Norwegian Financial Supervisory Authority fines Observe Medical ASA NOK 247,000 for late publication of the 2024 annual report

The Norwegian Financial Supervisory Authority has issued a decision imposing an infringement fee of NOK 247,000 on Observe Medical ASA for late public disclosure of its 2024 annual report, in breach of the Norwegian Securities Trading Act’s deadline requirement. Listed issuers must publish their annual report no later than four months after the end of the financial year, which in this case meant by 30 April 2025. Observe Medical ASA disclosed on 28 April 2025 that the audit would not be completed by the deadline, and the annual report was published on 30 May 2025. Finanstilsynet concluded the breach was negligent and found no excusing circumstances; it also noted the company did not respond to the advance notice dated 27 June 2025. The fee level was set in line with Finanstilsynet’s practice linking the amount to market value and the issuer’s annual listing fee for 2025, which was NOK 247,000. Observe Medical ASA may appeal to the Financial Supervisory Appeals Board (Finanstilsynsklagenemnda) within three weeks of receiving the decision, with the appeal submitted to Finanstilsynet. The Norwegian Tax Administration, through the State Collection Agency, will collect the fee after the appeal deadline expires or, if appealed, after the appeal is decided, with a three-week payment deadline from invoicing.