The Financial Supervisory Authority of Norway (Finanstilsynet) criticized Arctic Securities after the brokerage’s head of analysis traded shares in listed companies on which the brokerage had prior analytical knowledge.
Finanstilsynet concluded that the brokerage house did not have routines and procedures that prevented analysts from utilizing the knowledge they gained in their work.
The authority also believes that the company has not arranged its operations to keep conflicts of interest to a minimum.
Arctic’s board disagrees with parts of the criticism but says that both the board and the management take the issues very seriously, newspaper Dagens Næringsliv (DN) writes.
“We regret that Finanstilsynet has found reason to make critical remarks. We accept the criticism, and we will comply,” the company wrote.
The company has appointed a new head of analysis, while the previous one will get a different role.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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