OSLO (Reuters) – Norway’s Financial Supervisory Authority (FSA) said on Friday it had issued a fine to brokerage Fearnley Securities AS of 25 million Norwegian crowns ($2.26 million) for improper handling of insider information.
The FSA said the brokerage had provided inside information to investors in connection with three different capital market transactions in violation of the rules, and that this suggested a serious systemic failure.
“Dissemination of inside information is likely to significantly undermine confidence in the market,” the FSA said in a statement.
Fearnley Securities said it accepted the FSA’s conclusions and that it had already implemented the necessary changes.
“We live off the trust of our customers. They must be confident that correct information handling and safeguarding the interests of all customers are at the core of what we do,” Fearnley Securities Chair Marius Hermansen said in a statement.
($1 = 11.0628 Norwegian crowns)
(Reporting by Terje Solsvik. Editing by Louise Rasmussen and Mark Potter)
