FINLAND: FIN-FSA Imposes Penalty on Evli Fund Management Company Ltd for Major Holdings

Tuesday June 16 2020

On 16^th June 2020, the Finnish Financial Supervisory Authority (FIN-FSA) announced that it has imposed a penalty payment of EUR 45,000 on Evli Fund Management Company Ltd for failure to comply with the deadline laid down in the Securities Markets Act for notifying major shareholdings and proportions of voting rights. The notification must be made without undue delay, whereas in this case the delay was 20 trading days.

Regulation on the notification of major holdings aims to promote transparency of the structure of holdings and voting power in issuers, and of changes therein. Information disclosed on the basis of the notification obligation may also have an impact on the value of the target company’s securities.

According to the Act on the Financial Supervisory Authority, the amount of a penalty payment is 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 ordered payable to the State.

The decision on the imposition of a penalty payment is not yet legally binding. The company has the right to appeal the decision to the Helsinki Administrative Court within 30 days of receipt of notice of the decision.

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