The Finnish Financial Supervisory Authority (FIN-FSA) imposed combined penalty payments on Pekka Jalovaara, Jarmo Halonen and Ahti Paananen for repeatedly failing to notify the issuer and the FIN-FSA of transactions carried out on their own account within the required deadline. Under the EU Market Abuse Regulation, persons discharging managerial responsibilities must report such transactions promptly and no later than three business days after the transaction date. The late notifications related to their roles as managers at BBS-Bioactive Bone Substitutes Plc, with reporting delays ranging from about two months to more than eight months. FIN-FSA set the combined penalty payments at EUR 4,000 for Jalovaara, EUR 5,000 for Halonen and EUR 9,000 for Paananen, payable to the State, based on the nature, extent and duration of the omissions, while taking cooperation into account as a mitigating factor. The individuals may appeal to the Helsinki Administrative Court within 30 days of receiving the decisions, so the decisions are not yet legally binding.
Finanssivalvonta 2025-01-31
Finnish Financial Supervisory Authority imposes EUR 4,000 to EUR 9,000 combined penalty payments on three BBS-Bioactive Bone Substitutes managers for late transaction notifications
The Finnish Financial Supervisory Authority (FIN-FSA) penalized Pekka Jalovaara, Jarmo Halonen, and Ahti Paananen for failing to timely notify transactions under the EU Market Abuse Regulation. The penalties, totaling EUR 18,000, were based on reporting delays of two to eight months related to their roles at BBS-Bioactive Bone Substitutes Plc. The decisions are not yet legally binding as they can be appealed to the Helsinki Administrative Court.