After the on-site supervision of the company as conducted 1. and 3. December 2015, Finanstilsynet concluded that there have been several serious violations of the provisions of the securities trading act.
financial supervisory authority of norway writes, therefore, in a vedtaksbrev Monday that they are taking from the Nordic Securites its authorisation to provide investment services on the basis of these infringements.
“It is accept finanstilsynet’s assessment that the Undertaking seriously and systematically infringed the Norwegian securities trading act’s provisions regarding good business conduct by that Undertaking over a long period has failed to ensure that customers ‘interests are safeguarded in the best way”, called it in vedtaksbrevet.
until 7.april can the company provide investeringstjenestene 1,2,5 and 6 cf the securities trading act § 2-1 (1), and the services 3 and 5 as described in the securities trading act. § 2-1 (2), which is necessary to get to a proper winding up of the customer relationships, as well as complete the existing tilretteleggingsoppdrag.
Nordic Securities engaged in securities trading, asset management, services related to Corporate Finance, investment advice and analysis.
There are two particular areas financial supervisory authority of norway has concentrated on.
- The first one is the company’s trade with CFD’s (Contracts for Difference) and stock exchange listed shares between January 2014 and December 2015.
- the Company’s role in the sale of shares issued by the company itself, in the Nordic Investment Management, and in The Nordic Group in the period January 2014 to June 2016.
Nordic Investment Management was merged into Nordic Securities after the local supervision took place in December 2015.
the Whole letter from the financial supervisory authority of norway can be read here.
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