Supervision release 2 January 2013

Changes to the table of indicative administrative fines

The Financial Supervisory Authority (FIN-FSA) has updated its table of indicative administrative fines. The changes to the table are mainly based on the remake of the Securities Markets Act and legal amendments related to the EU Regulation on short selling.

These legal amendments have resulted in a significant increase in the scope of application of administrative fines. Going forward, FIN-FSA has a statutory obligation to impose administrative fines eg for violations of several provisions of the Securities Markets Act, Investment Services Act, Mutual Funds Act, Act on trading in financial instruments, Act on the book-entry system and settlement, and the EU Regulation on short selling.

The legal amendments also include significant increases in the maximum and minimum amounts of administrative fines. According to the new Act, the administrative fine payable by a legal person is EUR 5,000-100,000, and the administrative fine payable by a natural person is EUR 500-10,000.

For further information, please contact

Jari Synkkänen, Legal Adviser, tel. +358 10 831 5200.

Appendix

FIN-FSA table of indicative administrative fines