Combined penalty payments imposed on three natural persons for late notification of managers’ transactions
The Financial Supervisory Authority (FIN-FSA) has imposed a combined penalty payment for several omissions on each of Pekka Jalovaara, Jarmo Halonen and Ahti Paananen. They had failed to notify the issuer and the FIN-FSA within the deadline about transactions conducted on their own account. A transaction notification must be made promptly and no later than three business days after the date of the transaction. The late notifications relate to the position of Jalovaara, Halonen and Paananen as managers at BBS-Bioactive Bone Substitutes Plcj.
The notification obligation is based on the EU’s Market Abuse Regulation. The purpose of the regulation is, among other things, to increase transparency regarding transactions conducted by individuals discharging managerial responsibilities at an issuer, prevent market abuse, provide information to investors and facilitate supervisory activities by the authorities.
In these cases, the duration of the delays varied from approximately two months to more than eight months. A combined penalty payment for several omissions, payable to the State, has been imposed on each of the individuals in question. The amounts of the combined penalty payments were based on a comprehensive assessment which took account especially of the nature, extent and duration of the omissions. Cooperation with the FIN-FSA to resolve the situation was taken into consideration as a factor reducing the amounts of the combined penalty payments.
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The amounts of the combined penalty payments are: |
|
|
Jalovaara |
EUR 4,000 |
|
Halonen |
EUR 5,000 |
|
Paananen |
EUR 9,000 |
The decisions of the FIN-FSA are not legally binding, as the individuals have the right to appeal the decisions to the Helsinki Administrative Court within 30 days of their receipt. Information on the legal validity of the decisions is given 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.
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Decisions of the Financial Supervisory Authority (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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