Penalty payments to three companies for late notification of managers’ transaction
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment on Meriaura Invest Oy and Pokela Oy Iso Omena, and a joint penalty payment for several omissions on Myvision Oy. The companies have failed to notify, by the deadline, the issuer and the FIN-FSA of transactions made on their own account. A transaction notification must be made promptly and no later than three business days after the date of the transaction. The companies concerned are closely associated companies of persons discharging managerial responsibilities in issuers.
The notification obligation is based on the EU's Market Abuse Regulation. The purpose of this regulation is to increase transparency regarding transactions made by issuers’ managers and their closely associated persons, prevent market abuse, provide information to investors and facilitate supervisory activities by authorities.
In these cases, the duration of the delay varied from approximately two months to almost a year. On account of the omissions, penalty payments, payable to the State, have been imposed. The amounts of the penalty payments were determined by an overall assessment considering, in particular, the nature, extent and duration of each omission and the companies’ cooperation with the Financial Supervisory Authority to resolve the situation.
| The amounts of the penalty payments are: | |
| Meriaura Invest Oy | €30,000 |
| Myvision Oy | €7,000 |
| Pokela Oy Iso Omena | €15,000 |
The decisions of the FIN-FSA are not yet legally binding. The companies have the right to appeal the decisions to the Helsinki Administrative Court within 30 days of receipt of notice of the decisions. Information on the legal validity of the decisions is available on the FIN-FSA website.
For further information, please contact
Janne Häyrynen, Head of Unit, Legal. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9:00–16:00).
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Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.
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