FAS issued a warning to “Alpha-Capital” Managing Company” Ltd.

On 18 August 2017 FAS issued a warning to “Alpha-Capital” Managing Company” Ltd. to stop actions that have signs of violating the antimonopoly law
On 16 August mass media reported that “Alpha-Capital” Ltd. had sent letters to is customers regarding problems within “Otkrytie Financial Corporation” Bank” PJSC, “BINBABK” PJSC, “MOSCOW CREDIT BANK” PJSC, “Promsvyazbank” PJSC and that “the situation around them may be finally resolved already this autumn”, particularly, through reorganization.
Based on those statements, “Alpha-Capital” Ltd. emphasized in its letters the risks of “withdrawing” some securities, issued by those banks or considerable reduction of their value and reported about its further actions in this regard as a  securities trustee, particularly, purchasing securities at reduced value during possible sell-out.
The letters of “Alpha-Capital” Ltd. also contained recommendations to transfer assets to more reliable participants of the banking system.
Analyzing the situation, on 17 August FAS received a statement from the Bank of Russia regarding signs of unfair competition by “Alpha-Capital” Ltd., and a request to conduct an inspection.
FAS analysis showed that information disseminated by “Alpha-Capital” Ltd. about issues of  “Otkrytie Financial Corporation” Bank” PJSC, “BINBABK” PJSC, “MOSCOW CREDIT BANK” PJSC, “Promsvyazbank” PJSC are incorrect because cannot be confirmed with official data.
In FAS opinion, disseminating such information can harm business reputation of those banks and other financial organizations – members of their group of persons, particularly, managing companies, and cause damages on the market of banking services as well as on the market of securities trust management accordingly.
Taking into account that such actions of “Alpha-Capital” Ltd., as follows from its letter, were aimed at gaining advantages in exercising securities trust management, FAS concluded that “Alpha-Capital” Ltd. has signs of unfair competition on the market, in the form of discrediting prohibited by Article 14.1 of the Federal Law “On Protection of Competition”.
In view of the above, on 18 August FAS issued a warning to “Alpha-Capital” Ltd. to:
- Stop sending letters with incorrect data about the issues within “Otkrytie Financial Corporation” Bank” PJSC, “BINBABK” PJSC, “MOSCOW CREDIT BANK” PJSC, “Promsvyazbank” PJSC; on probability that “the situation around them may be finally resolved already this autumn”, and recommendations based on those data to transfer assets to more reliable participants of the banking system
- Send fresh letters to refute such information to the persons, who were addressed the previous letters.
Commenting the warning to “Alpha-Capital” Ltd., Deputy Head of FAS Department for Control over Financial Markets, Lilia Belyaeva, said: “FAS staff continuously monitor publications on mass media, particularly, because under the Federal Law “On Protection of Competition” it can constitute the grounds for unscheduled inspections. Financial markets are especially sensitive to negative information regarding its participants, and such information - in the analyzed case may provoke adverse consequences for the state of competition. Therefore, such monitoring is especially important and in view of the above will be intensified to promptly suppress unfair competition”.
Lilia Belyaeva also specified: "If the warning is executed in time in accord with the Federal Law “On Protection of Competition” FAS will not open a case against the company for violating the antimonopoly law and hold it administratively liable”.