Finanssivalvonta

Penalty payment of EUR 125,000 for LocalTapiola Asset Management Ltd due to omissions concerning arrangements for transaction reporting

Share

The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment of EUR 125,000 on LocalTapiola Asset Management Ltd. In the period between January 2018 and July 2020, the company failed to comply with the provisions concerning the arrangements for transaction reporting.

Transaction reporting plays a key role in market abuse surveillance conducted by the FIN-FSA and therefore in ensuring confidence in the securities markets. This is why special attention should be paid on the quality and scope of transaction reporting, and investment service providers should have methods and arrangements in place to ensure that the information reported by them is complete and accurate.

The methods and arrangements used by LocalTapiola Asset Management Ltd have not been sufficient for detecting errors and omissions in reporting and for identifying unreported transactions. In addition, the company has not reconciled its trading records against the information reported to ensure that its transaction reports are complete and accurate.

The FIN-FSA has imposed a penalty payment on these omissions. The amount of the penalty payment is based on a comprehensive assessment that takes into account, in particular, the nature, extent and long duration of the omission. The penalty payment is payable to the State.

The omissions came to light during an inspection by the FIN-FSA, the aim of which was to assess the company’s arrangements for transaction reporting.

The FIN-FSA’s decision is not legally binding, as the company has the right to appeal against the decision of 6 June 2022 to the Helsinki Administrative Court within 30 days of receipt of notice of the decision.

Appendix

FIN-FSA decision (pdf, in Finnish)

See also

Keywords

Contacts

Tero Kurenmaa, Head of Legal Unit. Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (Mon-Fri 9:00-16:00).

About Finanssivalvonta

Finanssivalvonta
Finanssivalvonta
PL 103, Snellmaninkatu 6
00100 Helsinki

09 183 51https://www.finanssivalvonta.fi/

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.

Subscribe to releases from Finanssivalvonta

Subscribe to all the latest releases from Finanssivalvonta by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Finanssivalvonta

Financial sector’s capital position as at 31 March 2022: Finnish financial sector’s good capital position increasingly important – uncertainty marks the operating environment and risks are elevated9.6.2022 09:45:00 EEST | Press release

The impacts of Russia’s war, the pick-up in inflation and slowdown in economic growth are creating a high level of uncertainty, accompanied by a rise in interest rates and decline in share values. The preparedness of supervised entities for the consequences of these developments and for possible cyber attacks requires sufficiently large capital buffers for all situations and voluntary contingency plans.

Kapitaltäckning och solvens i den finansiella sektorn 31.3.2022: Allt viktigare att den finländska finansiella sektorn hålls kapitalstark – omvärlden präglas av osäkerhet och riskerna ligger kvar på en hög nivå9.6.2022 09:45:00 EEST | Tiedote

Effekterna av Rysslands anfallskrig, inflationsökningen och den avtagande ekonomiska tillväxten skapar stor osäkerhet samtidigt som räntorna stiger och aktievärdena sjunker. Beredskap för konsekvenserna av dessa fenomen och även för eventuella cyberattacker kräver att aktörernas kapitalbuffertar är tillräckligt stora i alla situationer och de frivilliga beredskapsåtgärderna tillräckliga.

Finanssisektorin vakavaraisuus 31.3.2022: Suomen finanssisektorin hyvä vakavaraisuus entistä tärkeämpää – epävarmuus leimaa toimintaympäristöä ja riskit pysyneet korkealla tasolla9.6.2022 09:45:00 EEST | Tiedote

Venäjän hyökkäyssodan vaikutukset, kiihtynyt inflaatio ja hidastuva talouskasvu luovat suurta epävarmuutta, samaan aikaan kun korot nousevat ja osakkeiden arvot laskevat. Toimijoiden varautuminen näiden ilmiöiden seurauksiin ja myös mahdollisiin kyberhyökkäyksiin edellyttää kaikissa tilanteissa riittävän suuria vakavaraisuuspuskureita ja omaehtoisia varautumistoimenpiteitä.

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom