The Financial Supervisory Authority of Norway has concluded that a primary insider in SPOL breached the transaction reporting duty under Article 19 of the Market Abuse Regulation and section 3-1 of the Securities Trading Act, and has imposed an administrative fine of NOK 80,000. The case concerns a 18 December 2025 trade in 3,926 equity certificates that exceeded the annual EUR 5,000 threshold and therefore had to be notified in full to both the authority and the issuer. The notification was made almost three weeks after the trade date rather than immediately and no later than three days after execution. In setting the penalty, the authority placed particular weight on the size of the trade, NOK 771,459, and on the length of the delay, noting that market participants lost timely information about a transaction carried out by a person in a central position at the issuer. It did not accept lack of familiarity with the rules as a mitigating factor, stating that primary insiders are expected to know and comply with the regime and that SPOL had informed the individual in writing about those obligations.
Norwegian Finanstilsynet2026-05-22
Financial Supervisory Authority of Norway imposes NOK 80000 fine for delayed MAR Article 19 notification of SPOL insider trade
The Financial Supervisory Authority of Norway found that a primary insider in SPOL breached the transaction reporting duty under Article 19 of the Market Abuse Regulation and section 3-1 of the Securities Trading Act, imposing an administrative fine of NOK 80,000. The insider reported a NOK 771,459 trade in 3,926 equity certificates almost three weeks after execution, despite the transaction exceeding the annual EUR 5,000 threshold and being subject to a three-day reporting deadline. The authority stressed that primary insiders are expected to know and comply with the regime and rejected unfamiliarity with the rules as a mitigating factor.