OREANDA-NEWS. On 29 December 2015, the Bank of Russia decided to cancel series AVII-004 qualification certificate No. 011449 of financial market specialist in the activity of non-governmental pension funds on non-governmental pension provision, obligatory pension insurance and professional pension insurance issued to Vasily Kumakov.

The reason to cancel the certificate was repeated violations by Vasily Kumakov of requirements of the Russian pension legislation. Vasily Kumakov acted as an acting controller of the joint-stock company Non-governmental Pension Fund Blagovest (hereinafter, the Fund) during the period when the Fund committed repeated violations of requirements of the Russian pension legislation due to which the Fund’s licence to carry out pension provision and pension insurance No. 128/2, dated 27 July 2004 was cancelled (Bank of Russia Order No. OD-2998, dated 2 November 2015).