• SWE FI imposed penalty of SEK 1,400,000 on Stenvalls Tra Aktiebolag for failing to report substantial shareholding transactions with shares in Genesis IT AB to SWI FI within prescribed time.
• Fine is per Act 2016:1306 supplementary provisions to EU Market Abuse Regulation.

Case

• Stenvalls is related to AA who is a person in a leading position at Genesis, in October 2023 Stenvalls notified it had acquired 2,474,135 shares in Genesis from Feb to October 2023.
• In February 2024 SWE FI raised the question of whether Stenvalls failed to comply with its obligations under Article 19 of EU Market Abuse Regulation, if intervention needed.
• Stenvalls says substantial shareholding notifications were delayed and not missing, it did not intend to mislead or withhold information from the market, no-one had profited from late information.
• SWE FI considers that, given the number of late notifications and the size of the transactions, the infringements by Stenvalls cannot be considered to be minor.
• The fact that Genesis was a subsidiary of Stenvalls during period of transactions, and that Stenvalls shareholding was at least 60% of votes and capital, and market aware of Stenvalls' intention to acquire shares does not mean there was reason for delays.
• SWE FI therefore decided to intervene and impose SEK 1,400,000 financial penalty, which it considers proportionate to the seriousness of the firm's violations.