Financial Supervisory Authority imposes administrative fine on Ålandsbanken for inadequate reporting on derivative contracts
28 February 2023 - 11:30PM
Financial Supervisory Authority imposes administrative fine on
Ålandsbanken for inadequate reporting on derivative contracts
Bank of Åland Plc Inside information 28.2.2023 kl. 14.30 EET
Financial Supervisory Authority imposes administrative
fine on Bank of Åland for inadequate reporting on
derivative contracts
According to the Financial Supervisory Authority (FIN-FSA), Bank
of Åland did not verify the performance of its reporting related to
its derivatives contracts with adequate care in accordance with
applicable law. The inadequacies in reporting did not affect Bank
of Åland or its customers, and the decision taken by FIN-FSA does
not require any action on the part of the customers.
The FIN-FSA has imposed an administrative fine of EUR 60 000 on
Ålandsbanken. The reason for the fine is the inadequacies in Bank
of Åland’s reporting on derivative contracts it had entered into
during 2016-2021. The inadequacies relate to an obligation to
report all derivative contracts to a trade repository in accordance
with European Union regulation European Market Infrastructure
Regulation, ”EMIR”. The bank had hired a clearing agent to handle
the reporting on behalf of the bank. However, the clearing agent
has not reported all derivative contracts to the trade repository.
The inadequacies were corrected when the bank became aware of
them.
For further information, please contact:
Peter Wiklöf, Managing Director and Chief Executive, tel +358 40
512 7505
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