Norway's Financial Supervisory Authority (Finanstilsynet) issued a decision imposing an administrative penalty of NOK 150,000 on a company for breaching the Market Abuse Regulation (MAR) Article 19 notification requirement after reporting a reportable securities transaction more than four weeks late. The case concerns the sale of 9,300 equity certificates issued by Sandnes Sparebank (SADG) on 14 May 2024, with a transaction value of NOK 916,050. Finanstilsynet found the company was a “closely associated” legal person to a person registered as a primary insider at the issuer, that the trade exceeded the EUR 5,000 annual threshold, and that notification should have been made immediately and no later than three business days after the transaction. In setting the penalty, the authority cited the size of the trade, the length of the delay, and the absence of mitigating circumstances, and noted the breach could have been avoided with adequate systems and routines. The decision will be published on Finanstilsynet’s website and can be appealed within three weeks of receipt, with the Financial Supervisory Tribunal (Finanstilsynsklagenemnda) as the appeal body.
Norwegian Finanstilsynet 2025-04-10
Norway's Financial Supervisory Authority fines closely associated entity NOK 150,000 for late reporting of Sandnes Sparebank trade
Norway's Financial Supervisory Authority fined a company NOK 150,000 for breaching Market Abuse Regulation Article 19 by reporting a securities transaction over four weeks late. The transaction involved selling 9,300 equity certificates by Sandnes Sparebank, exceeding the EUR 5,000 threshold, without timely notification. The penalty considered trade size, delay length, and absence of mitigating factors, highlighting the need for adequate systems.