The Finnish Financial Supervisory Authority has imposed a penalty payment of €5,000 on Ixonos Plc and a penalty payment of €5,000 on Takoma Oyj for breaking the Securities Markets Act and the related supplementary regulations that it has issued.

In disclosing reports in accordance with a periodic disclosure obligation, both companies have failed to ensure the publication, in unedited full text on stock market releases, of further information that the auditor has included in the audit report. It was not enough for them, according to the regulator, to restrict themselves to publishing information that they think will affect share prices in reports attached to stock market releases or as reports available on their websites.

The omissions committed by Ixonos Plc apply to the information in the audit report for the financial period 2014 and those committed by Takoma Oyj for the financial period ending in October 2013. In addition, Takoma Oyj has failed to comply with the requirement laid down in the Securities Markets Act to publish the annual financial statement, the management report and the audit report.

The regulator is stressing that the objective of the provisions concerning the disclosure obligation is to ensure that investors have access to sufficient information on matters that are likely to have a material effect on the value of a security.

The decisions of the regulator (or FIN-FSA, as it likes to be called) are not yet legally binding because the companies have the right to appeal to Finland's Market Court.