The Financial Supervision Authority welcomes the decision of SEB Pank to compensate damage incurred by investors
The Financial Supervision Authority welcomes the decision of SEB Pank to compensate the damage caused to those investors who purchased the bonds of TR Majad.
At the beginning of 2009, the Financial Supervision Authority initiated supervision proceedings against SEB Pank to verify the operation of the separation of functions and the avoidance of the conflict of interests by the bank.
“During the proceeding, the bank showed great readiness to cooperate and presented us with thousands of pages of evidence. We interviewed dozens of SEB Pank employees and other persons. During the exchange of information in the course of the supervision proceedings, SEB Pank took measures to immediately eliminate the doubtfulness that appeared in the organisation, made changes in the management board and among its employees. The bank has confirmed to the Authority that work on the improvement of the organisation and its culture will continue,” said Kilvar Kessler, Member of Management Board of the Financial Supervision Authority.
The Authority does not solve private law disputes or advise one or the other party on specific private law dispute issues. The parties and courts are responsible for this role.
In November of this year, the Financial Supervision Authority developed and submitted for commenting a manual for the provision of investment services for the specification of the generally recognised professional skills. The manual recommends, among other things, regulating the issues related to the security agent. In addition, the manual could be a great auxiliary material for interested parties and judges at the settling of disputes. The draft of the manual is available on the website of the Financial Supervision Authority.