FIN-FSA table of indicative administrative fines 

Financial Supervisory Authority (FIN-FSA) can impose an administrative fine on any legal or natural person who fails to comply with obligations stipulated in section 39 of the Act on the Financial Supervisory Authority.

Amount of the administrative fine

The administrative fine payable by a legal person is EUR 500–10,000, and the administrative fine payable by a natural person is EUR 50–1,000.

The amount of an administrative fine will depend on the seriousness, frequency, continuity and duration of the failure or violation.

The FIN-FSA may decide not to impose an administrative fine if the failure or violation is minor and insignificant or if there is a justifiable reason for it. For example, an administrative fine is not imposed if there are only minor deficiencies in an insider declaration or if an illness has prevented timely submission of a declaration.

Failures and violations subject to administrative fine

Failure to comply with or violation of the obligation to provide FIN-FSA with the information referred to in section 18, subsection 2 or 3 of the Act on the Financial Supervisory Authority, or any other information to be regularly provided to FIN-FSA under provisions or regulations for the fulfilment of its statutory mission

a. Failure to comply with or violation of the obligation to provide regular, monthly, quarterly or annually information (hereafter generally referred to as declarations) on financial position or risks

  • Declaration is 1–7 days late: EUR 2,000
  • Declaration is over 7 days late: EUR 5,000
  • The same declaration is late repeatedly during the same calendar year:
    EUR 10,000

When a central body as referred to in the Act on a Consolidation of Deposit Banks (599/2010) provides FIN-FSA with information on its member banks, one administrative fine is imposed on the central body rather than on the member banks.

A failure to provide information is also regarded to have occurred if the declaration contains materially incorrect information.
 
b. Failure to comply with or violation of the obligation to provide information other than that mentioned above and referred to in section 39, subsection 1, paragraph 1

  • Declaration is 1–7 days late: EUR 500–2,000
  • Declaration is over 7 days late: EUR 1,000–4,000
  • The same declaration is late repeatedly during the same calendar year:
    EUR 4,000–10,000

A failure to provide information is also regarded to have occurred if the declaration contains materially incorrect information.

Failure to comply with or violation of the insider’s declaration obligation (chapter 5, sections 4 and 5a of the Securities Markets Act and section 99 of the Mutual Funds Act, or an equivalent obligation concerning standardised options and futures)

Basic declaration or declaration of changes is

  • 1–14 days late: EUR 50–250
  • over 14 days late: EUR 250–500

Basic declaration and declaration of changes refers to a declaration other than a declaration of holdings and changes in holdings of securities.

Holdings or changes in holdings of a person subject to the insider’s declaration obligation or related persons amount to EUR 5,000–10,000 and the declaration is

  • 1–14 days late: EUR 250–500
  • over 14 days late: EUR 500–750

Related persons refer to the spouse of a person subject to the insider’s declaration obligation, a person under the insider’s guardianship, other family members who have lived for at least one year in the same household, and corporations controlled by the person subject to the insider’s declaration obligation.

Holdings or changes in holdings of a person subject to the insider’s declaration obligation or related persons amounting to more than EUR 10,000 and the declaration is

  • 1–14 days late: EUR 500–750
  • over 14 days late: EUR 750–1,000

Failure to comply or violation of the obligation to keep an insider register (chapter 5, sections 7–11 of the Securities Markets Act and chapter 100 of the Mutual Funds Act, or an equivalent obligation concerning standardised options and futures)

  • The failure or violation impedes FIN-FSA’s market supervision or investors’ access to information: EUR 5,000–10,000
  • Other failure or violation: EUR 500–5,000

The failure is regarded to impede FIN-FSA’s market supervision or investors’ access to information, for example, if there are several-day delays in register entries or insider information is not available to the public on the registrar’s website.

Violation of limitations on mutual fund investments (chapter 11 of the Mutual Funds Act and mutual fund rules)

  • The action violates the limitations on investment of the fund’s assets: EUR 500–5,000
  • The action violates the limitations on investment of the fund’s assets and may particularly jeopardise the position of the owners of fund units: EUR 5,000–10,000

The action may particularly jeopardise the position of the owners of fund units, for example if an investment violating the fund’s rules has been made in a security type or a company such that the risk or return clearly deviates from permitted limits.

Failure to publish a yearly summary (chapter 2, section 10c of the Securities Markets Act)

  • The failure impedes investors’ access to information or FIN-FSA’s market supervision: EUR 5,000–10,000
  • Other failure: EUR 500–5,000

The failure is regarded to impede investors’ access to information or FIN-FSA’s market supervision, for example, if the information previously published and to be included in the yearly summary is not easily available on the issuer’s website.

20 October 2011