The Financial Supervision Authority continues supervision proceedings with SEB Bank and SEB Varahaldus
On 27 October 2008, AS SEB Varahaldus decided to reassess the investment portfolio of SEB Liquidity Fund. As a result of the reassessment, the net value of the fund was reduced by 13.05% to EEK 86.95 per fund unit.
The Financial Supervision Authority carries out supervision proceedings to check whether the activities of AS SEB Bank and AS SEB Varahaldus in selling and mediating SEB liquidation fund units, including making information public to entitled persons, correspond to legal acts.
Supervision proceedings have been initiated to clarify the following circumstances:
1) Adhering to the obligation to inform investors on equal bases before making significant information regarding the price of the units of SEB Liquidity Fund public.
2) Submitting information to the sole owner of SEB Liquidity Fund. Correspondence of the submitted information to actual circumstances; comprehensive presentation or non-presentation of risks emphasising possible receivable profit. At the same time, clearly referring or not referring to risks related to the service.
We advise clients of AS SEB Varahaldus, who would like assistance in protecting their rights, to act as follows:
In case a client has complaints against AS SEB Varahaldus or other service providers, we ask them to submit respective claims directly to the service provider and, if they wish, submit a copy to the Financial Supervision Authority, to the E-mail address email@example.com.
We ask that you please submit a description of the situation, an application or a claim, specifically and unambiguously.
In case of any differences between AS SEB Varahaldus and a client, it constitutes a civil matter and shall be resolved only in court. Thus, according to the Code of Civil Procedure, it is possible for clients to turn to courts to protect their violated rights. Further information on filing an action in court can be found on the website www.just.ee.
The Financial Supervision Authority may use a copy of a client's complaint received by E-mail as proof of the on-going supervision proceedings. We value any information on possible violations on market participants' part and the activity of clients highly.
The Financial Supervision Authority performs supervision over management companies of funds and other investment service providers on the basis of the Financial Supervision Authority Act and respective specific laws. The authority is entitled to issue injunctions, fines, to forward a matter for the application of criminal proceedings; however, the authority cannot practically solve differences between a client and a service provider. Complaints cannot be registered with the Financial Supervision Authority over the phone.