• SWE FI imposed two fines on real estate investment firm Samhällsbyggnadsbolaget i Norden AB (SBB) in relation to late flagging and for missing notification information.
• Both penalties were imposed under the Financial Instruments Trading Act (1991:980)

Late Flagging

• Fined SEK 750,000 for not notifying that holdings in JM AB exceeded shareholding disclosure limit.
• SBB notified on 1 August 2022, that due to a corporate event, these exceeded 30% of all shares and votes, on 29 July 2022; however, incorrectly advised this consisted only of shares, rather than part shares and part other financial instruments.
• On 18 November 2022, SWE FI questioned whether it had breached obligations; on same day same day, SBB sent new notification specifying shares, voting rights, instruments.
• SWE FI found that SBB's holding in JM AB exceeded 30% when JM implemented a reduction in the number of shares, and notified a so-called passive flagging.
• The fine was lower than that usually imposed for disclosures over 40 trading days late due to arising after a company event, no aggravating issues, and SBB cooperated fully.

Missing Flags

• SBB received a further SEK 3mn fine for failure to notify in a timely manner that its shareholdings in JM AB had exceeded flagging limits, following the meeting on 1  August 2022.
• Notification obligations only considered fulfilled when content correct and complete.
• Again the fine was lower than usual, as the breach occurred after the company event.