FIN-FSA imposes two administrative fines on companies belonging to SEB Group for delays in disclosure of major shareholdings
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 10,000 on SEB Life International Assurance Company Limited (Ireland).
The companies failed to comply with certain provisions related to the disclosure obligation provided for in the Securities Markets Act. They omitted 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 objective of regulation on the notification obligation is to ensure transparency of the structure of holdings and voting power in an issuer whose share is admitted to trading on a regulated market, and of changes therein. Information disclosed on the basis of the notification obligation may have an impact on the value of the target company's securities.
The administrative sanction available in this matter is an administrative fine. The size of the administrative fine is based on a comprehensive assessment which gives consideration to the nature, extent and duration of the malpractice. The administrative fine payable by a legal person shall amount to no less than EUR 5,000 and to no more than EUR 100,000. The administrative fine is ordered to be paid to the State.
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.
For further information, please contact
- Tuula Tauru, Legal Advisor, tel. +358 10 831 5257
Appendices
Decisions by the Financial Supervisory Authority (in Finnish, pdf)
- Skandinaviska Enskilda Banken AB (publ) (6 pages)
- SEB Life International Assurance Company Limited (6 pages)