The Financial Supervisory Authority of Norway (Finanstilsynet) has imposed a violation penalty of NOK 100,000 on Greenvale Capital LLP for notifying the market too late after a transaction that crossed the 5% major shareholding disclosure threshold in Aker Carbon Capital. Greenvale Capital sold shares on 16 May 2025, but the disclosure was published on the Oslo Stock Exchange on 23 May 2025 at 16:30 (CET). Finanstilsynet found this breached the Norwegian Securities Trading Act (NSTA) sections 4-2 and 4-4, with the timing requirement in section 4-7 that notifications be made “immediately” and at the latest by the opening of the regulated market on the second trading day. The firm accepted that the notification was late, attributing it to a notification rule in its portfolio management system not being correctly applied, and stated that it had implemented measures to prevent recurrence; it also questioned the level of the penalty by reference to another case with a NOK 50,000 penalty. Finanstilsynet concluded the breach was negligent and set the penalty based on an overall assessment that emphasised the length and gravity of the breach, the 5% threshold crossing, and consistency with prior enforcement practice.
Norwegian Finanstilsynet 2025-10-17
Financial Supervisory Authority of Norway imposes NOK 100000 penalty on Greenvale Capital for late major shareholding disclosure
Norway's Financial Supervisory Authority fined Greenvale Capital LLP NOK 100,000 for late disclosure of crossing the 5% shareholding threshold in Aker Carbon Capital. The breach of the Norwegian Securities Trading Act was due to a notification error in Greenvale's portfolio management system. Finanstilsynet deemed the breach negligent, considering its length and gravity, aligning the penalty with prior enforcement practices.