Complaints Board for VPS

VPS has an independent Complaints Board that that deals with complaints over decisions made by the central securities depository or by a representative of the central securities depository.

Members of the Complaints Board

Members:

  • Jan-Fredrik Wilhelmsen, Chair
  • Hege Dahl
  • Marit Hoel

Deputies:

  • Rasmus Woxholt, Deputy member for Jan-Fredrik Wilhelmsen
  • Halvor E. Sigurdsen, Deputy member for Hege Dahl
  • Anne Hege Tangen, Deputy member for Marit Hoel

Extract from the Securities Register Act – Section 9-5 Procedures related to complaints

The securities register shall establish an independent complaints board to deal with complaints against decisions made by the securities register or a representative of the register. The complaint must be filed with the securities register. The securities register may itself decide to uphold the complaint or propose a solution to the complainant.

The securities register shall establish rules related to the complaints board’s appointment and composition.

The complaints board shall dismiss the complaint if the matter has been brought before a court of law.

Any party with a legal interest in filing a complaint may do so. The complaints board can dismiss a complaint if it finds that the issue raised by the complaint should be referred to a court of law for decision.

A complaint must be filed within three weeks of the day the complainant became or should have become aware of the circumstances to which the complaint refers.

The complaints board may upon petition from the complainant decide that the complaint shall be registered in the same way as a limited right.

Where someone has appeared as a counterparty or can be considered a counterparty in a complaint, he shall, if possible, be given an opportunity to express his opinion within a reasonable period before the complaints board reaches a decision in the matter.

Notification that a complaint has been filed against a decision shall be sent to all parties with registered rights to the financial instruments referred to in the complaint if the complaint is likely to affect the rights of these parties. Corresponding notices shall be sent to registered rights holders and to anyone who appeared as parties in the complaint when a decision on the complaint is reached.

If the decision of the complaints board is brought before a court of law, mediation by the conciliation board shall not take place.