Sweden – FI Fines for Late Substantial Shareholding Disclosure

Sweden – FI Fines for Late Substantial Shareholding Disclosure

On 16 December 2022 SWE FI imposed a SEK400,000 penalty for late flagging.

  • SWE FI decided Prior & Nilsson Fond- och Kapitalforvaltning Aktiebola (company) must pay SEK400,000 penalty fee for breach of the obligation to notify SWE FI in due time that its holding of shares and votes in Besqab AB (publ) exceeded a flagging limit.

Overview

  • Company notified of substantial shareholding in Besqab AB (publ), exceeding 5% of all shares and votes on 5 February 2020; notification received by SWE FI on 26 June 2020.
  • On 14 January 2021, SWE FI raised the question of whether the company's notification was received too late and whether the company must therefore pay a penalty fee.
  • The company stated on 5 February 2020, the company had substantial shareholding in Besqab.
  • The acquisitions, which took place through 3 different funds for which 3 different trustees were responsible, caused the company's percentage holding of the total number of voting rights and shares in Besqab to increase from 3.98% to 5.39%.
  • That the flagging limit had been exceeded only discovered on Jun. 25, 2020 in connection with one managers' review of previously made management decisions.
  • Trustee immediately contacted the managing director, who made a report to SWE FI.
  • The company has not previously committed any violation of the flagging regulations.