Finanssivalvonta, the Finnish Financial Supervisory Authority (FIN-FSA), has issued two fines totalling €130,000 ($140,300) on two separate companies relating to failures connected with the EU’s Market Abuse Regulation.

The first fine of a combined €100,000 ($107,930) was issued to Savcor Technologies Oy for failing to notify managers’ transactions, and for stating an incorrect date in a transaction notification.

“From the perspective of market confidence, it is important that insider management by listed companies is organised appropriately.”

Tero Kurenmaa, Director General, FIN-FSA

Notification of transactions needs to be made within three days of the transaction occurring, yet Savcor Technologies Oy’s notifications varied between eight months to over three years.

FIN-FSA said that the companied penalty was based on “a comprehensive assessment which took account especially of the nature, extent and duration of the omissions.”

BBS-Bioactive Bone Substitutes

The second fine of €30,000 ($32,380) was issued on BBS-Bioactive Bone Substitutes Plc for several failings connected to listed companies’ notification obligations.

The failures happened between February 28, 2018, and November 22, 2023, when the company did not inform three individuals discharging managerial responsibilities of their obligations under regulation concerning managers’ transactions.

“From the perspective of market confidence, it is important that insider management by listed companies is organised appropriately,” said Tero Kurenmaa, FIN-FSA Director General. 

Both companies have the right to appeal the decision to the Helsinki Administrative Court within 30 days of receiving the decision.

Earlier fines

FIN-FSA earlier imposed fines for similar reasons on three individuals in January. The individuals, all connected to BBS-Bioactive Bone Substitutes Plcj, were found 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. Their notification delays varied from around two months to more than eight months.

However, FIN-FSA acknowledged cooperation to resolve the situation when deciding the penalties by reducing the amount of the fines. These fines were:

• individual 1 – €4,000 ($4,155);
• individual 2 – €5,000 ($5,194);
• individual 3 – €9,000 ($9,350);