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Financial Supervisory Authority Issues Public Warning to Bank of Aland Plc


Thursday, 7 Feb 2013 02:00am EST 

The Financial Supervisory Authority (FIN-FSA) announced that it issued a public warning to Bank of Aland Plc for omissions concerning the custody of customer assets and compliance with the provisions for ensuring the functionability of internal control. According to FIN-FSA's inspection findings, the Company had, from autumn 2009 to November 2011, entered customers' book-entry securities in its own book-entry accounts, instead of in nominee-registered commission accounts. The Company’s all customer stock exchange transactions subject to CCP clearing circulated via one such account. The financial instruments were legally in the Company’s ownership. In the event of the Company’s insolvency, the erroneous practice would have at least delayed the return of the ownership of the financial instruments to the customers. FIN-FSA considers obligation to keep customer assets separate from an investment service provider’s own assets to be such a key aspect of investor protection that a public warning is a sanction proportionate to the failure to comply with the obligation. Owing to the seriousness of the error, unprompted rectification of the error as proposed by the Company does not remove the possibility to issue an administrative sanction. The custody, handling and clearing of financial instruments must be arranged in a dependable manner so that there is no danger of mixing the financial instruments with the Company’s own funds. The Company may appeal the decision within 30 days. 

Company Quote

10.97
-0.13 -1.19%
22 Dec 2014