Finland's Financial Supervisory Authority has imposed a combined penalty payment of EUR 400,000 on Oma Savings Bank Plc for breaches of insider list requirements under the EU Market Abuse Regulation. The bank failed to draw up insider lists when it had inside information, did not promptly update the lists when individuals ceased to have access to that information, and maintained lists that did not contain all required details. The failures related to inside information later disclosed on 23 June 2021 about the termination of the bank's core banking project contract with Cognizant and the considerable financial compensation payable to the bank, and on 13 May 2022 regarding merger negotiations with Liedon Savings Bank. The FIN-FSA said the sanction amount reflected the nature, extent and duration of the omissions. It also took into account mitigating factors, including the bank's steps to prevent a recurrence and its partial admission of the omissions through cooperation with the supervisor. The decision is not yet legally binding. Oma Savings Bank can appeal to the Helsinki Administrative Court within 30 days of receiving notice of the decision.
Finanssivalvonta2026-05-15
Finland's Financial Supervisory Authority imposes EUR 400000 penalty on Oma Savings Bank for insider list omissions
Finland's Financial Supervisory Authority has imposed a EUR 400,000 penalty on Oma Savings Bank Plc for breaches of insider list requirements under the EU Market Abuse Regulation. The authority found that the bank failed to draw up, update and complete insider lists in connection with inside information disclosed in June 2021 and May 2022, and calibrated the sanction to the nature, extent and duration of the omissions. The decision is not yet legally binding and may be appealed to the Helsinki Administrative Court.