2011-06-29
PRESS RELEASE
Finansinspektionen is issuing remarks and administrative fines today to four firms for deficiencies in their bonus structures. These are the first interventions by FI following the spring's extensive survey of the financial companies' bonus structures.
Investment firms East Capital AB and Garantum Fondkommission AB and management companies East Capital Asset Management AB and Aktie Ansvar AB all demonstrated deficiencies in their bonus structures. The risk analyses linked to the bonus structures of all four companies were inadequate and their management of variable remuneration was in violation of the regulatory framework.
All four companies are receiving a remark and administrative fine. East Capital must pay an administrative fine of SEK 2,300,000, East Capital Asset Management SEK 1,500,000, Garantum Fondkommission SEK 1,100,000 and Aktie Ansvar SEK 400,000.
FI has been conducting investigations this spring into a number of firms that demonstrated deficiencies in their bonus structures. To date, four investigations have resulted in sanctions while a smaller number were closed after FI determined that the deficiencies were not of such a serious nature as to require an intervention.
Investigations of other firms are still ongoing and will probably be completed in the autumn of 2011.
