The Finnish Financial Supervisory Authority said the Supreme Administrative Court has issued a legally binding decision reversing the authority’s 6 June 2023 prohibition on Ermitage Partners Oy from continuing and repeating the provision of investment services without authorisation. The ruling also overturns the Helsinki Administrative Court’s 27 November 2024 decision, which had dismissed the company’s appeal against the prohibition. The 2023 prohibition was issued under chapter 16a, section 1 of the Investment Services Act. It related to Ermitage Partners Oy’s activities in marketing alternative investment funds, which had enabled Finnish investors to invest in certain foreign alternative investment funds. After the Helsinki Administrative Court upheld the measure, the company sought and obtained leave to appeal to the Supreme Administrative Court, which has now approved its claim for reversal.
Finanssivalvonta2026-06-17
Finnish Financial Supervisory Authority ban on Ermitage Partners investment services activity overturned by Supreme Administrative Court
The Finnish Financial Supervisory Authority said the Supreme Administrative Court has issued a legally binding ruling overturning its 6 June 2023 prohibition on Ermitage Partners Oy providing investment services without authorisation. The ruling also reverses the Helsinki Administrative Court’s 27 November 2024 decision that had dismissed the company’s appeal. The original ban related to the marketing of certain foreign alternative investment funds to Finnish investors.