Ermitage Partners Oy has withdrawn its investment services license application
Last year, we submitted an application for an investment services license to the Finnish Financial Supervisory Authority with the intention of strategically expanding our operations to certain new business areas upon obtaining the license.
On 6 June 2023 the FIN-FSA made a decision to prohibit Ermitage Partners Oy from providing investment services. We have appealed the prohibition decision to the Administrative Court of Helsinki. Ermitage Partners Oy has not acted in violation of the Investment Services Act and there are no legal grounds for the prohibition decision. Given the current conditions, we have additionally opted to withdraw our license application at this point.
As we have previously stated, Ermitage Partners Oy will refrain from assisting any fund managers in their fundraising efforts until a suitable regulatory framework has been ensured.