The Financial Supervisory Authority of Norway has issued a decision imposing an administrative fine of NOK 750,000 on Olav Thon Eiendomsselskap ASA for breaching the Prospectus Regulation prospectus requirement by having bond loan extensions admitted to trading on a regulated market without a valid EEA prospectus. The case relates to two tap issues carried out on 15 May 2025 under an existing listed bond loan (ISIN NO0012495342), totalling NOK 1.1bn (NOK 400m and NOK 700m) and representing a 220% increase versus the original NOK 500m. The company’s base prospectus had expired on 4 April 2025 and a new base prospectus was approved only on 15 September 2025. The issuer attributed the admission to trading without a prospectus to an internal error in registering the new bonds on the existing listed ISIN, combined with Euronext Oslo Børs’ periodic reconciliation of listed bonds against holdings in the Norwegian CSD (VPS). Finanstilsynet found the breach negligent and serious, emphasising that the applicant for admission to trading remains responsible for ensuring prospectus compliance, and noted that other public information (including stock exchange notices and publishing loan documentation) does not replace the prospectus obligation. The decision can be appealed within three weeks of receipt, with the Financial Supervisory Authority Appeals Board as the appellate body.
Norwegian Finanstilsynet 2026-01-27
The Financial Supervisory Authority of Norway imposes NOK 750,000 fine on Olav Thon Eiendomsselskap ASA for admitting bond taps to trading without a valid EEA prospectus
The Financial Supervisory Authority of Norway fined Olav Thon Eiendomsselskap ASA NOK 750,000 for breaching the Prospectus Regulation by trading bond loan extensions without a valid EEA prospectus. The breach involved two tap issues totaling NOK 1.1 billion, admitted to trading after the base prospectus expired. Finanstilsynet deemed the breach negligent, stressing the issuer's responsibility for prospectus compliance.