Swedish regulator pursues international investors

Harris Associates has joined the growing list of firms fined this year by Swedish regulator Finansinspektionen (FI) over failures to report equity trades within prescribed time limits.

Other firms that have been caught out since the start of 2012 include BlackRock, Verdere, Skrindan Depå, Länsförsäkringar Fondförvaltning, SSE Opportunities, Ignis, and JP Morgan.

Total fines handed down so far in 2012 for this type of regulatory failure have hit SEK1.9m (€215,000)

Harris was fined SEK60,000 (€5,666) over its failure to notify FI (the Swedish Financial Supervisory Authority) about a trade involving shares in Nordic lock maker and security services firm Assa Abloy. The trade, which took Harris’ holding above 5%, took place on 3 June 2011, but FI was not notified until 9 June. According to regulations the trade should have been noted at the latest one day after settlement – 7 June.

Harris said the delay was due to a system error that meant the trade was not flagged up automatically for reporting purposes.

Regulated firm Fine SEK Target holding
Harris Associates 60,000   Assa Abloy
Blackrock 50,000 Wihlborgs Fastigheter
Verdere 60,000 Investment AB Kinnevik
Skrindan Depå 50,000 Paynova AB
Länsförsäkringar Fondförvaltning 50,000 P A Resources, Fabege
SSE Opportunities 1.5m Commodity Quest (formerly Benchmark Oil and Gas)
Ignis Investment Services 80,000 Nordic Mines
J.P. Morgan Asset Management Holdings 50,000 FinnvedenBulten

 

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