Press release 7 June 2023

FIN-FSA prohibits Ermitage Partners Oy from providing investment services without authorisation

The Financial Supervisory Authority (FIN-FSA) prohibits Ermitage Partners Oy from providing investment services without authorisation. The FIN-FSA finds that Ermitage Partners Oy has provided investment services without a legally required authorisation although the activities of the firm have fulfilled the characteristics of the transmission of orders under the Investment Services Act.

In the FIN-FSA’s view, the firm’s activities have involved the marketing and promotion of the sales of units in alternative investment funds, and its activities have enabled Finnish investors to make investments in certain foreign alternative investment funds. The objective of the firm’s activities has been to obtain investment commitments to EEA alternative investment funds marketed by it, since the firm has received a fee for its brokerage activities from foreign fund managers. Hence, the activities of the firm have fulfilled the characteristics of the transmission of orders under the Investment Services Act.

The firm has applied for the FIN-FSA’s authorisation for the provision of investment services with the intention to provide, inter alia, the transmission of orders concerning alternative investment funds. In the context of processing the authorisation, it was revealed that the firm had already provided investment services in 2022 and continued to do so in 2023 without the authorisation of an investment firm, even though the firm had been aware of the necessity of the authorisation and its application for an authorisation for investment services was in process.

The FIN-FSA's decision will enter into force on immediately. However, the decision is not legally valid, since Ermitage Partners Oy has the right to appeal the decision to the Helsinki Administrative Court within 30 days. Information on the legal validity of the decision is available on the FIN-FSA website.

Contact information

For further information, please contact Armi Taipale, Head of Department
Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9:00–16:00).

Appendix

Decision of the Financial Supervisory Authority (pdf, in Finnish)

See also

FIN-FSA decisions