Finanstilsynet withdrew Acta Asset Management's licences to provide investment services on 12 April 2012.
Finanstilsynet has brought to light serious and systematic breaches of the Securities Trading Act's conduct-of-business provisions. Clients were inter alia recommended by Acta Asset Management to move their investments to the product "Porteføljekonto", and incurred disproportionately high fees and charges as a result. Client interests were not safeguarded in the best possible manner, as the law requires.
After an on-site inspection by Finanstilsynet, Acta Asset Management took some steps, and announced others, to rectify rule breaches and reduce the likelihood of new rule breaches. Finanstilsynet does not consider that the above steps warrant continuation of the company's licences under the provisions of the Securities Trading Act. In Finanstilsynet's assessment the offences brought to light are of such gravity that confidence in the securities market and in investment firms as such requires the company's licences to be withdrawn. In this assessment Finanstilsynet has given particular emphasis to the fact that the breaches of the conduct-of-business rules represent a serious impairment of the confidence that consumers must be entitled to place in providers of financial services.
The company is until 31 August 2012 authorised to provide investment services to existing clients to the extent required to assure sound and proper termination of client relationships.
The licence withdrawal affects no other companies in the Acta group.
Finanstilsynet's decision is in the public domain, and is available at Finanstilsynet's website (in Norwegian).