FIN-FSA changes prohibition of execution issued on Navi Group Oy
The Financial Supervisory Authority (FIN-FSA) changes the prohibition of execution issued on 9 April 2013 so that customer funds under Navi Group Oy’s asset management may be returned to customers in accordance with the company’s plan submitted to FIN-FSA. However, FIN-FSA requires that, in returning customer assets, the company adhere to the requirement of equal treatment as prescribed in the Investment Services Act.
FIN-FSA continues to restrict Navi Group Oy’s operations so that the company may not provide asset management services to new customers nor accept new assets from its existing customers for asset management purposes. This decision replaces the decision of 9 April 2103 and is valid until 27 September 2013, unless FIN-FSA issues a new decision on the matter before the said date.
The company has entered a complaint at the Helsinki Administrative Court in respect of the previous decisions relating to restriction of operations and prohibition of execution.
For further information, please contact
- Erkki Kontkanen, Chief Advisor, tel. +358 10 831 5260 (FIN-FSA’s decisions)
- Esa Pitkänen, Head of Division, tel. +358 10 831 5248 (supervision of investment service providers)