The Financial Supervisory Authority of Norway (Finanstilsynet) has imposed a violation penalty of NOK 175,000 on an individual investor and related managed entities for breaching Norway’s major shareholding disclosure rules after tendering their shares in REC Silicon ASA into a mandatory offer. Finanstilsynet concluded that the market notification was filed late and did not contain all legally required information. The shares were tendered on 29 August 2025, with 36,421,245 shares under common control exceeding the 5% threshold, but the notification to the market was not published until 4 September 2025 at 09:15 CEST and omitted the number of shares covered by the notification. In setting the penalty, Finanstilsynet found the breach negligent for a professional investor, noted that both the Securities Trading Act’s disclosure provisions and the Securities Trading Regulations’ content requirements were violated, and gave weight to the particular market interest in the holding given the investor’s active shareholder role and public communications around REC Silicon in 2025. The decision can be appealed within three weeks of receipt to the Financial Supervisory Appeals Board (Finanstilsynsklagenemnda).
Norwegian Finanstilsynet 2026-01-26
Financial Supervisory Authority of Norway imposes NOK 175,000 penalty for late and incomplete REC Silicon major shareholding disclosure
The Financial Supervisory Authority of Norway (Finanstilsynet) fined an individual investor and related entities NOK 175,000 for breaching major shareholding disclosure rules after tendering shares in REC Silicon ASA. The notification was filed late and lacked required information, violating the Securities Trading Act and Regulations. The breach was deemed negligent due to the investor's professional status and active role in REC Silicon.