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Home BUSINESSFinnvera fined for notification failure
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Sat, 30 May, 2015 12:07:44 AM
FTimes- Report, May 30

The Financial Supervisory Authority on Friday imposed an administrative fine amounting to 12,000 euros on Finnvera.

In a statement, the Authority said that the company did not disclose a notification of major shareholdings and voting rights within the deadline stipulated in the Securities Markets Act.

According to the Financial Supervisory Authority, objective of regulation on the notification obligation is to ensure transparency of the structure of holdings and voting power in an issuer whose share is admitted to trading on a regulated market.

Information disclosed on the basis of the notification obligation may also have an impact on the value of the target company’s securities, said the release from the Financial Supervisory Authority.

The Authority said the decision to impose an administrative fine is not yet a legal binding, and the company has the right to appeal the decision to the Market Court within 30 days of receipt of notice of the decision. 


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