Norway – FSA Fines 6 Investors for Short Selling

Norway – FSA Fines 6 Investors for Short Selling

On 15 May 2023, NORFSA fined six investors for short selling rule breaches.

  • NORFSA issued violation fees to six investors for uncovered short selling in Flyr issue.
  • Breaches related to awarding of shares in private placement in Flyr AS in November 2022.

Administrative Fines

  • NORFSA issued fines between NOK 50,000 and NOK 5,000,000 for breaches re short selling reg 236/2012, aspects of credit default swaps, s 3-5, Securities trading act.
  • Fines issued: Anavio Capital Partners LLP, NOK 1,500,000; Titan Venture AS, NOK 1,000,000; Handelsbanken Fonder AB, NOK 5,000,000; Orca Capital GmbH, NOK 500,000; Anonymous, NOK 50,000; Hamilton Stuart Capital Ltd, NOK 750,000.
  • Account taken of account Handelsbanken's financial strength; fine assessment made on a case-by-case basis, illustrated by fact that significantly lower fines issed to other investors fined for breaches in connection with sale of newly issued shares in Flyr.
  • Violation penalty fines imposed per section 21-2 first paragraph, Securities trading act.


  • Administrative decisions can be appealed within 3 weeks after receipt.
  • If administrative decision is not appealed, Norwegian National Collection Agency will send a claim for payment immediately after deadline for an appeal has expired.