Penalty payments to three natural persons for late notification deadlines of managers’ transaction
The Financial Supervisory Authority (FIN-FSA) has imposed a penalty payment on Ari Lehtoranta, Michael Piccirillo and a person closely associated with a person discharging managerial responsibilities. These persons have failed to notify, by the deadline, the issuer and the FIN-FSA of transactions made on their own account. A transaction notification must be made promptly and no later than three business days after the date of the transaction. The delays are related to Lehtoranta’s position as a person discharging managerial responsibilities at Orion Corporation and Piccirillo’s position as a person discharging managerial responsibilities at Bioretec Ltd.
The notification obligation is based on the EU's Market Abuse Regulation. The purpose of this regulation is, among other things, to increase transparency regarding transactions made by issuers’ managers and their closely associated persons, prevent market abuse, provide information to investors and facilitate supervisory activities by authorities.
In these cases, the duration of the delay varied from approximately two months to almost a year. On account of the omissions, penalty payments, payable to the State, have been imposed. The amounts of the penalty payments were determined by an overall assessment considering, in particular, the nature, extent and duration of each omission. Cooperation with the FIN-FSA was taken into account as a factor reducing the amounts of the penalty payments.
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The amounts of the penalty payments are: |
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Lehtoranta |
€6,000 |
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Piccirillo |
€3,000 |
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Natural person |
€1,000 |
The decisions of the FIN-FSA are not yet legally binding. The persons have the right to appeal the decisions to the Helsinki Administrative Court within 30 days of receipt of notice of the decisions. Information on the legal validity of the decisions is available on the FIN-FSA website.
For further information, please contact
Janne Häyrynen, Head of Unit, Legal Requests for interviews are coordinated by FIN-FSA Communications, tel. +358 9 183 5030 (weekdays 9:00–16:00).
Appendices
FIN-FSA decisions (in Finnish)
- Ari Lehtoranta (pdf)
- Michael Piccirillo (pdf)