News release 5 November 2013 – 13/2013

Financial Supervisory Authority imposes an administrative fine for non-compliance with the reporting obligation

The Financial Supervisory Authority (FIN-FSA) has imposed an administrative fine for failure to comply with the obligation to provide information on financial position. The fine was imposed on Orion Pension Fund (Orionin Eläkesäätiö) for failure to submit regular reports on its financial position to FIN-FSA within the stipulated time period (6 business days late). The administrative fine is in the amount of EUR 5,000.

FIN-FSA may impose an administrative fine of EUR 5,000–10,000 on a legal person for non-compliance with the reporting obligation. The administrative fine is payable to the State.

The decision on the administrative fine does not yet have legal force. The pension fund may appeal the decision of 30 October 2013 to the Market Court within 30 days of receipt of notice of decision.

For further information, please contact

  • Marja Nykänen, Head of Institutional Supervision, tel. +358 10 831 5247