Finland's Financial Supervisory Authority imposes EUR 70,000 combined penalty payment on Familiam Asset Management for reporting omissions

Finland's Financial Supervisory Authority (FIN-FSA) has imposed a combined penalty payment of EUR 70,000 on Familiam Asset Management Oy for omissions in transaction reporting and regular supervisory reporting. Over the period 8 September 2021 to 31 August 2023, the firm failed to report 2,867 transactions within the stipulated timeframe. It also submitted quarterly supervisory information required under the FINREP and IF reporting frameworks late for three reference dates in 2024, with delays ranging from around four days to two weeks. The FIN-FSA noted the importance of timely transaction reporting for market abuse supervision and of regular supervisory reporting for meeting its statutory tasks; the penalty amount reflected the nature, extent and duration of the omissions, with the firm’s acknowledgement and cooperation treated as mitigating factors. The decision is not yet legally binding, and Familiam Asset Management Oy may appeal to the Helsinki Administrative Court within 30 days of receiving notice of the decision.