Five persons belonging to directing bodies of listed companies did not meet their notification
Persons related to the public limited companies Harju Elekter, Kalev, Olympic Entertainment Group, and Silvano Fashion Group, which are listed on the Tallinn Stock Exchange, failed to meet their obligation to give notice of transactions relating to managers of the issuer. According to the Securities Market Act, members of the supervisory board or management board of issuers of shares must notify the Financial Supervision Authority of their transactions with the shares of the listed company they direct. The notification obligation covers transactions with legal persons related to a manager.
Therefore, the FSA imposed fines on the private limited companies Linderin Grupp, Tradematic, Geoplast, Hendaya Invest, and SIA Alta Capital Partners. As a result of the breach, the FSA was unable to inform the public of transactions made by related parties with the shares of listed issuers.
The FSA considers it very important for investors to have at their disposal comprehensive, updated and accurate information on transactions made by managers of listed companies with the issuer's securities. The transparency of the transactions of managers and persons related to them has a significant influence on investors' understanding of the issuers' activities and is a cornerstone of market efficiency.