Finland’s Supreme Administrative Court (KHO) has annulled a decision by the Financial Supervisory Authority (Fiva) to halt the operations of investment firm Ermitage. Ermitage rapidly rose to prominence in the Finnish financial sector, marketing funds to high-net-worth individuals. Fiva suspended Ermitage’s activities in 2023, prompting the firm to appeal. The KHO determined that Fiva’s decision was incorrect, effectively reinstating Ermitage’s ability to operate. The ruling signifies a setback for the regulator and a victory for the investment firm. Details regarding the specific reasons for Fiva’s initial decision and the KHO’s reversal have not been extensively reported, but the decision impacts the Finnish investment landscape.