Financial Supervisory Authority imposes penalty payments of EUR 5,000 to Ixonos Plc and Takoma Oyj
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 5,000 to Ixonos Plc and a penalty payment of EUR 5,000 to Takoma Oyj for acting in violation of the Securities Markets Act and the related supplementary regulations issued by the FIN-FSA. In disclosing reports under the periodic disclosure obligation, both companies have failed to ensure the publication, in unedited full text via a stock market release, of such further information as the auditor has included in the audit report. It was insufficient to publish such matters that have a material effect on the value of shares as a report attached to a stock market release or as a report available on the company’s website.
The omissions committed by Ixonos Plc apply to the information in the audit report for the financial period 2014 and those committed by Takoma Oyj for the financial period ending in October 2013. In addition, Takoma Oyj has failed to comply with the requirement laid down in the Securities Markets Act to publish the annual financial statement, the management report as well as the audit report immediately after the auditors of the company had included in the audit report such further information as referred to in the Act.
The objective of the provisions concerning the disclosure obligation is to ensure that investors have access to sufficient information on matters that are likely to have a material effect on the value of a security. The purpose of procedures relating to the disclosure of regulated information is to ensure investors’ fast, equal, non-discriminatory and simultaneous access to the information.
The amount of a penalty payment is based on a comprehensive assessment taking into account, the nature, extent and duration of the act and the financial position of the person or entity subject to the penalty payment. A penalty payment shall amount to no more than 10% of the turnover of the year preceding the omission and to no more than EUR 10 million. The penalty payment is ordered payable to the State.
The decisions of the FIN-FSA are not yet legally binding. The companies have the right to appeal the decisions of 22 November 2016 to the Market Court within 30 days of the receipt of notice of said decisions.
For further information, please contact
Sonja Lohse, Head of Director General’s Staff, Chief Advisor
Requests for interviews
FIN-FSA Communications, tel. +358 50 385 5154
Decisions by the Financial Supervisory Authority