Alfa-Bank has notified clients of its brokerage unit Alfa Investments about how their assets will be transferred to another broker.

“You do not need to do anything: the other broker will automatically open a brokerage account or IIS for you,” the newsletter says.

Those clients who move to a new broker, the terms of service will remain the same as they were at Alfa Investments. After April 30, the bank will send clients instructions on how to install the application of another broker and prepare for trading, at the same time the clients will be contacted by their new broker.

On May 1, the latter will open a brokerage account or an individual investment account (IIA) for current Alfa Investments clients – depending on which one they had before.

“On May 6, all your money and securities will be available in another broker’s app,” the statement said.

To trade through “Alfa-Investments” so far can be those instruments that are available at the Moscow Exchange: on the stock market – up to April 26 inclusive; on the foreign exchange market – up to April 27 inclusive; on the futures market – up to April 28 inclusive; replenish the brokerage account can be until 15:00 on April 28.

Foreign securities can be traded on SPX Exchange after May 6, but with the help of a new broker.

The transfer can be refused, for this purpose it is necessary to send an order in the personal cabinet until 23:59 Wednesday, April 20. The bank warned that in case of refusal of the transfer, the client’s securities will remain in Alfa Investments, but they will not be traded.

“We cannot guarantee that the higher depository will not block your assets and you will be able to transfer them to another broker,” the credit organization said.

In addition, if you refuse the transfer, the money from the brokerage account will be moved to current accounts in Alfa-Bank, ruble or foreign currency. If there are no accounts, the client will have to open them himself. The contract with Alfa-Bank for brokerage services will be terminated unilaterally.

“The choice is yours, but we advise you not to refuse the transfer. After transferring to another broker, you will be able to trade your assets and transfer them wherever you want,” the bank said.

The name of the broker or brokers to which Alfa clients will be transferred has not been named yet. In addition, some securities will fall under restrictions.

“Restrictions will affect the securities that fell under the blocking before their transfer to Alfa-Bank from the former broker. You will not be able to trade in them until the restrictions are lifted from them by the superior depository. As soon as this happens, we will be sure to tell you about it,” the newsletter explains.