The EFSA comments on the LHV investigation
The EFSA is aware of the case concerning LHV (Lõhmus, Haavel & Viisemann) and its employees; agency representatives have met with and gathered original statements from the representatives of the company.
Due to circumstances that the alleged violation has taken place in the USA market, the investigation is handled by the relevant supervisory agency : the U.S. Securities and Exchange Commission (SEC). The given case is proceeding in the U.S.A. according to legislation valid in the United States. The EFSA has exchanged information with the SEC and will cooperate with them to any extent necessary to solve the case.
The EFSA has simultaneously commenced a separate probe to indicate whether market abuse regulations provided by the Estonian Securities Market Act as well as requirements for an investment firm have been violated, warranting further misdemeanor or criminal proceedings.
If warranted, the EFSA will exercise its legal rights to protect the interests of these LHV customers who are not involved in the given case.