Press release 4 March 2015

FIN-FSA imposes three administrative fines for delays in disclosure of major shareholdings

The Financial Supervisory Authority has imposed administrative fines on Kauppahuone Laakkonen Oy, Rakennusmestarien Säätiö and Sp-Rahastoyhtiö Oy (Sp-Fund Management Company Ltd) for failure to comply with the obligation to disclose major shareholdings, as laid down in the Securities Markets Act (746/2012). The entities subject to the notification obligation had not disclosed significant holdings and voting rights within the deadline stipulated in chapter 9 section 9 subsection 1 of the Securities Markets Act. ​

Entity subject to the notification obligation Amount of administrative fine, EUR
 Kauppahuone Laakkonen Oy           10,000
 Rakennusmestarien Säätiö    5,000

 Sp-Rahastoyhtiö Oy


The disclosure notifications were submitted about two weeks to five months late. The notifications had not been made without undue delay as required by law. The objective of regulation on the notification obligation is to ensure transparency of the structure of holdings and voting power in an issuer, and of changes therein. Information disclosed on the basis of the notification obligation may also have an impact on the value of the target security.

According to section 38 of the Act on the Financial Supervisory Authority (878/2008), the size of the administrative fine is based on a comprehensive assessment. In assessing the size of the administrative fine, consideration shall be given to the nature, extent and duration of the malpractice. The administrative fine payable by a legal person shall amount to no less than EUR 5,000 and to no more than EUR 100,000. The administrative fine shall be ordered to be paid to the State.

The decisions to impose administrative fines are not yet legally binding. The decisions can be appealed to the Market Court within 30 days of receipt of notice of the decision.

For further information, please contact

  • Sonja Lohse, Chief Advisor, Director General's Staff, tel. +358 10 831 5311.


Decisions by the Financial Supervisory Authority (in Finnish, pdf):

See also