Finnish FSA bans real estate fund manager Icon from providing investment services

The Finnish FSA has banned real estate fund manager Icon Corporation from offering its funds, threatening it with a EUR 4m fine if it fails to comply. Icon's staff do not have the necessary expertise and the company does not have a managing director or sufficient resources to manage alternative investment funds, the FSA states.


The Financial Supervisory Authority of Finland (FIN-FSA) has ordered real estate fund manager Icon Corporation to discontinue offering fund shares and prohibited the company from managing alternative investment funds, threatening it with a EUR 4m fine.

In a decision published earlier this week, the authority also maintains that Icon provided investment services without appropriate authorisation, and therefore bans it from providing investment services.

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