According to the Financial Supervisory Authority, S-Bank did not verify the performance of its reporting related to its derivatives contracts with adequate care. The inadequacies in reporting did not affect S-Bank or its customers, and the decision taken by FIN-FSA does not require any action on the part of the customers.
The Financial Supervisory Authority (FIN-FSA) has imposed an administrative fine of EUR 60 000 on S-Bank. The reason for the fine is the inadequacies in S-Bank’s reporting on derivative contracts it had entered into during June 2019–March 2021. The inadequacies relate to an obligation to report all derivative contracts to a trade repository (European Union regulation on OTC derivatives, central counterparties and trade repositories, European Market Infrastructure Regulation, ”EMIR”). The inadequacies were immediately corrected when the bank became aware of them. S-Bank takes the findings of FIN-FSA seriously and is actively cooperating with it.
The inadequate reporting did not affect S-Bank or its customers. The decision taken by FIN-FSA requires no action on the part of customers.
Jussi Sokka, General Counsel, S-Bank
Contacts: S-Bank's communications, +358 50 573 5855, firstname.lastname@example.org
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