FINLAND: FIN-FSA imposes fines for delays in disclosure of major shareholdings

Thursday September 10 2015

The Financial Supervisory Authority (FIN-FSA) has imposed an administrative fine of EUR 10,000 on Skandinaviska Enskilda Banken AB (publ) (Sweden) and an administrative fine of EUR 10,000 on SEB Life International Assurance Company Limited (Ireland).

The companies failed to comply with certain provisions relating to the disclosure obligation provided for in the Securities Markets Act. They failed to disclose, within the deadline prescribed by law, a position falling below the 5% reporting threshold. The disclosure notification was submitted 27 trading days late.

The decisions on the administrative fines are not yet legally binding. The companies have the right to appeal the decisions to the Market Court within 30 days of receipt of notice of said decisions.

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