FIN-FSA imposes two administrative fines for neglect of declaration of insider holdings
The Financial Supervisory Authority (FIN-FSA) has imposed two administrative fines for failure to comply with the provisions of chapter 5, section 4 of the Securities Markets Act (495/1989). The persons concerned had neglected to disclose in public insider registers (Outokumpu Oyj, Pöyry Oyj, Norvestia Oyj and eQ Oyj) corporations controlled by them. The administrative fines are in the amounts of EUR 3,000 and EUR 500.
The administrative sanctions available to FIN-FSA are administrative fine, public warning and penalty payment. An administrative fine is the most lenient of the sanctions. According to legislation that entered into force in 1 January 2013, an administrative fine payable by a natural person can vary between EUR 500 and EUR 10,000. According to the law in force previously, the amount was EUR 50–1,000. Of the neglects sanctioned now, the fine of EUR 3,000 was imposed on the basis of the current law and the fine of EUR 500 on the basis of the previous law.
The administrative fine is payable to the State.
The decisions to impose administrative fines are not yet legally binding. The persons concerned have the right to appeal the decision of 6 March to the Market Court within 30 days from the date they received notice of the decision.
For further information, please contact
- Sonja Lohse, Chief Advisor, General Secretariat, tel. +358 10 831 5311