Financial Supervisory Authority of Norway orders Fisher Investments Luxembourg to record and retain all client communications handled by Norwegian tied agents

The Financial Supervisory Authority of Norway (NFSA) issued a final supervisory report and corrective order against Fisher Investments Luxembourg SARL following a review of the firm’s control over the activities of its tied agents in Norway. The decision requires Fisher to record all telephone conversations and retain all electronic communications by its Norwegian tied agents with clients and prospective clients that relate to, or are intended to lead to, the provision of investment services or investment activities under the Norwegian Securities Trading Act. NFSA found that the firm did not record audio conversations and concluded that Norwegian recording and retention requirements apply to branches and tied agents established in Norway on the same terms as for Norwegian investment firms, rejecting the firm’s arguments that narrower Luxembourg rules should apply and that the host supervisor lacks authority in this area. The supervisor also assessed remuneration arrangements for the Norwegian tied agents and, while it expects compliance with remuneration requirements under Commission Delegated Regulation (EU) 2017/565 and the Norwegian Securities Trading Act, it decided not to impose a corrective order on remuneration based on the circumstances and controls in place. NFSA notified Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) of the decision. The decision will be published on NFSA’s website and may be appealed to the Financial Supervision Appeals Board within three weeks of receipt.