On March 19, 2019, the Financial Supervisory Authority of Norway (Finanstilsynet) decided to revoke the authorization of JOOL Markets AS (JM). JM has appealed the decision and the appeal is being processed by the Norwegian Finansdepartementet (FIN).
During the time that the appeal is being processed, JM has been granted postponement of the implementation of the decision, which means that the decision is not effective until FIN has reviewed the appeal.
However, FIN have imposed certain restrictions on JM as conditions for the postponement of the implementation of the decision. The restrictions are as follows:
- JM, including its agents, are not allowed to enter into new client agreements or expand client relationships with existing clients.
- Finanstilsynet’s decision from March 19, 2019 must be available on JM’s web site. In addition, information about the postponement regarding the implementation of the revocation until FIN has reached a final decision can also be made available. In such cases, the imposed restrictions from FIN must also be published.