Norway's Financial Supervisory Authority has issued a supervisory report concluding its review of compliance and internal audit arrangements at Turnstone Alternative Investments AS. The firm is expected to assess findings in an accompanying consolidated report against its own organizational arrangements and use them to guide improvements. The thematic review ran from May 2025 to April 2026 and covered five management companies and three alternative investment fund managers as part of a European supervisory exercise coordinated by the European Securities and Markets Authority. The assessment examined whether control functions had sufficient resources, expertise and authority to perform their duties effectively. It relied on submitted documentation, including questionnaire responses, and did not test compliance with the firm's internal procedures.
Norway's Financial Supervisory Authority concludes review of Turnstone's compliance and internal audit functions
Norway's Financial Supervisory Authority has concluded its review of compliance and internal audit arrangements at Turnstone Alternative Investments AS. The firm is expected to assess its arrangements against findings in a consolidated report covering eight fund managers and use them to guide improvements. The assessment relied on documentation and did not test compliance with the firm's internal procedures.