Supervisory measures

On this page, FIN-FSA publishes its administrative sanctions and supervisory measures.

FIN-FSA decisions and related press releases issued in 2012 or before are available by email order from the FIN-FSA’s registry at kirjaamo(at)fiva.fi. For the registry’s other contact details, see here.

Date	Decision	Legal validity
17 October 2024	Penalty payments to three companies for late notification of managers’ transaction. Read more	The decisions of the FIN-FSA are not yet legally binding. The companies have the right to appeal the decisions to the Helsinki Administrative Court within 30 days of receipt of notice of the decisions. Information on the legal validity of the decisions is available on the FIN-FSA website.
3 June 2024	Penalty payment of EUR 15,000 to Alami Services Oy for failures in compliance with AML regulation. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
3 June 2024	Penalty payment of EUR 25,000 to Roble Services Oy for failures in compliance with AML regulation. Read more	The decision is not yet legally binding. Roble Services Oy appealed the FIN-FSA’s decision to the Helsinki Administrative Court.
25 Jan 2024	Administrative fine imposed on Keva for failures in reporting derivative contracts. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
25 Jan 2024	Penalty payment imposed on former board member of listed company for violation of prohibition on transactions. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
7 Sept 2023	Public warning to Pohjola Insurance Ltd for non-compliance with time limits under Workers’ Compensation Act and provisions concerning system of governance. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
7 June 2023	FIN-FSA prohibits Ermitage Partners Oy from providing investment services without authorisation. Read more	The decision is not yet legally binding. Ermitage Partners Oy appealed the FIN-FSA’s decision to the Helsinki Administrative Court.
28 February 2023	Administrative fine imposed on Bank of Åland Plc for failures in reporting on derivatives contracts. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
27 January 2023	FIN-FSA withdraws Nada express osk’s registration under the Act on Payment Institutions to provide payment service without authorisation. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
23 November 2022	FIN-FSA imposes administrative fine on Eisler Capital (UK) Ltd for delay in short position notifications intended for public disclosure. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
25 August 2022	Administrative fine imposed on S-Bank Plc for failures in reporting on derivatives contracts. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
6 July 2022	FIN-FSA issues decision to S-Bank Plc on establishment of certain groups of connected clients. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
6 June 2022	Penalty payment of EUR 125,000 for LocalTapiola Asset Management Ltd due to omissions concerning arrangements for transaction reporting. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
31 May	Authorised representative’s supervision of Elo Mutual Pension Insurance Company to end. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
6 May 2022	Penalty payment of EUR 25,000 and public warning for Nada express osk due to omissions concerning compliance with anti-money laundering regulations. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
13 April 2022	Penalty payment of EUR 10,000 and public warning for Halgan Services Oy due to omissions concerning compliance with anti-money laundering regulations. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
13 September 2021	FIN-FSA imposes a penalty payment and a public warning on POP Bank Centre coop. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
13 Sep 2021	FIN-FSA imposes a penalty payment of EUR 1,650,000 on S-Bank Plc for omissions in the detection of suspicious transactions. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
2 July 2021	The Financial Supervisory Authority (FIN-FSA) has withdrawn the investment firm authorisation of Privanet Securities Ltd. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
11 March 2021	FIN-FSA appoints authorised representative to supervise the activities of Privanet Securities Ltd. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
11 December 2020	FIN-FSA appoints authorised representative to supervise the activities of Elo Mutual Pension Insurance Company. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
20 November 2020	Administrative fine imposed on Aktia Bank Plc for incorrect FINREP reporting. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
24 Aug 2020	FIN-FSA ordered supplementary amounts of conditional fine imposed on Danko Koncar payable. Read more, Q&A (updated on 17 September 2021)	On 23 June 2021, the Helsinki Administrative Court rejected the appeal made by Danko Koncar to repeal the FIN-FSA decision of 21 August 2020. The decision may be appealed to the Supreme Administrative Court if it grants permission to appeal. The permission to appeal must be sought within 30 days of service of the decision of the Administrative Court. According to information received from the Supreme Administrative Court, the decision has not been appealed within the prescribed period, and therefore it is legally binding.
2 Jul 2020	FIN-FSA imposes penalty payment and public warning on Privanet Capital Markets Ltd for actions in the marketing and sales of Lapis Group shares and debt certificates. Read more	The FIN-FSA’s decision is legally binding in respect of the public warning. Privanet Capital Markets Ltd appealed against the FIN-FSA’s decision in respect of the penalty payment. On 1 February 2022, Helsinki Administrative Court rejected Privanet Capital Markets Ltd’s appeal. Read more The company requested leave to appeal from the Supreme Administrative Court. The request was declined by the Court’s decision of 28 June 2022, and the decision of the Helsinki Administrative Court is therefore now legally binding.
16 Jun 2020	FIN-FSA imposes penalty payment on Evli Fund Management Company Ltd for delay in notification of major holdings. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
18 Dec 2019	Financial Supervisory Authority prohibits ICON Corporation Ltd from managing alternative investment funds and providing investment services without authorisation. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
18 Dec 2019	FIN-FSA imposes penalty payment on S-Bank Ltd and issues public warning to FIM Asset Management Ltd for omissions in customer due diligence. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
24 Sep 2019	FIN-FSA imposes penalty payment of EUR 1 450 000 on Afarak Group Plc for failures relating to disclosure of inside information and maintenance of insider lists. Read more	The Helsinki Administrative Court rejected Afarak Group Plc’s appeal by its decision of 26 January 2021. For more information read more Afarak Group Plc requested leave to appeal from the Supreme Administrative Court. The request was declined by the Court’s decision of 30 March 2022, and the decision of the Helsinki Administrative Court is therefore now legally binding.
17 Jun 2019	FIN-FSA ordered supplementary amounts of conditional fine imposed on Danko Koncar payable. Read more, Q&A (updated on 17 September 2021)	Koncar has the right to appeal the decision to the Helsinki Administrative Court within 30 days of the date of service of the decision. The decision has been served on 23 July 2021. According to information received from the Helsinki Administrative Court, the decision has not been appealed within the prescribed period, and therefore the FIN-FSA decision is legally binding.
23 Jan 2019	The Financial Supervisory Authority has imposed a penalty payment on Dorval Asset Management S.A., Kabouter Management LLC and Kabouter International Opportunities Fund II, LLC for delays in notification of major holdings. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
17 Sep 2018	FIN-FSA issues public warning to pension fund Reka Eläkekassa for omissions concerning risk management of investment activities and organisation of corporate governance. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
17 Sep 2018	The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 50,000 on Plc Uutechnic Group Oyj, as the company violated the disclosure obligation of an issuer of shares in autumn 2015. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
22 Aug 2018	FIN-FSA issues public warning to and imposes penalty payment on Aalto Bankers Ltd. Read more	By its decision of 6 August 2019, the Helsinki Administrative Court has rejected the appeal made by Aalto Bankers Ltd concerning the amount of a penalty payment imposed by the FIN-FSA. The Administrative Court’s decision is not yet legally binding. The decision may be appealed to the Supreme Administrative Court if it grants permission to appeal. The permission to appeal must be sought within 30 days of the service of the Administrative Court’s decision.
11 Jul 2018	FIN-FSA issues public warning to Unemployment Fund of the Construction Sector for breach of internal control and risk management requirements. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
10 Jul 2018	On 9 July 2018 the Financial Supervisory Authority ordered Danko Koncar to pay the base amount of the conditional fine, imposed to him on 21 February 2018, of 40,000,000 euro and the supplementary amount of 10,000,000 euro accrued by that date. Read more, Q&A (updated on 17 September 2021).	The decision is legally binding concerning the base amount of the conditional fine.
17 May 2018	FIN-FSA appoints an authorised representative to oversee the ongoing activities of Pohjantähti Mutual Insurance Company. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
11 Apr 2018	Financial Supervisory Authority imposes a penalty payment of EUR 400,000 on Nordea Bank AB (publ), Finnish Branch for omissions concerning transaction reporting. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
22 Feb 2018	The Financial Supervisory Authority (FIN-FSA) has obliged Danko Koncar to launch a takeover bid referred to in the Securities Markets Act for Afarak Group Plc shares and imposed running conditional fines to enforce the obligations. Read more, Q&A (updated on 17 September 2021) The Financial Supervisory Authority (FIN-FSA) is disclosing annex 2 to the FIN-FSA decision of 21 February 2018, part of which is to be considered confidential. The annex is public in respect of the email messages contained in the prosecutor’s decision (no. 19/136) not to prosecute that was published on 15 January 2019.	The decision is legally binding.
1 Nov 2017	FIN-FSA issues public warning to Finnish P&C Insurance Ltd for breach of risk management requirements. Read more (in Finnish)	No appeal against the decision has been lodged, therefore the decision is legally binding.
13 Jul 2017	The FIN-FSA has imposed an administrative fine of EUR 5,000 on Hufvudstadsbladets Pensionsstiftelse for neglect of reporting. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
15 Mar 2017	The FIN-FSA has imposed an administrative fine of EUR 5,000 on Bank of Åland Plc for neglect of reporting. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
8 Mar 2017	Financial Supervisory Authority issues public warnings to and imposes penalty payments on four companies. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
28 Feb 2017	FIN-FSA imposes administrative fine on Finnish P&C Insurance Ltd for neglect of reporting. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
12 Dec 2016	Financial Supervisory Authority imposes penalty payments of EUR 5,000 to Ixonos Plc and Takoma Oyj. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
25 Nov 2016	FIN-FSA has imposed a penalty payment of EUR 35,000 on Investors House Oyj. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
1 Sep 2016	FIN-FSA imposes administrative fine on Bothnia International Insurance Company Ltd. for delayed reporting. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
14 Jun 2016	FIN-FSA issues a public warning to Helsinki Area Cooperative Bank for misleading marketing. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
13 Jun 2016	FIN-FSA issues a public warning to FIT Biotech Ltd. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
6 Jun 2016	FIN-FSA imposes an administrative fine of EUR 20 000 on Capstone Volatility Master (Cayman) Limited. The company failed to comply with the disclosure requirement concerning short positions. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
19 Jan 2016	FIN-FSA has imposed seven administrative fines for neglect of reporting. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
14 Dec 2015	FIN-FSA imposes an administrative fine on Carlson Capital UK LLP for delay in notification of short positions subject to public disclosure. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
10 Sep 2015	FIN-FSA imposes two administrative fines on companies belonging to SEB Group for delays in disclosure of major shareholdings. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
5 Jun 2015	The Financial Supervisory Authority (FIN-FSA) has issued public reprimands to BlackRock, Inc. and BlackRock Investment Management (UK) Limited. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
1 Jun 2015	FIN-FSA imposes administrative fine on Cevian Capital II Master Fund L.P. for delay in disclosure of major shareholdings. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
29 May 2015	FIN-FSA has imposed an administrative fine on Noster Credit Opportunities Master Fund Limited for delay in notification of short positions. Read more	The decision is legally binding. The company appealed against the decision to the Market Court, which rejected the appeal through its decision of 26 April 2016, which is legally binding.
29 May 2015	FIN-FSA has imposed administrative fine on Finnvera plc. for delay in disclosure of major shareholdings. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
13 Mar 2015	FIN-FSA has imposed three administrative fines for neglect of reporting. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
4 Mar 2015	FIN-FSA imposes three administrative fines for delays in disclosure of major shareholdings. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
11 Nov 2014	FIN-FSA has imposed a penalty payment in the amount of EUR 100,000 on Navi Group Ltd. Read more	The Market Court gave its decision on the subject on 23 September 2015, read more. The FIN-FSA appealed the decision to the Supreme Administrative Court, which, however, rejected the appeal by its decision of 14 December 2016. Consequently, the ruling of the Market Court remained in place. Read more
10 Jul 2014	FIN-FSA has issued a public warning to Aurejärvi Wealth Management Ltd for neglecting to fulfil the provisions regarding a company’s obligations to arrange its activities in a reliable manner. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding.
13 Mar 2014	FIN-FSA has imposed two administrative fines for neglect of declaration of insider holdings. Read more	No appeals against the decisions have been lodged, therefore the decisions are legally binding.
7 Mar 2014	FIN-FSA has issued a public warning to Nordea Bank Finland Plc. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding
22 Jan 2014	FIN-FSA revokes decision to designate an authorised representative to oversee the operations of Navi Group Oy. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding
5 Nov 2013	Financial Supervisory Authority imposes an administrative fine for non-compliance with the reporting obligation. Read more	No appeal against the decision to impose an administrative fine has been lodged, therefore the decision is legally binding.
16 Sep 2013	Financial Supervisory Authority imposes three administrative fines for non-compliance with the reporting obligation. Read more	No appeal against the decision has been lodged, therefore the decision is legally binding
31 Jul 2013	Financial Supervisory Authority issues public warning to Eufex Bank Plc. Read more	No appeal against the decision on public warning has been lodged, therefore the decision is legally binding.
31 May 2013	FIN-FSA changes the prohibition of execution issued on Navi Group Oy on 9 April 2013 and further restricts the authorised operations of Navi Group Oy. Read more	The decision is legally binding. The company appealed against the decision to the Helsinki Administrative Court, which rejected the appeal through its decision of 11 February 2014, which is legally binding.
28 May 2013	Financial Supervisory Authority imposes an administrative fine on Aval Asset Management Oy for non-compliance with the reporting obligation. Read more	No appeal against the decision to impose an administrative fine has been lodged, therefore the decision is legally binding.
29 Apr 2013	Taaleritehdas Fund Management Ltd fined for violation of Mutual Funds Act limitations on investment of assets. Read more	No appeal against the decisions to impose an administrative fine has been lodged, therefore the decision is legally binding.
11 Apr 2013	FIN-FSA restricts Navi Group Oy’s authorised operations and designates an attorney for the company. Read more	The decisions are legally binding. The company appealed against the decisions to the Helsinki Administrative Court, which rejected the appeals through its decision of 11 February 2014, which is legally binding.
7 Feb 2013	Financial Supervisory Authority issues public warning to Ålandsbanken Abp. Read more	No appeal against the decision public warnig has been lodged, therefore the decision is legally binding.
20 Dec 2012	By virtue of the Securities Markets Act, the Financial Supervisory Authority prohibits Vitalon Power Oy from continuing to market its share issue and orders the company to correct its marketing procedures.	No appeal against the decision has been lodged, therefore the decision is legally binding.
1 Nov 2012	Financial Supervisory Authority imposes an administrative fine on Optium Oy for non-compliance with the reporting obligation.	No appeal against the decisions to impose an administrative fine has been lodged, therefore the decision is legally binding.
1 Nov 2012	Financial Supervisory Authority issues public warning to L-Fashion Group Oy's pension fund.	No appeal against the decision public warnig has been lodged, therefore the decision is legally binding.
27 Sep 2012	The Financial Supervisory Authority (FIN-FSA) has imposed three (3) administrative fines for failure to comply with the obligation to provide information.	The decisions are legally binding.
31 Aug 2012	Financial Supervisory Authority issues public reprimand to savings bank Mietoisten Säästöpankki.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
1 Aug 2012	Financial Supervisory Authority issues public reprimand to Eufex Fund Administration Ltd.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
27 Jun 2012	The Financial Supervisory Authority has imposed seven (7) administrative fines for failure to comply with the obligation to provide information.	No appeal against the decisions to impose an administrative fine has been lodged, therefore the decision is legally binding.
20 Jun 2012	Financial Supervisory Authority issues public reprimand and imposes administrative fine on UB Securities Ltd.	No appeal against the decision on public reprimand or the decision to impose an administrative fine has been lodged, therefore the decision is legally binding.
10 May 2012	Financial Supervisory Authority issues public warning to Tapiola Bank Ltd.	No appeal against the decision on public warnig has been lodged, therefore the decision is legally binding.
20 Apr 2012	Pyhäselän Paikallisosuuspankki warned for breach of risk management requirements.	No appeal against the decision on public warnig has been lodged, therefore the decision is legally binding.
28 Feb 2012	The Financial Supervisory Authority has issued FIM Asset Management Ltd an administrative fine for violation of the limitations on investment of assets laid down in the Mutual Funds Act.	No appeal against the decision to impose an administrative fine has been lodged, therefore the decision is legally binding.
30 Jan 2012	The Financial Supervisory Authority has issued Power-Deriva Oy an administrative fine for failing to comply with obligation related to the keeping of insider registers.	No appeal against the decision to impose an administrative fine has been lodged, therefore the decision is legally binding.
12 Oct 2011	The Financial Supervisory Authority has issued a private person an administrative fine for breach of the obligation to report insider holdings.	No appeal against the decision to impose an administrative fine has been lodged, therefore the decision is legally binding.
7 Sep 2011	OP-Pohjola Group Central Cooperative reprimanded for failure to comply with the obligation to disclose major shareholdings and for the related lack of internal control.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
5 May 2011	Bank of Åland Plc reprimanded for neglect of disclosure of periodic information.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
5 May 2011	Incap Corporation reprimanded for neglect of the disclosure obligation as referred to in the EU Commission's Prospectus Regulation and the Securities Markets Act.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
7 Dec 2010	SEB Enskilda Corporate Finance Oy Ab reprimanded for failing to comply with obligations related to the keeping of the company-specific insider register.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
30 Sep 2010	Handelsbanken Mutual Fund Company Ltd issued an administrative fine for breach of mutual fund rules.	No appeal against the decision on administrative fine has been lodged, therefore the decision is legally binding.
30 Sep 2010	Icecapital Securities Ltd publically reprimanded for failing to comply with obligations related to the keeping of insider registers.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
2 Sep 2010	Honkarakenne Oyj publically reprimanded for failing to comply with regular disclosure requirements.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
29 Mar 2010	Financial Supervisory authority withdraws Sofia Bank’s authorisation in order to safeguard depositor interests.	No appeal against the decision has been lodged, therefore the decision is legally binding.
26 May 2009	FIN-FSA has issued a public reprimand to Danske Bank A/S Helsinki Branch for failure to disclose holdings.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.
8 Apr 2009	Public reprimand to Swedish Fundior AB for failure to comply with prospectus requirements.	No appeal against the decision on public reprimand has been lodged, therefore the decision is legally binding.