Hoylu AB receives an administrative fine

Finansinspektionen (FI) has decided that Hoylu AB (Hoylu) must pay an administrative fine of SEK 2.1 million due to deficiencies in following the EU Market Abuse Regulation (MAR). Hoylu, a company in the field of communication, is an issuer listed on Nasdaq First North.

FI has investigated how Hoylu informed the market when closing a deal with Holland America Line, which is a part of the Carnival Cruising Corporation.

FI´s investigation shows that Hoylu did not comply with Article 17 MAR when disclosing inside information related to the deal. On one hand the investigation showed deficiencies in the content of the information disclosed, and on the other that the information was not disclosed as soon as possible. Moreover, the investigation showed that Hoylu did not comply with the requirements of Article 18 MAR, since the company did not keep a correct insider list. Several of the violations are serious, but not as serious as they might have been if the information about the deal had not been disclosed at all.

FI considers that the deficiencies may have had an impact on the market as investors have not been able to make a complete, correct and timely assessment of the information that was the at the origin of the press releases. In addition, markets have been subject to harm as market participants did not, in a timely manner, receive the information necessary to assess the price of financial instruments issued by the company. Against this background, FI determines that Hoylu must pay an administrative fine of SEK 2.1 million.

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