27/09/2024
Finantsinspektsioon issued a precept to Funderbeam Markets AS (registry code 12917885) on 6 May requiring the investment firm to remedy deficiencies identified during an on-site inspection. One deficiency found by Finantsinspektsioon was that the investment firm has not always ensured the separation and independence of its lines of defence at the level of the management board and of units.
The on-site inspection covered the overall governance of the business, the operation of the compliance control function, capital management, IT risk management and control, the correctness of reporting, and the operation of the system for assessing the suitability of key people. Several of the investment firm’s internal rules did not meet the requirements and the internal rules were not always followed. The precept addressed deficiencies in the overall governance of the business, the operation of the compliance control function, capital management, and control of the correctness of reporting. Precepts may be appealed at the Tallinn Administrative Court within 30 days of notification of the administrative decision.