Supreme Administrative Court issued its decision concerning appeal by Ermitage Partners Oy

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

Ermitage Partners Oy applied to the Supreme Administrative Court for leave to appeal and filed an appeal against the Helsinki Administrative Court’s decision; the company was granted leave to appeal by the Supreme Administrative Court. The Supreme Administrative Court has approved the company’s claim for a reversal of the decision made on 6 June 2023 by the FIN-FSA. The Supreme Administrative Court reversed the decisions of the Administrative Court and the FIN-FSA. The Supreme Administrative Court’s decision is legally binding.

For further information, please contact

Armi Taipale, Head of Department, Capital Markets Supervision. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, Mon–Fri 9:00–16:00.

Appendices

• Supreme Administrative Court precedent KHO:2026:45 17 June 2026 (in Finnish)
• FIN-FSA press release 27 November 2024: Helsinki Administrative Court issued its decision on appeal by Ermitage Partners Oy