Finanssivalvonta

FIN-FSA imposes administrative fine on Eisler Capital (UK) Ltd for delay in short position notifications intended for public disclosure

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The Financial Supervisory Authority (FIN-FSA) has imposed an administrative fine of EUR 30,000 on Eisler Capital (UK) Ltd. The company failed to notify the FIN-FSA within the time limit changes in a net short position on two occasions, one where the position exceeded and the other where it fell below the publication threshold.

The obligation to notify net short positions is based on the EU Short Selling Regulation, the objectives of which include enhancing market transparency and promoting supervisory authorities’ and market participants’ access to information. Accordingly, the FIN-FSA must be notified of a net short position in the issued share capital of a company whose shares are subject to trading on a regulated market when the position reaches, exceeds or falls below the notification threshold not later than at 15:30 on the following trading day after the transaction day. Moreover, under the forementioned Regulation the FIN-FSA publishes on its website net short positions which have reached, exceeded or fallen below the publication threshold.

The net short position of Eisler Capital (UK) Ltd on 5 October 2021 exceeded and on 2 November 2021 fell below the notification limit and publication threshold of 0.5% as provided in the Short Selling Regulation. The company did not submit short position notifications to the FIN-FSA until 23 November 2021, i.e. about 1.5 months and three weeks too late, respectively.

The FIN-FSA has imposed an administrative fine on these omissions. The amount of the administrative fine is based on a comprehensive assessment. In assessing the amount of the administrative fine, special consideration has been given to the size of the position, the fact that the position exceeded the publication threshold, and the length of the delay during which market participants were unaware of the position. The administrative fine is payable to the State.

The decision to impose an administrative fine 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 is available on the FIN-FSA website.

For further information, please contact

Janne Häyrynen, Head of Legal. Requests for interviews are coordinated by FIN-FSA Communi-cations, tel. +358 9 183 5030, Mon–Fri 9:00–16:00.

Appendix

FIN-FSA decision (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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