FIN-FSA, the Finnish Financial Supervisory Authority, has penalized three individuals for allegedly failing to file notifications in a timely fashion.

The individuals in question were connected to Orion Corporation and Bioretec Ltd., and included an unnamed person closely associated with a person discharging managerial responsibilities at an unnamed issuer.

All three were found failing to have failed to notify the issuer and the FIN-FSA of transactions that were made on their own account within the required time limit – which is three days. The notification delays varied from around two months to close to a year.

The penalized individuals have the right to appeal the decisions to the Helsinki Administrative Court.

Similar fines on companies

Under the Finnish rules, based on the EU MAR regime, a transaction notification must be made to the issuer and FIN-FSA within three business days following a tranaction made on an own account.

Similar fines were issued in October against three Finnish companies. Meriaura Invest Oy, Pokela Oy Iso Omena, and Myvision Oy all failed to notify the regulator of transactions that were made on their own accounts. These delays also varied between two months to close to a year after transactions were made.

All three companies were closely connected with individuals discharging managerial responsibilities at issuers.