FIN-FSA fines three individuals for late notification of managers’ transactions

The three individuals were fined a total amount of €18,000.

For the first fine of 2025, the Finnish Financial Supervisory Authority (FIN-FSA) has imposed a combined penalty payment on three individuals for several omissions.

All three, which were connected to BBS-Bioactive Bone Substitutes Plcj, were found to have failed to notify the issuer and the FIN-FSA of transactions that were made on their own account within the required time limit – which is three days. The notification delays varied from around two months to more than eight months.

“The amounts of the combined penalty payments were based on a comprehensive assessment which took account especially of the nature, extent and duration of the omissions,” FIN-FSA said.

FIN-FSA also acknowledged the cooperation to resolve the situation when deciding the penalties, which reduced the amounts.

The penalties included:

  • individual 1 – €4,000 ($4,155);
  • individual 2 – €5,000 ($5,194);
  • individual 3 – €9,000 ($9,350).

All three have the right to appeal the decisions within 30 days to the Helsinki Administrative Court.

Similar fines in December

Similar action was earlier taken in December against three other individuals, which were connected to Orion Corporation and Bioretec Ltd, and included an unnamed person closely associated with a person discharging managerial responsibilities at an unnamed issuer.

These three were also found failing to have failed to notify the issuer and the FIN-FSA of transactions that were made on their own account, where the notification delays varied from around two months to close to a year.

Those fines included:

  • individual 1 – €6,000 ($6,308);
  • individual 2 – €3,000 ($3,154);
  • individual 3 – €1,000 ($1,051).

EU Market Abuse Regulation

A transaction notification must be made out to the issuer and FIN-FSA within three business days after a transaction has been made, and is based on the EU’s Market Abuse Regulation.

The regulation aims to:

  • increase transparency around transactions made by issuers’ managers and closely associated persons;
  • prevent market abuse;
  • provide information to investors; and
  • facilitate supervisory activities by authorities.