Nasdaq Helsinki: Warning And Fine Imposed To Pihlajalinna Plc For Breaching The Rules Of The Exchange

The Disciplinary Committee of Nasdaq Helsinki Ltd has imposed a warning and a fine of EUR 75,000 to Pihlajalinna Plc (trading code: PIHLIS) due to the breaches of the Rules of the Stock Exchange (the “Rules”) of Nasdaq Helsinki Ltd (“the Exchange”). Pihlajalinna Plc (“the Company”) breached the Rules on the timing and content of the disclosure of inside information when announcing a co-operation agreement on June 3, 2019. Furthermore, the Company breached the Rules on organizing the administration of the listed company.

Events

PIhlajalinna Plc disclosed not until Monday June 3, 2019, at 8.00 am. a release on the co-operation agreement it had entered on Friday May 31, 2019, at 7 pm. The Company had already before the signing of the co-operation agreement prepared the disclosure but did not see announcing necessary at that time because the Exchange was already closed. Furthermore, the Company did not have resources available for the disclosing in the evening of May 31, 2019, when the co-operation agreement was signed.

According to the release, classified as a disclosure of inside information, Pihlajalinna Plc and Pohjola Insurance Ltd (OP Insurance Ltd until 31 May) had signed a co-operation agreement on May 31, 2019, aiming to pilot a new kind of customer service model for the customers of Pohjola Insurance Ltd in two municipalities. No other information on the agreement was announced in the disclosure. Pihlajalinna Plc had not supplemented its release with more information after the Exchange’s Market Surveillance had requested it to do so on June 3, 2019. After that Pihlajalinna Plc was not willing to discuss the supplementing of the disclosure with the Exchange’s Market Surveillance. In addition, in the beginning of June there had been an interruption in keeping the insider list established by the Company to administrate the inside information. 

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