FIN-FSA imposes penalty payments to three companies for delays in notification of major holdings

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 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.

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.

These decisions on penalty payments 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 decision.

For further information, please contact

Sonja Lohse, Head of Director General's Staff, Chief Advisor

Requests for interviews: FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9:00 a.m.–4:00 p.m.).

Appendices

FIN-FSA decisions (in Finnish)

• Dorval Asset Management S.A.
• Kabouter Management LLC
• Kabouter International Opportunities Fund II, LLC

See also

• Administrative sanctions
• Supervisory measures