Finland's Financial Supervisory Authority (FIN-FSA) has imposed a combined penalty payment of EUR 100,000 on Savcor Technologies Oy for failures in notifying managers’ transactions under the EU Market Abuse Regulation. Savcor Technologies Oy failed to notify both the issuer and the FIN-FSA of a pledge and a transfer carried out on its own account, and submitted another transaction notification with an incorrect transaction date. The notification must be made promptly and no later than three business days after the transaction date, and must include the transaction date. The company was a closely associated company of a person discharging managerial responsibilities in Valoe Plc. The FIN-FSA noted that the publication obligation also covers pledging of financial instruments, given pledging can have a material impact if it leads to sudden, unforeseen disposal of shares. The delay in this case ranged from about eight months to more than three years, and the penalty amount reflected the nature, extent and duration of the omissions. The decision is not yet legally binding, and Savcor Technologies Oy may appeal to the Helsinki Administrative Court within 30 days of receiving notice of the decision.
Finanssivalvonta 2025-03-04
Finland's Financial Supervisory Authority imposes EUR 100,000 penalty on Savcor Technologies for managers’ transaction notification omissions
Finland's Financial Supervisory Authority (FIN-FSA) fined Savcor Technologies Oy EUR 100,000 for failing to notify managers’ transactions under the EU Market Abuse Regulation. The violations included delayed notifications and incorrect transaction dates, with delays ranging from eight months to over three years. The decision is not yet legally binding, and Savcor may appeal to the Helsinki Administrative Court.