FINLAND: FSA Imposes Fine for Failure to make Short Selling Disclosure

Thursday June 9 2016

The Financial Supervisory Authority of Finland (Fin-FSA) has imposed a fine of EUR 20,000 on Capstone Volatility Master (Cayman) Ltd (company), for defaulting on short selling disclosure requirements.

The company failed to make a notification to the Fin-FSA by 15:30am on the next trading day, following their net short position falling below the 0.5% threshold. The notification was made approximately 2 months late.

The Fin-FSA in particular considered the length of the delay in making the notification and the position and size of the company in the markets when deciding upon the level of fine imposed.

The decision is not final and the company has the right to appeal the decision to the Market Court within 30 days.

For the Fin-FSA announcement, please click the above link: