Financial Supervisory Authority imposes an administrative fine on Finnvera
The Financial Supervisory Authority, which is responsible for the supervision of the financial and insurance sector, imposed an administrative fine of EUR 12,000 on Finnvera plc on 22 May 2015. According to the decision, Finnvera neglected to comply with the time limit for making notification of major holdings and proportions of voting rights, laid down in Chapter 9, section 9(1) of the Securities Markets Act.
Finnvera sold shares of Incap Corporation in January 2014. As a result of this sale, Finnvera's proportion of the number of Incap Corporation's votes and total number of shares fell below five percent whereby a notification of major shareholding shall be made without undue delay.
– It is rare for Finnvera to become an owner of shares in a listed company. When these were sold in various phases, a human error occurred in communication between the parties to the assignment, so the exceeding of the notification threshold was discovered and reported too late. If we need to sell shares in the future, we will ensure that the sales process is more precise, says Pauli Heikkilä, Finnvera's CEO.
Pauli Heikkilä, CEO, tel. +358 (0)29 460 2400