• Carve Capital AB fined SEK 1,900,000 penalty for late substantial shareholding disclosure for shares in Attendo AB (publ).
• Under Fnancial Instruments Trading Act (1991:980), breached timely notification.

Late Flagging

• Carve Capital AB notified SWE FI on 22 January 2019, that on 10 October 2018, it had reduced its shareholding in Attendo AB, falling below 5% of all shares and votes.
• On 23 January 2019, the company made three further disclosures: firstly, that on 29 November 2017, it increased its shareholding so that it exceeded 5% of all shares and votes.
• On 30 November 2017, its shareholding decreased to below 5% of all shares and votes.
• On 6 December 2017, it increased its shareholding to exceed 5% of all shares and votes.
• On 18 June 2019, SWE FI questioned late disclosures, referred to potential fine.
• Until 2020, Carve Capital was an AIF manager authorized for management activities.
• Admitted late disclosures s but offered mitigating circumstances, e.g., staff illness.

SWE FI Assessment

• Disclosure should have been made without delay, within 3 days of each transaction.
• Applied own guidelines/standard model and number of trading days to calculate fine.
• Said staff misunderstandings/portfolio manager illness did not make infringements minor and found no other circumstances for reducing fee; the decision can be appealed.