Swedish regulator Finansinspektionen has followed up its Norwegian counterpart Finanstilsynet in announcing that Norway's Acta Asset Management has lost its authorisation to conduct securities business.
Swedish regulator Finansinspektionen has followed up its Norwegian counterpart Finanstilsynet in announcing that Norway’s Acta Asset Management has lost its authorisation to conduct securities business.
Finansinspektionen (FI) – the Swedish Financial Supervisory Authority – reports that Acta must wind down its customer relationships and securities accounts no later than 31 August 2012.
FI first warned Swedish customers in Acta in February 2012, following advice from Finanstilsynet – the Financial Supervisory Authority of Norway – that Acta’s securities business was under review for possible termination of its authority to do business.
“The Norwegian supervisory authority, Finanstilsynet, observed serious, systematic deficiencies in how Acta Asset Management conducted its operations compared to the requirements set out in the Norwegian Securities Market Act. As a result, Acta Asset Management’s authorisation has been withdrawn,” FI said.
“All customers will be given the opportunity to decide if they want to transfer their business to Navigea Securities AS (previously Acta Markets AS). FI has no recommendations to make in this matter, but in general customers should assess whether the terms and conditions of the contract are satisfactory and preferably compare them with the terms and conditions of other possible suppliers. Customers owning shares in, for example, Acta’s real estate structures should investigate the potential consequences of transferring securities to another manager in the event they would like to sell the shares.”