The Financial Supervisory Authority of Norway (Finanstilsynet) has issued a decision finding that Lucerne Capital Management LP breached Norway’s major shareholding disclosure requirements on two occasions and has imposed an administrative penalty of NOK 125,000. The breaches relate to delayed notifications to Oslo Børs under the Norwegian Securities Trading Act. Lucerne exceeded the 5% disclosure threshold in Agilyx ASA on 23 February 2024 following share purchases, but the market was not notified until 28 August 2025. Lucerne then fell below the 5% threshold on 25 February 2025 after selling shares via a forward contract while retaining a right and obligation to repurchase the same number of shares, with notification made on 3 November 2025. Finanstilsynet noted that disclosures must be made “immediately” and no later than the opening of the regulated market on the second trading day, and concluded the late filings were negligent, citing inadequate internal oversight and expectations that market participants have systems and procedures to identify and meet these obligations.
Norwegian Finanstilsynet 2025-12-17
Financial Supervisory Authority of Norway imposes NOK 125,000 penalty on Lucerne Capital Management for late 5% shareholding disclosures in Agilyx ASA
Norway's Financial Supervisory Authority fined Lucerne Capital Management LP NOK 125,000 for breaching major shareholding disclosure rules. Lucerne failed to promptly notify Oslo Børs after crossing the 5% threshold in Agilyx ASA, due to inadequate internal oversight. Finanstilsynet stressed the need for immediate disclosures and robust compliance systems.