FIN-FSA issues two public reprimands to BlackRock companies because of late submission of disclosure notifications
The Financial Supervisory Authority (FIN-FSA) has issued public reprimands to BlackRock, Inc. and BlackRock Investment Management (UK) Limited.
The companies failed to comply, as persons comparable to shareholders, with the disclosure obligation provided for in the Securities Markets Act. They omitted to disclose, without undue delay, a position falling below the 5% reporting threshold. The disclosure notification was submitted to the FIN-FSA one year and four months late.
The aim of regulation on the disclosure obligation is to promote transparency of the structure of holdings and voting power in an issuer whose share is admitted to trading on a regulated market, and of changes therein. Information disclosed on the basis of the disclosure obligation may have an impact on the value of the target company's securities.
In imposing the administrative sanction, the provisions in force at the time of the omission were applied and, accordingly, public reprimands were issued. Pursuant to the law currently in force, administrative sanctions available for omissions regarding the disclosure obligation, committed after 1 January 2013, are administrative fine and penalty payment.
The decisions on issuing the public reprimands are not yet legally binding. The companies have the right to appeal the decisions to the Market Court within 30 days of receipt of notice of said decisions.
For further information please contact
- Sonja Lohse, Head of Unit, Chief Advisor, tel. +358 10 831 5311.