Combined penalty payment of EUR 100,000 to Savcor Technologies Oy for omissions to notify managers’ transactions

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)

See also

• Managers’ transactions and the closed period
• Administrative sanctions
• FIN-FSA decisions