Final report from Financial Supervisory Authority released
The Financial Supervisory Authority of Norway has, as notified in February, decided to withdraw the licenses of Acta Asset Management AS, a subsidiary of Acta Holding ASA. This will not affect the ongoing reorganization of the Acta Group, which progresses as planned, and which will strengthen the Group in the areas where the Financial Supervisory Authority has found weaknesses.
Stavanger, April 13 2012: “We take this very seriously, and notice that the Norwegian FSA is of the opinion that the subsidiary Acta Asset Management AS’ business conduct has not met the expectations set by the FSA,” says Alfred Ydstebø, chairman of Acta Holding ASA.
The Board of the subsidiary Acta Asset Management AS acknowledges part of the criticism from the Financial Supervisory Authority. The Board disagrees, however, on certain points of the Authority’s interpretation of facts and legal assessments. This was addressed in a letter of reply. Regarding the final conclusions, the board will use the necessary time on a thorough review and eventually consider an appeal.
Clients’ investments and reports have at no point been affected by the ongoing processes.
The Norwegian operations of the Acta Group will now primarily be carried out through the subsidiary Navigea Securities AS, which has all the necessary licenses and which is a solid and profitable company. In establishing Navigea Securities AS, one has taken into account the views expressed by the Financial Supervisory Authority.
Navigea Securities AS will offer a comprehensive range of financial services – financial advisory, brokerage services, insurance services and expertise within investment banking.
Norwegian clients of Acta Asset Management AS have been offered to become clients of Navigea Securities AS, either through personal financial advisory or through order execution by an investment centers. Clients who do not want to move to Navigea Securities AS, will receive help with the practicalities when moving their client relationship to other suppliers.
The advisory services in Sweden will as before be maintained by the subsidiary Acta Finans AB.
”The board of Acta Holding has a positive view of future developments, especially considering the changes that Acta has initiated and executed during the last year. We have many loyal and valuable customers, and we have a highly competent staff. Despite the events in Acta Asset Management AS, this gives us a very solid platform to build on,” said Ydstebø.
Contacts:
Alfred Ydstebø, Chairman of the Board of Acta Holding ASA, mobile phone +47 908 32 828.
Mirja Herrdin, Chief Communications Officer, mobile phone +47 948 82 370
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.