The 19th of March this year, the Financial supervisory authority decide to revoke the permission from JOOL Markets AS (JM). JM has now appealed the decision, and that is now under further investigation at the Norwegian Finansdepartementet (FIN).
During the time that the appeal is taken care of, JM has been granted postponement of the implementation of the decision, which means that the decision is not effective until the FIN has reviewed the appeal.
However, FIN have imposed restrictions on JM as a condition for the postponement of the implementation of the decision. The restrictions are as follows:
- The company, including its agents, are not allowed to commit new client agreements or expand client relationships for existing clients.
- Finanstilsynet decision from the 19th of mars 2019 must be available on the company’s webpage. In addition, information about the postponement of the implementation of the decision until the Finansdepartementet has reached the final decision. In such cases, the restrictions from Finansdepartementet must be published.