Operating without authorisation

The operations of a credit institution, investment firm, fund management company, alternative investment fund manager, custodian or insurance company can only be pursued by entities that have been granted authorisation.

Authorisations are regulated in the Credit Institutions Act, Investment Firms Act, Alternative investment fund manager Act, Mutual Funds Act and Insurance Companies Act. However, some of these acts include provisions on conditions when the operations are not regarded as authorised business.

The penal provisions of the above-mentioned acts define the consequences of conducting operations without the required authorisation. At its most serious, this may involve a criminal offence.

The supervisory authority is responsible for ensuring that no business subject to authorisation is pursued on the financial markets without the proper authorisation. If services are provided on the financial markets without the proper authorisation, the supervisor is entitled to report the matter to the police.




19 March 2014

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