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|
|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|