Wednesday January 23 2019
News Source: Global Disclosures
Focus: Shareholder Disclosure Sanctions
On 23rd January 2019, the Financial Supervisory Authority imposed a penalty payment on Dorval Asset Management S.A., Kabouter Management LLC and Kabouter International Opportunities Fund II, LLC for failure to comply with the deadline for notification of major shareholdings and voting rights provided in chapter 9, section 9(1) of the Securities Markets Act. The notification must be made without delay, whereas in these cases the delays ranged from 22 trading days to ten months.
|The amounts of the penalty payments are:|
|Dorval Asset Management S.A.||€40,000|
|Kabouter Management LLC||€120,000|
|Kabouter International Opportunities Fund II, LLC||€60,000|
Regulation on the notification of major holdings is aimed at promoting transparency of the structure of holdings and voting power in an issuer, and of changes therein.
In accordance with section 41(2) of the Act on the Financial Supervisory Authority, the amount of a penalty payment shall be based on an overall assessment. In assessing the amount of the penalty payment, consideration has been given, among other things, to the nature and duration of the conduct. The penalty payment is payable to the State.
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