow Depository now has to transfer registers to registrars selected by issuers, and settle accounts with the customers.

He noted that the decision to revoke the license was from several factors, including numerous refusals to comply with court decisions, un-abidance by the regulator’s rulings and anti-laundering rules. Finally, Milovidov added that the FFMS was ready for court proceedings, if the Depository decided to challenge the decision.