The Estonian Financial Supervision Authority closed misdemeanour proceedings against four Polish issuers registered in Estonia, ATLANTIS SE, FON SE, INVESTMENT FRIENDS SE and INVESTMENT FRIENDS CAPITAL SE, whose shares are traded on the Warsaw exchange. The cases concerned alleged breaches of the Securities Markets Act, including late submission of annual financial reports, submission of auditors’ reports not aligned with the European Single Electronic Format (ESEF) requirements, and failures by ATLANTIS SE and INVESTMENT FRIENDS SE to provide regulated information. Proceedings relating to late annual reports were terminated because the delays were attributed to the auditor, KPMG Baltics OÜ, not delivering its audit report by the agreed deadline, meaning no misdemeanour was committed by the issuers. The authority also ended the remaining proceedings on pragmatic grounds, citing that this was the first such violation by the issuers, the reports had been prepared using ESEF, and the missing regulated information has since been submitted.
Finantsinspektsioon 2025-11-19
Estonian Financial Supervision Authority ends misdemeanour proceedings against four Warsaw-listed issuers over late reporting and ESEF filing issues
The Estonian Financial Supervision Authority concluded misdemeanour proceedings against four Polish issuers registered in Estonia, including ATLANTIS SE and INVESTMENT FRIENDS SE, for alleged breaches of the Securities Markets Act. The proceedings were terminated due to auditor delays and the issuers' first-time violations, with all required reports now submitted in compliance with the European Single Electronic Format.