Norwegian Finanstilsynet has decided to impose an administrative penalty of NOK 100,000 on Borea Asset Management AS for breaching Norway’s major shareholding disclosure rules after funds it manages crossed the 5% threshold in Sparebanken Møre equity certificates and reported the crossing late. Purchases on 26 March 2025 of 93,371 and 50,000 equity certificates through Spesialfondet Borea Utbytte and Verdipapirfondet Borea Nordisk Utbytte increased the aggregated holding from 4.84% to 5.13%, triggering a duty to notify the issuer and the regulated market without delay. The disclosure was instead published on 3 July 2025, when the combined holding was reported as 5.27%. Finanstilsynet found the delay negligent, pointing to insufficient routines and systems for daily consolidated monitoring across funds, while noting in mitigation that Borea did not appear to have gained financially and that the market price was not impacted; Borea did not contest the imposition or size of the penalty. The decision will be published on Finanstilsynet’s website and may be appealed within three weeks of receipt to the Finanstilsynet Appeals Board (Finanstilsynsklagenemnda). Collection is handled by the Norwegian Tax Administration’s State Collection Agency, with payment due three weeks after invoicing once the appeal deadline has passed or any appeal has been decided.
Norwegian Finanstilsynet 2025-09-29
Norwegian Finanstilsynet imposes NOK 100000 penalty on Borea Asset Management for late major holding disclosure in Sparebanken Møre
Norwegian Finanstilsynet imposed a NOK 100,000 penalty on Borea Asset Management AS for late disclosure of crossing the 5% threshold in Sparebanken Møre equity certificates. The breach was due to inadequate monitoring systems, though no financial gain or market impact was noted. Borea did not contest the penalty, which will be published on Finanstilsynet’s website.