Helsinki Administrative Court issued its decision on appeal by Ermitage Partners Oy

On 27 November 2024, the Helsinki Administrative Court has issued a decision on an appeal filed by Ermitage Partners Oy concerning the prohibition order imposed by the FIN-FSA on the company. On 6 June 2023, by virtue of chapter 16 a, section 1 of the Investment Services Act, the FIN-FSA prohibited Ermitage Partners Oy from continuing and repeating the provision of investment service in violation of law. The activities of the company had involved the marketing of alternative investment funds, and its activities had enabled Finnish investors to make investments in certain foreign alternative investment funds.

The Helsinki Administrative Court has dismissed the company's demand to repeal the FIN-FSA’s decision of 6 June 2023.

This decision of the Administrative Court is not yet legally binding, as it may be appealed to the Supreme Administrative Court if it grants a permission to appeal. The permission to appeal must be sought within 30 days of service of the decision of the Administrative Court

For further information, please contact:

Head of Department Armi Taipale and Chief Supervisor Riitta Seppä.

Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9.00–16.00).

Appendices

• Administrative Court's announcement of 27 November 2024 (in Finnish)
• FIN-FSA's press release of 7 June 2023