Central Bank of Russian Federation
The Central Bank of Russia added IC Veles Capital LLC to the Unified Register of investment advisors thereby confirming the organization’s authorization to conduct investment advisory activity in accordance with the Federal Law 397-FZ which entered into force on December 21, 2018. As of the present date, there are 23 companies included in the Register which is available on the website of the Central Bank of the Russian Federation.
Any investor, before seeking an investment advice, can use this Register to check whether the adviser is duly authorized by the Central Bank. With this step, the regulator expects to improve the quality of financial advisory services in Russia. Only those organizations and individual entrepreneurs are entitled to be called investment advisors who have necessary qualifications and experience, safeguard their professional reputation and always act in their clients’ best interests. To be authorized as a financial advisor a person is required to become a member of the respective self-regulatory organization (SRO) which, together with the Central Bank, will oversee its activity.