Combined penalty payment of EUR 100,000 to Savcor Technologies Oy for omissions to notify managers’ transactions
The Financial Supervisory Authority (FIN-FSA) has imposed a combined penalty payment on Savcor Technologies Oy. The company had failed to notify the issuer and the FIN-FSA of a pledging and transfer made on its own account. Moreover, another transaction notification filed by the company stated an incorrect date. A transaction notification must be made promptly and no later than three business days after the date of the transaction, and it must indicate, inter alia, the date of the transaction. The company was a closely associated company of a person discharging managerial responsibilities in Valoe Plc.
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. The obligation to publish those transactions also includes the pledging of financial instruments, as pledging can result in a material and potentially destabilising impact on the company in the event of a sudden, unforeseen disposal of its shares.
In this case, the duration of the delay varied from approximately eight months to over three years. On account of the omissions, a combined penalty payment, payable to the State, has been imposed. The amount of the combined penalty payment was based on a comprehensive assessment which took account especially of the nature, extent and duration of the omissions.
The FIN-FSA's decision is not yet legally binding. Savcor Technologies Oy has the right to appeal the decision to the Helsinki Administrative Court within 30 days of receipt of notice of the decision. Information on the legal validity of the decision 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).
Appendix
FIN-FSA decision (pdf, in Finnish)
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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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