On 25 November 2020, SWE FI issued penalty for transparency notification.
- Issued decision on FAM AB SEK 570,000 penalty fee for late transparency notification.
- FAM AB failed to report Aktiebolaget SKF (SKF) shares transaction in prescribed time.
- SWE FI issued penalty according to chapter 5, section 2, section 5 of the Act (2016: 1306), together with supplementary provisions under EU Market Abuse Regulation.
- 29 January 2018, FAM AB announced 28 June 2017 that via exchange, it reduced holding in SKF by 650,000 A shares and increased its holding in SKF with 650,000 B shares.
- This meant 650,000 existing A-shares with voting value of 1 were reclassified as B-shares with a voting value 1/10, although the number of shares held did not change.
- FI queried if company had infringed transparency obligation under MAR article 19.
- During the case SWE FI has considered how re-stamping of existing shareholdings voting value should be managed in terms of the transparency of reporting.
- Decision includes details of FAM AB's right to appeal the decision.