25/03/2025
Finantsinspektsioon identified the actions of Meelis Roosaar (personal ID code 37006222710) between 13.11.2023 and 22.03.2024 in trading the shares of Nordecon AS and Hepsor AS on the regulated market managed by Nasdaq Tallinn AS as market manipulation and fined him 4000 euros.
Meelis Roosaar repeatedly entered identical large transaction orders within a short time frame and so substantially increased the number of transactions and misled other market participants about supply and demand. He also systematically entered purchase orders for small amounts with a higher limit price than the prices of the preceding transactions, which raised the price of the securities. These actions by Meelis Roosaar gave or probably gave a false or misleading indication of the supply, demand and price for the securities. Finantsinspektsioon has earlier warned Meelis Roosaart twice for market manipulation.
The fine for market manipulation can by law be up to 5 million euros or up to three times the profit earned from the misdemeanour or the amount that was protected from losses. The market abuse regulation of the European Parliament and of the Council prohibits market manipulation or attempts at market manipulation The behaviour of Meelis Roosaar showed signs of market manipulation as defined by the regulation.
Securities markets must operate efficiently and transparently. Creating and maintaining trust needs correct, accurate and complete information about transactions to be available. Market transparency allows investors to make reasoned decisions about valuing, owning and disposing of securities. Actions that would probably mislead other market participants and so reduce overall trust in the market are prohibited in the securities market.
Meelis Roosaar may dispute the decision as allowed by law. This information is disclosed by Finantsinspektsioon under § 230 (41) of the Securities Markets Act and Article 34 of the Market Abuse Regulation