The Financial Supervisory Authority of Norway has fined Atlas Special Opportunities LLC NOK 125,000 for failing to make timely and complete disclosures after exceeding the 15% ownership threshold in Circio Holding ASA. The threshold crossing resulted from Atlas exercising a right to convert debt into 24,006,622 shares. The disclosure obligation arose when Atlas exercised the conversion right on Oct. 17, 2025, but it did not notify the market until Oct. 30 and issued its final correction on Nov. 3. The notifications also omitted the circumstances triggering the obligation and Atlas’ resulting percentage holding. The authority found the breaches negligent, noting that professional investors must maintain systems to identify threshold crossings and submit complete disclosures on time.
2026-08-21Norwegian Finanstilsynet
Financial Supervisory Authority of Norway fines Atlas NOK 125,000 for late and incomplete major shareholding disclosures
The Financial Supervisory Authority of Norway fined Atlas Special Opportunities LLC NOK 125,000 for late and incomplete disclosures after it exceeded a 15% holding in Circio Holding ASA. Atlas notified the market after the deadline and omitted required information about the threshold-triggering event and its resulting ownership.