Penalty payment of EUR 115 000 to Pareto Securities Ltd for omissions in transaction reporting

The company has had two significant gaps in transaction reporting during which the company did not report to the FIN-FSA any transactions it had executed. In 2024, the duration of the reporting gap was 71 days and in 2025, it was 20 days. Moreover, the company reported 13 transactions exceptionally many times in the period 23 June 2023 – 27 May 2025. The majority of these 13 transactions were reported to the FIN-FSA more than 300 times.

Transaction reporting is designed to ensure the ability of competent authorities to detect and investigate possible cases of market abuse and to monitor the fair and orderly functioning of markets and the activities carried out by investment firms. The supervision of market abuse requires that supervised entities report complete and accurate details on transactions.

A penalty payment, payable to the State, has been imposed on the company for the omissions. The amount of the penalty payment was based on a comprehensive assessment which took account especially of the nature, extent and duration of the omissions. Alongside other factors, the company’s acknowledgment of the omissions, i.e. cooperation with the FIN-FSA in investigating the matter, was taken into consideration as a mitigating factor in determining the amount of the penalty payment.

The FIN-FSA's decision is not yet legally binding. The company has the right to appeal the decision to the Helsinki Administrative Court within 30 days of receipt of notice of the decision. Information on the legal validity of the decision will be published on the FIN-FSA website.

For further information, please contact

Armi Taipale, Head of Department, Capital Markets Supervision. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030, weekdays 9:00–16:00.

Appendix

FIN-FSA decision (pdf, in Finnish)

See also

• Transaction reporting
• Investment service providers, fund management companies, Alternative investment fund managers (AIFMs)
• Administrative sanctions
• Supervisory measures