Fondspartner - Consequences Of The Action Taken By Kredittilsynet

Fondspartner will no longer be permitted to receive and transmit orders in relation to financial instruments on behalf of investors. The Oslo Stock Exchange refers to the press release issued by Kredittilsynet. Kredittilsynet has approved the following resolution: 1. On the basis of § 12-5 No. 4 of the Securities Trading Act, Kredittilsynet hereby resolves to withdraw the licences of Fondspartner ASA to provide investment services in terms of § 7-1 first paragraph of the Securities Trading Act, cf. § 1-2 first paragraph No. 1 for the "reception and transmission, on behalf of investors, of orders in relation to financial instruments, as well as the execution of such orders ", and No. 2 for "dealing in financial instruments for own account ". 2. The cessation of the investment services activities required by item 1 of this resolution must take place prior to 23 December 1999. Following this decision Fondspartner will no longer be permitted to receive and transmit orders in relation to financial instruments on behalf of investors, nor will it be able to execute any such orders in the period prior to discontinuing its investment services activities. The firm will only be permitted to trade in financial instruments for its own account to the extent that this is necessary to close existing positions in connection with the discontinuance of the firm's investment activities, and on the basis that no trades will be permitted for settlement after 23 December 1999. The Oslo Stock Exchange has accordingly decided that the firm's participation in price quotation for the period up to 23 December 1999 will take the form of continued access to the trading system, but without the ability to input orders or record trades in the system. Any trades will accordingly have to be carried out by telephone contact with other members, and will be recorded in the trading system by the counterparty. The Oslo Stock Exchange takes a very serious view of the grave and systematic breaches of the legislative regulations governing the stock exchange and securities trading which have come to light in this case. Breaches of the regulations of the kind involved here are very damaging to confidence in the Norwegian securities market, comments Tor G Birkeland, acting President of the Oslo Stock Exchange.