The Danish Financial Supervisory Authority (FSA) has informed Obton Forvaltning A/S that all 10 orders issued to the company in April, following the FSA’s regular inspection, are now considered fully complied with. The follow-up process to the inspection can therefore be regarded as completed.

The orders were issued in relation to the AIFM legislation (FAIF-lovgivningen) , and the FSA reviewed, among other things, Obton Forvaltning’s handling of conflicts of interest, due diligence activities, and other processes connected to the assessment of investments.

“We are very pleased that the FSA now finds all orders to have been complied with. This is the result of intensive and thorough internal work at Obton Forvaltning, and at the same time a reflection of the constructive dialogue we have had with the FSA throughout the process,” says Søren Strøm, CEO of Obton Forvaltning.

Continuing work on new strategy

The process has strengthened the company’s internal procedures and clarified how rules and requirements must be met going forward. At the same time, the Obton Group is continuing its strategic efforts towards the establishment of ReCo – an integrated energy company created through a merger of three funds and assets previously managed by Obton Forvaltning. According to plan, ReCo will also receive selected competencies and resources from Obton A/S.

As previously announced, a process is underway whereby Obton Forvaltning will be gradually wound down, in step with the transfer of the funds not included in ReCo to a new manager. The FSA’s conclusion should naturally be seen in the context of the company being in the process of closing down, which has been part of the premise for the overall assessment that the orders have been handled satisfactorily.

“It means a lot to us that we can now put a final end to the follow-up on the FSA’s orders. We can look ahead and focus on creating the best possible framework for investors through the new setup. With ReCo, we are taking a decisive step into the next phase, where we consolidate our strengths and build a strong and future-proof platform,” says Søren Strøm.

It remains up to the investors in the three funds whether they wish to establish ReCo. This will be decided by a vote at an extraordinary general meeting.