UAB FMĮ "Orion Securities"

Administrative sanction and measure

On 30 May 2016 by the Decision of the Director of the Supervision Service of the Bank of Lithuania the warning to UAB FMĮ „Orion Securities“ was issued regarding the infringements: 1. The company did not have evidence capable to show that unwritten customer orders were submitted and the content of these orders. 2. The company registered not all customers’ orders and failed to comply with the requirement to register orders immediately, but not later than before the end of the day. 3. The company executed clients’ orders to conclude transactions in financial instruments that were not traded in the regulated market and (or) in the multilateral trading system, and that were purchased by the right of joint ownership of the spouses, without having notary approved clients’ spouse power of attorney to conclude transactions in financial instruments. 4. The company’s financial brokers carried out financial brokers’ operations without having necessary financial broker licence issued by the Supervisory Authority or other qualification recognized by the Supervisory Authority. 5. The company failed to comply with the requirements applicable to the employees’ remuneration policy. 6. The company not adequately informed the clients about receiving inducements from third parties.

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