EfTEN Capital given the right to offer investment advice
The Financial Supervision Authority granted EfTEN Capital an additional activity license that allows the company to offer the investment advice provided for in the Investment Funds Act.
EfTEN Capital received its activity licence of a management company from the Financial Supervision Authority on 15 January 2009. Pursuant to the Investment Funds Act, a management company that already holds an activity licence of a management company and additionally wishes to commence provision of one or several of the services specified in subsection 13 (1) of the Investment Funds Act must apply for an additional activity licence therefor from the Financial Supervision Authority.
The Markets in Financial Instruments Directive (MiFID) and the Securities Market Act stipulate that only financial institutions that hold the relevant activity licenses are permitted to offer investment advice in the European Union.