The Financial Supervisory Authority of Norway has imposed an administrative penalty of NOK 25,000 on an individual investor for failing to notify the market when their holding in EAM crossed the 5% major shareholding disclosure threshold in October 2024. Euronext Securities Oslo records showed the investor bought 630,000 EAM shares on 15 October 2024, taking the holding above 5% to 9.19% of share capital and voting rights, and then sold the position so that the holding fell below 5% on 16 October 2024. Neither the upward nor downward crossing was disclosed to the market as required under the Securities Trading Act, and the authority noted the transactions still had not been notified. The investor argued the trade resulted from an execution error and a lack of awareness of the notification rules, but Finanstilsynet found the breach negligent and set the fine taking into account both mitigating factors and aggravating factors including the size of the stake and the fact that the threshold was crossed and not reported twice. The decision will be published on Finanstilsynet’s website and can be appealed within three weeks of receipt, with the Ministry of Finance as the appeal body.
Norwegian Finanstilsynet 2025-03-24
Financial Supervisory Authority of Norway imposes NOK 25,000 fine for missed 5% major shareholding notifications in EAM
The Financial Supervisory Authority of Norway fined an individual investor NOK 25,000 for failing to disclose crossing the 5% shareholding threshold in EAM, as required by the Securities Trading Act. The investor's holding rose to 9.19% on 15 October 2024 and fell below 5% the next day, with neither change reported. The authority deemed the breach negligent, considering both mitigating and aggravating factors.