2012-03-06
AB “Žemaitijos pienas” fined for late notification of manager of issuer’s transaction
The Board of the Bank of Lithuania examined the protocol of violation drawn up against AB “Žemaitijos pienas” and fined the latter with LTL 1000 for late notification of the transaction concluded by manager of the issuer A. Pažemeckas today.
The information on the transaction concluded by A. Pažemeckas was only publicly disclosed on 12 August 2011, i.e. almost 3 months beyond due time.
AB “Žemaitijos pienas” breached the requirements laid down in paragraph 4 of Article 62 of the Law on Markets in Financial Instruments and item 11 of the Rules on the Notifications on the Transactions Concluded by Managers of the Issuer in Securities of the Said Issuer, as the responsibility for timely public disclosure of a transaction concluded by a manager has been imperatively fixed for the issuer.
In imposing the enforcement measure, the Board of the Bank of Lithuania took into account the extenuating and other circumstances identified in the case.