The Financial Supervisory Authority of Norway has published a supervisory report on Ontogeny Corporate Finance AS covering business conducted through its tied agent, Pitch 40 AS. The authority found that the agent's broad liability disclaimers in investor materials used for capital raisings were not compatible with investor protection requirements under the Securities Trading Act. It also found that the firm had not documented key elements of risk-based customer due diligence under the Anti-Money Laundering Act, including the purpose of the business relationship, the intended nature of the relationship and the source of funds. The review covered investor-facing documentation such as information memoranda and subscription forms, where the agent reserved the accuracy and completeness of the information and disclaimed liability for the content. Finanstilsynet concluded that this could weaken investor protection and give investors an incorrect picture of the arranger's actual role and responsibility, noting that a securities firm remains responsible for activities carried out by its tied agent. On anti-money laundering controls, customer files did not show concrete assessments of the relationship's purpose, intended nature and source of funds, or how those factors were used in the risk assessment and ongoing monitoring. The firm acknowledged both issues, introduced revised responsibility statements and strengthened documentation systems, and the authority took note of those measures. The report also addressed whether the service described as Smart Matching link on the agent's website could fall within investment advice. After the firm explained the service's functionality and made changes, Finanstilsynet took note of the explanation and remedial steps.
Norwegian Finanstilsynet2026-06-24
Financial Supervisory Authority of Norway finds investor protection and anti-money laundering documentation failings at Ontogeny Corporate Finance
The Financial Supervisory Authority of Norway found, in a supervisory review of Ontogeny Corporate Finance AS and its tied agent Pitch 40 AS, that broad liability disclaimers in investor materials breached investor protection requirements. It also found inadequate documentation of risk-based anti-money laundering customer due diligence, including the purpose of the relationship, its intended nature and the source of funds. The firm has revised its disclaimers and documentation processes, and the authority took note of those measures.