Why was the license revoked from “BroCo Investments”?

News of Russia, Saint-Petersburg. Federal Financial Markets Service has cancelled the license of LLC “BroCo Investments”.

The stock exchange intermediary license on futures and options trades issued in favour of the company has been cancelled. Frequent law violations concerning commodity exchanges and exchange trade has been the reason for cancellation.

Earlier FFMS had already cancelled the license on dealer and broker activities of “BroCo Investments”. This happened in July 2010 and became the reason for the multiple violations.

The claims included non-conformity of private company means to the established norms, violations in the inner record of transaction as well as inadequate information on quarterly reports during the period of 2008-2009.

In this reference the company representatives claim that they have voluntarily refused the license. Till the end of June “BroCo Investments” has closed the clients’ accounts and has output their assets, said Natalia Fefilova, BroCo’s marketing director.