19/11/2025
Finantsinspektsioon ended its misdemeanour proceeding against four Polish issuers, ATLANTIS SE (register code 14633855), FON SE (register code 14617916), INVESTMENT FRIENDS SE (register code 14617862) and INVESTMENT FRIENDS CAPITAL SE (register code 14618005). These businesses are registered in Estonia and their shares are traded on the Warsaw exchange.
The misdemeanour proceeding was started for breaches of the requirements of the Securities Markets Act. The issuers were late in submitting their annual financial reports and the way the auditor’s reports were submitted was not in accordance with the requirements of the European Single Electronic Format (ESEF). ATLANTIS SE and INVESTMENT FRIENDS SE also failed to submit to Finantsinspektsioon the regulated information required by law.
The misdemeanour proceedings for not submitting the annual reports on time were ended because no misdemeanour was committed since the reason the reports were delayed was that KPMG Baltics OÜ, which was auditing them, did not send its audit report by the deadline agreed for it.
Finantsinspektsioon decided to end the other two misdemeanour proceedings for pragmatic reasons. This was the first such violation committed by the issuers, and the reports themselves had been compiled using the ESEF. The regulated information has also by now been submitted to Finantsinspektsioon.