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FIN-FSA imposes three fines for delays in disclosure of major shareholdings
The Finnish Financial Supervisory Authority has imposed administrative fines on Kauppahuone Laakkonen Oy, Rakennusmestarien Säätiö and Sp-Rahastoyhtiö Oy (Sp-Fund Management Company Ltd) for failure to comply with the obligation to disclose major shareholdings, as laid down in the Securities Markets Act (746/2012).
The firms are being fined for not disclosing significant holdings and voting rights within the deadline stipulated in chap9 s9 subs1 Securities Markets Act. Kauppahuone Laakkonen Oy is to pay €10,000, Rakennusmestarien Säätiö €5,000 and Sp-Rahastoyhtiö Oy €20,000.
The rationale behind the valuation of the fines comes from s38 Financial Supervisory Authority Act (878/2008), but the regulator is nonetheless saying that its decisions to impose fines are not yet legally binding.