Financial Supervision Authority welcomes SEB Bank's decision, supervision proceedings continue
The Financial Supervision Authority welcomes SEB Bank's decision to compensate the damage caused to unit owners of the SEB Liquidity Fund, but continues the supervision proceedings in the said case. The Financial Supervision Authority has always stressed the importance of treating investors equally and informing them appropriately and precisely. The authority has also referred to the possible consequences arising from a violation of the rules.
"Among other things, the supervision proceedings of the Financial Supervision Authority concern the informing of unit owners of the SEB Liquidity Fund. SEB admitted today that the information that was given to the clients of SEB Liquidity Fund did not correspond to SEB's requirements of clarity of product information. This confirms the set opinion of the Financial Supervision Authority," said Chairman of the Management Board of the Financial Supervision Authority, Raul Malmstein.
Malmstein said that compensation for damage is in the interests of unit owners. "The decision by SEB to provide compensation may reduce the probability of civil matters, but the Financial Supervision Authority will complete its supervision proceedings in the planned scope."
The Financial Supervision Authority continues its proceedings to check whether activities of AS SEB Bank and AS SEB Varahaldus in selling and mediating SEB liquidation fund units, including making information public to entitled persons, corresponds to legal acts.