Acta Kapitalforvaltning ASA has now received the final report from the Financial Supervisory Authority of Sweden after the inspection which has taken place since the fall of 2008. The inspection of the Swedish operations has partially been conducted in parallel with the Norwegian FSA's ordinary inspection of the operations in Norway. The inspection in Sweden was initiated when American investment bank Lehman Brothers had to apply for bankruptcy protection. Acta then made the Swedish FSA aware of the fact that we, as one of several distributors in the market, had offered investment products from Kaupthing Bank based on bonds issued by Lehman Brothers.

During the inspection and the following process the Swedish FSA pointed out several issues which they found to be of a serious nature. Acta has through letters and meetings with the Swedish FSA documented that these evaluations have been based on a partially wrong factual basis and process. As Acta now receives the final report, the company notes that the Swedish FSA has not taken these objections into consideration.  

 

Acta therefore still believes that the Swedish FSA has based several of its conclusions on factual errors and misunderstandings, but the company will comply with instructions from the FSA. Acta has already implemented a number of measures to ensure that the quality in the advisory process is according to the  requirements faced by the industry. The last few years Acta has dedicated a great deal of resources in order to improve the quality throughout the entire organisation. The Compliance department is considerably strengthened during the last year and focus on quality is today embedded throughout Acta's entire advisory  business.

 

The management and the employees in Acta are satisfied to receive the final report from the Swedish FSA, and that the efforts going forward now can focus on providing the clients with advisory services which are leading in the industry in terms of quality.

 

Contact persons:
Simen Mørdre, CEO - Phone +47 908 68 562
Rune Wangsmo, Director Public Relations - Phone +47 995 41 507