Finanstilsynet Regulations to the Securities Trading Act (Securities ...

Section 9-12. Responsibilities of the management
(1) The responsibility for ensuring that the firm complies with its obligations under the
Securities Trading Act and regulations made pursuant to the Securities Trading Act lies
with the senior management of the investment firm. The management shall assess and
regularly review the arrangements and procedures initiated to fulfil the company’s
obligations, and initiate measures to remedy any shortcomings. If appropriate, the
investment firm shall ensure that its board is subject to corresponding obligations.
(2) The senior management and the board shall receive written reports on the investment
firm’s compliance with statutes and regulations, risk management and internal auditing
on a regular basis, (cf. section 9-8 subsection (3)(b), section 9-9 subsection (2)(b), and
section 9-10(d). Such reports shall specify inter alia whether preventive measures have
been initiated in order to remedy any shortcomings. The management shall receive such
reports at least once a year.
Section 9-13. Handling of appeals
(1) An investment firm shall have clear and available procedures enabling it to process
complaints from non-professional clients in a proper and expeditious manner.
(2) An investment firm shall be able to document such complaints and the procedure
employed.
Section 9-14. Conditions for outsourcing
IV. OUTSOURCING
(1) An investment firm that outsources important operational functions or the provision
of investment services retains the full responsibility for such activity. The investment
firm shall in this respect ensure that the outsourcing:
(a) does not entail delegation of the responsibility incumbent upon the senior
management of the investment firm,
(b) does not entail changes in the investment firm’s obligations to its clients,
(c) does not change significant assumptions upon which the investment firm’s licence
was based.
(2) An investment firm shall exercise due care upon entering into or terminating an
agreement on outsourcing. When outsourcing, an investment firm is under a particular
obligation to:
(a) take adequate measures if the contractor fails to perform the assignment sufficiently
efficiently or the assignment is in other respects not performed in accordance with
law and regulations
(b) have the expertise required to supervise, and manage the risk associated with, the
outsourced activities in an effective manner,
(c) ensure that the outsourcing contract can be terminated by the investment firm without
detriment to the continuity and quality of the services provided to its clients,
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