Finansinspektionen, the Swedish Financial Supervisory Authority, issued sanctions worth a total of SKr 13,580,000 ($1,385,383) during the first four months of this year, its publications show.
The authority issued a total of 18 sanctions, of which 16 were with financial penalties. The largest sanction, SKr 4m ($417,357), was issued on March 24 on Market Wizards BV for carrying out short sales of shares even though the conditions were not met.
Most of the violations, eight in total, were related to failing to report transactions with shares in within the prescribed time to Finansinspektionen.
Second on the list were sanctions connected to insider trading, where four financial penalties were issued. For two of the penalties, which were regarding insider trading relating to Qlife Holding AB, were against both the person holding the information and the person providing the information sanctioned SKr 300,000 ($31,255) each.
The consequences of the two non-financial sanctions included a revoked permit to operate with consumer credit, and a warning.
April sanctions
April 29: Individual sanctioned SKr 250,000 ($26,039) for violating the ban on insider trading. The person sold shares in Intervacc AB in December 2024 whilst having insider information about the company – a breach of Regulation (EU) No 596/2014. The person will also return the profit of SKr 44,260 ($4,609).
April 29: House of K Investment AB sanctioned SKr 300,000 ($31,255) for failing to report transactions with shares in Eyeon Group AB within the prescribed time to Finansinspektionen a breach of Regulation (EU) No 596/2014 – EU MAR Article 19. The transactions happened on:
- September 2, 2024 – Acquisition of 20,000 shares.
- September 6, 2024 – Acquisition of 10,000 shares.
- September 6, 2024 – Divestment of 30,000 shares.
- September 16, 2024 – Acquisition of 9,150 shares.
- September 16, 2024 – Divestment of 9,150 shares.
April 14: Individual sanctioned Skr 50,000 ($5,212) for failing to report transactions with shares in Intellego Technologies AB within the prescribed time to the Swedish Financial Supervisory Authority. The transactions happened on:
- March 24, 2023 – Acquisition of 5,000 shares
- April 28, 2023 – Divestment of 1,800 shares.
- May 2, 2023 – Divestment of 1,068 shares.
- May 3, 2023 – Divestment of 500 shares.
- May 4, 2023 – Divestment of 1,000 shares.
- May 8, 2023 – Divestment of 1,000 shares.
- June 8, 2023 – Divestment of 500 shares.
- June 9, 2023 – Divestment of 1,000 shares.
- June 12, 2023 – Divestment of 1,000 shares.
- June 21, 2023 – Divestment of 2,000 shares.
- June 26, 2023 – Divestment of 1,500 shares.
- June 27, 2023 – Divestment of 500 shares.
- June 30, 2023 – Divestment of 500 shares.
April 10: Individual sanctioned SKr 3m ($313,145) for failing to report transactions with shares and warrants in BrainCool AB within the prescribed time. The failures happened on 47 occasions between June 13, 2022, and September 22, 2023.
March sanctions
March 24: Market Wizards BV was ordered to pay SKr 4m ($417,357) for carrying out short sales of shares even though conditions were not met – violating its obligations under the Short Selling Regulation (EU) 236/2012 – EU MAR Article 19. The decision has been appealed to the Administrative Court.
March 19: Euwax AG was ordered to pay a penalty fee of SKr 200,000 ($20,766) for carrying out short selling of shares even though the conditions for it were not met.
March 19: Stenvalls Trä Aktiebolag was ordered to pay SKr 1,4m ($146,268) for failing to report transactions with shares in Genesis IT AB within the prescribed time.
March 12: Anoto Group AB was issued a reminder and sanctioned SKr 900,000 ($93,283) for violating rules on the preparation of annual and consolidated accounts.
The authority’s investigation found that the company failed to provide required information about goodwill in its consolidated financial statements for the 2020 financial year, including providing incorrect information about it.
March 12: The Swedish Pensions Authority was issued a warning for lacking risk control when it invested in Heimstaden Bostad AB between 021–2023. Finansinspektionen found that the authority did not meet the legal requirements to make the investments.
March 5: Individual ordered to pay penalty fee of SKr 200,000 ($20,766) for violating the ban on insider trading – a breach of Regulation (EU) No 596/2014.
The individual sold shares in Duearity AB for their own account and on another person’s behalf – 12,325 of the person’s own shares were sold on April 23, 2024, and 5,896 of the other person’s shares on May 14, 2024.
The person needed also to return the profit of SKr 7,145 ($734).
March 5: Individual sanctioned SKr 30,000 ($3,096) for trading shares in the company Hedera Group AB in a way that can give false or misleading signals about supply, demand or price of the share – so called improper matched orders. That happen on July 25, 2024, and was a violation of Regulation (EU) No 596/2014.
February sanctions
February 17: AKO Capital LLP was ordered to pay Skr 600,000 ($62,481) for failing to notify Finanstilsynet within the prescribed time that the company’s net short positions in shares in Aktiebolaget Electrolux and in Beijer Ref AB had reached or fallen below the relevant thresholds for publication and notification.
The failures happened on four occasions between April 7–19, 2022, and March 21 – 24, 2023.
February 13: Both Ilija Batljan Invest AB and Ilija Batljan Invest Kristianstad AB were ordered to pay penalty fees for failing to report transactions with shares and call options in Logistea AB within the prescribed time.
Ilija Batljan Invest AB was ordered to pay SKr 200,000 ($20,766), and Ilija Batljan Invest Kristianstad AB SKr 350,000 ($36,481). Both decisions have been appealed to the Administrative Court.
February 12: Bestrate Sweden got its permit to operate with consumer credit revoked after not operating any business continuous for six months.
January sanctions
January 30: Individual ordered to pay SKr 1,5m ($156,599) for failing to notify Finansinspektionen within the prescribed time period that the person’s net short positions in various issuers had reached or fallen below the relevant thresholds. The failures happened on 135 occasions between August 4, 2022 to July 1, 2024. The decision has been appealed to the Administrative Court.
January 23: Individual ordered to pay a penalty fee of SKr 300,000 ($31,255) for violating the ban on insider trading – a breach of Regulation (EU) No 596/2014. The person sold shares in Qlife Holding AB despite having insider information about the company, which concerned the implementation of a rights issue in the first quarter of 2023 – information that was sent by the company’s CEO via email.
The person was also ordered to pay the avoided loss of SKr 562,456 ($57,954).
The CEO of Qlife Holding AB was also sanctioned SKr 300,000 ($31,255) for disclosing the inside information to the individual in a way that did not occur as a normal part of the performance of the service, business or duties.
