Market Court refused appeal by Noster Credit Opportunities Master Fund Limited against administrative fine imposed by FIN-FSA
The Market Court refused an appeal by Noster Credit Opportunities Master Fund Limited in its decision of 26 April 2016.
The Market Court decided that Noster Credit Opportunities Master Fund Limited had primarily requested the Court to reverse the FIN-FSA Board decision of 22 May 2015 as far as the company has been imposed an administrative fine of EUR 15,000 for neglecting the notification obligation as referred to in the Regulation on short selling, and secondarily to change the FIN-FSA decision so that the amount of the administrative fine is reduced to EUR 5,000.
On 30 July 2013 the net short position of Noster Credit Opportunities Master Fund Limited exceeded, and on 16 July 2014 it fell below, the 0.2% notification threshold as referred to in the Regulation on short selling. The company should have notified FIN-FSA of both positions on the following trading day no later than 3.30 pm Finnish time. On 10 January 2014, the company submitted the required notification of exceeding the threshold, after having been contacted by FIN-FSA on several occasions. The notification was delayed by about five months. On 3 October 2014, the company submitted the required notification of the position falling below the threshold, after having been contacted by FIN-FSA. Here, the delay in notification was about two months.
Noster Credit Opportunities Master Fund Limited has the right to appeal the Market Court decision to the Supreme Administrative Court within 30 days of receipt of notice of the decision.
For further information, please contact
Juho Kivi-Koskinen, Legal Advisor, tel. +358 10 831 5260.
Market Court decision (in Finnish)
FIN-FSA's press release of 29 May 2015 on imposed administrative fine