Penalty payment imposed on former board member of listed company for violation of prohibition on transactions
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 60,000 on former Tecnotree Oyj board member Markku Wilenius. He had conducted a transaction concerning the company's shares during the closed period of 30 calendar days before the announcement of the company's interim financial report.
The prohibition on conducting transactions during closed periods is based on the EU's Market Abuse Regulation. The aim is to ensure that managers in listed companies do not, in their transactions, take advantage of any information that may be in their possession concerning the company's financial development or future outlook which other market participants do not have.
Persons discharging managerial responsibilities at Tecnotree Oyj were subject to a closed period of 30 calendar days before the announcement of the company's interim financial report on 4 August 2022. These persons were not permitted during this period to conduct any transactions on their own account or for the account of a third party, directly or indirectly, relating to the company's shares. Wilenius, a former board member of the company, violated the prohibition referred to above by disposing of shares of the company on 25 July 2022. The FIN-FSA has had no reason to suspect Wilenius of any abuse of inside information in this matter.
“It is important for market confidence that insiders exercise particular care and diligence in their securities trading,” says Director General of the Financial Supervisory Authority Tero Kurenmaa.
A penalty payment has been imposed for this violation and is payable to the State. The amount of the penalty payment is based on a comprehensive assessment which takes account especially of the nature and extent of the violation. The comprehensive assessment also takes into account that, in addition to the violation referred to above, the company’s former board member Wilenius failed to notify the company and the FIN-FSA within the time limit about the disposal of shares of the company on 4 March 2022.
The FIN-FSA's decision is not yet legally binding. Wilenius has the right to appeal the decision to the Helsinki Administrative Court within 30 days of receipt of the decision. Information on the legal validity of the decision is available on the FIN-FSA website.
For further information, please contact:
Janne Häyrynen, Head of Unit, Legal. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, Mon–Fri 9:00–16:00.
Appendix
Decision of the Financial Supervisory Authority (PDF, in Finnish)
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Finanssivalvonta, or the Financial Supervisory Authority (FIN-FSA), is the authority for supervision of Finland’s financial and insurance sectors. The entities supervised by the authority include banks, insurance and pension companies as well as other companies operating in the insurance sector, investment firms, fund management companies and the Helsinki Stock Exchange. We foster financial stability and confidence in the financial markets and enhance protection for customers, investors and the insured.
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