IT’S IMPORTANT TO HAVE FINANCIAL SERVICES LICENSE IN ORDER TO ADVERTISE SUCH SERVICES

Otherwise, such advertising will be deemed inappropriate

The FAS Russia recognized the advertising of the companies Niron.Shopping and Mirax Capital, which was distributed in July 2020 in the Yandex search engine, violating the Law on Advertising.

Advertisements were direct appeals to consumers for the provision of services for investing citizen’s property.

“I will remind you that the law establishes a ban on advertising of goods and services, the sale and provision of which requires obtaining a license or other special permits, in the absence of such licenses or permits, - explained Tatyana Nikitina, Head of the Department for Control over Advertising and Unfair Competition of the FAS Russia. The given companies are absent in the register of financial organizations licensed by the Bank of Russia to carry out relevant activities. In the absence of such a license, advertisements for financial services cannot be placed”.

The advertising distributor of inappropriate advertising (YANDEX LLC) was issued a ruling to stop violation. The company faces administrative fines ranging from 100 to 500 thousand rubles.

The Federal Public-State Fund for the Protection of the Rights of Investors and Shareholders appealed to the FAS Russia with messages about the placement of advertisements for the provision of financial services by Niron.Shopping and Mirax Capital.