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As of 13 April, the Norwegian supervisory authority, Finanstilsynet, has withdrawn Acta Asset Management AS’s authorisation to conduct securities business.
Acta Asset Management AS must have wound down its customer relationships and securities accounts no later than 31 August 2012. According to information from Acta, it will suggest that its customers sign new contracts with fellow subsidiary Navigea Securities AS.
What happened?
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 As a result, Acta Asset Management’s authorisation has been withdrawn.
What happens now?
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.
Customers with questions should first contact Acta using the contact information provided below. Information is also available on Finanstilsynet’s website.
Acta: www.acta.no, www.navigea.no, www.acta.se
Tel +47 21 00 30 00, +46 770-45 75 75 (Swedish number)
Finanstilsynet: www.finanstilsynet.no Tel +47 22 93 98 00
Facts about Acta
Finanshuset Acta is the joint brand for all of the companies conducting operations within the Acta Group, which includes Parent Company Acta Holding ASA in Norway and the wholly-owned subsidiaries Acta Kapitalförvaltning AS (not currently conducting active operations), Acta Asset Management AS, Navigea Securities AS (previously Acta Markets AS), Acta Corporate Services AS and Swedish Acta Finans AB.
