VILNIUS — The Orion Securities investment firm was fined 50,000 litai (€14,500) by the Lithuanian Securities Commission for conflicts of interest regarding the treatment of their customers.
The commission is charged with ensuring free market conditions and ensuring that companies comply with laws.
The company was found to have “conflicts of interest and control over the unfair treatment of [private_supervisor]customers,” the commission said.
Orion Securities disagrees and says it will appeal the decision.
The commission said it found that Orion was providing portfolio management services to clients without the consent of the relevant parties.
“The company did not act professionally, honestly, fairly, and the best way in terms of the customers’ interests, thereby breaching the requirements of the law,” the commission said.
“I disagree with the commission’s view, because we see some discrepancies with the EU law and we will challenge this decision,” Alius Jakubelis, Orion Securities director said in a statement to the press.
The investigation was launched after seven customers of the firm, which has provided investment portfolio management services, complained.
It was found that a conflict of interest arose from the company Agrowill Group’s and Snaigė’s financial measures and acquisition because the company has bonds and shares with the companies in the distribution and coordinator role and therefore had an interest spread of financial instruments.
The customers who complained had a portfolio consisting of Agrowill Group securities in the range of 75-98 percent. Some 14.2 percent of all Agrowill Group bonds were managed in the portfolios of Orion Securities. [/private_supervisor] [private_subscription 1 month]customers,” the commission said.
Orion Securities disagrees and says it will appeal the decision.
The commission said it found that Orion was providing portfolio management services to clients without the consent of the relevant parties.
“The company did not act professionally, honestly, fairly, and the best way in terms of the customers’ interests, thereby breaching the requirements of the law,” the commission said.
“I disagree with the commission’s view, because we see some discrepancies with the EU law and we will challenge this decision,” Alius Jakubelis, Orion Securities director said in a statement to the press.
The investigation was launched after seven customers of the firm, which has provided investment portfolio management services, complained.
It was found that a conflict of interest arose from the company Agrowill Group’s and Snaigė’s financial measures and acquisition because the company has bonds and shares with the companies in the distribution and coordinator role and therefore had an interest spread of financial instruments.
The customers who complained had a portfolio consisting of Agrowill Group securities in the range of 75-98 percent. Some 14.2 percent of all Agrowill Group bonds were managed in the portfolios of Orion Securities. [/private_subscription 1 month] [private_subscription 4 months]customers,” the commission said.
Orion Securities disagrees and says it will appeal the decision.
The commission said it found that Orion was providing portfolio management services to clients without the consent of the relevant parties.
“The company did not act professionally, honestly, fairly, and the best way in terms of the customers’ interests, thereby breaching the requirements of the law,” the commission said.
“I disagree with the commission’s view, because we see some discrepancies with the EU law and we will challenge this decision,” Alius Jakubelis, Orion Securities director said in a statement to the press.
The investigation was launched after seven customers of the firm, which has provided investment portfolio management services, complained.
It was found that a conflict of interest arose from the company Agrowill Group’s and Snaigė’s financial measures and acquisition because the company has bonds and shares with the companies in the distribution and coordinator role and therefore had an interest spread of financial instruments.
The customers who complained had a portfolio consisting of Agrowill Group securities in the range of 75-98 percent. Some 14.2 percent of all Agrowill Group bonds were managed in the portfolios of Orion Securities. [/private_subscription 4 months] [private_subscription 1 year]customers,” the commission said.
Orion Securities disagrees and says it will appeal the decision.
The commission said it found that Orion was providing portfolio management services to clients without the consent of the relevant parties.
“The company did not act professionally, honestly, fairly, and the best way in terms of the customers’ interests, thereby breaching the requirements of the law,” the commission said.
“I disagree with the commission’s view, because we see some discrepancies with the EU law and we will challenge this decision,” Alius Jakubelis, Orion Securities director said in a statement to the press.
The investigation was launched after seven customers of the firm, which has provided investment portfolio management services, complained.
It was found that a conflict of interest arose from the company Agrowill Group’s and Snaigė’s financial measures and acquisition because the company has bonds and shares with the companies in the distribution and coordinator role and therefore had an interest spread of financial instruments.
The customers who complained had a portfolio consisting of Agrowill Group securities in the range of 75-98 percent. Some 14.2 percent of all Agrowill Group bonds were managed in the portfolios of Orion Securities. [/private_subscription 1 year]
— This is a paid article. To subscribe or extend your subscription, click here.
