"Several dozen non-state pension funds could have their licenses revoked, due to disclosure violations," Sergei Kharlamov, a deputy head of the Federal Financial Markets Service, said. "We have already suspended the licenses of 23 pension funds."
Kharlamov said the funds that had already had their licenses revoked were given 20 days to correct violations.
Last week, Alexander Beskrovny, the head of the service's department for the oversight of collective investments, told leading business daily Kommersant that the service would turn to prosecutors if funds failed to rectify the situation.
"We have no right to cancel licenses from non-state pension funds, since this is still the prerogative of justice institutions," he told the newspaper. "But if the funds fail to correct violations within 20 days, the Federal Financial Markets Service intends to cancel their licenses through the courts."
Galina Morozova, the head of Sberbank's non-state pension fund, told the paper that over the last two years, only about 260 out of 337 registered funds had reported to the markets regulator.
"This means that there are still about 60 candidates in line for license revocation," Morozova said.
