Financial Supervisory Authority imposes a penalty payment of EUR 400,000 on Nordea Bank AB (publ), Finnish Branch for omissions concerning transaction reporting
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 400,000 on Nordea Bank AB (publ), Finnish Branch for omissions concerning transaction reporting.
In the period of 18 February 2016 – 2 September 2016, the bank failed to report to the FIN-FSA a total of 1,759,774 transactions in financial instruments. Of the unreported transactions, approximately 90% were transactions in shares or in financial instruments carrying entitlement to shares.
Based on the FIN-FSA’s assessment, the nature and extent of the omission has been particularly reprehensible, taking into account the significant number of unreported transactions and the long duration of the omission.
The unreported transactions corresponded to approximately 11% of the total amount of the bank's transactions subject to the reporting obligation. The duration of the omission was over six months.
Determination of the size of a penalty payment is based on a comprehensive assessment, taking into account, among other things, the nature, extent and duration of the act. The penalty payment is payable to the State.
The decision of the FIN-FSA is not yet legally binding. The bank has the right to appeal the decision of 9 April 2018 to the Helsinki Administrative Court within 30 days of the bank’s receipt of notice of said decision.
- Sonja Lohse, Head of Director General's Staff, Chief Adviser
- Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9.00–16.00
- Decision by the Financial Supervisory Authority (pdf, in Finnish)