FIN-FSA imposes administrative fine on Finnvera plc. for delay in disclosure of major shareholdings
The Financial Supervisory Authority has imposed an administrative fine of EUR 12,000 on Finnvera plc. for failure to comply with the obligation to disclose major shareholdings, as laid down in the Securities Markets Act (746/2012). The company did not disclose a notification of major shareholdings and voting rights within the deadline stipulated in chapter 9 section 9 subsection 1 of the Securities Markets Act. Finnvera plc’s notification was 11 trading days late.
The objective of regulation on the notification obligation is to ensure 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 notification obligation may also have an impact on the value of the target company’s securities.
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 is 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 no more than EUR 100,000. The administrative fine is ordered payable to the State.
This decision to impose an administrative fine is not yet legally binding. The company has the right to appeal the decision to the Market Court within 30 days of receipt of notice of the decision.
For further information, please contact
- Sonja Lohse, Head of Director General’s Staff, Chief Advisor, tel. +358 10 831 5311.
- Decision by the Financial Supervisory Authority (in Finnish, pdf)