Regulatory Alerts2026-07-03
Added · Updated
Public announcement regarding NETAMAN INVEST OÜ's admitted breach of notification obligation
Latvijas Banka's Supervisory Committee imposed a public announcement sanction on NETAMAN INVEST OÜ for breaching Article 19 of Regulation (EU) No 596/2014. NETAMAN INVEST OÜ, as a person closely associated with AS "Rīgas kuģu būvētava" management, failed to notify transactions exceeding 20,000 euros in AS "Rīgas kuģu būvētava" shares by the October 28, 2025 deadline, submitting the notification 171 days late on April 17, 2026. Despite the delay, Latvijas Banka determined the breach did not negatively impact the financial market, involve inside information or market manipulation, and had no aggravating circumstances, with the public announcement aiming to enhance market transparency and investor confidence.
Supervisory News
On July 2, 2026, the Supervisory Committee of Latvijas Banka adopted a decision to impose a sanction on NETAMAN INVEST OÜ – a public announcement regarding a breach of the requirements of Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council.
NETAMAN INVEST OÜ, as a person closely associated with persons discharging managerial responsibilities at AS "Rīgas kuģu būvētava", failed to notify transactions with AS "Rīgas kuģu būvētava" shares within the prescribed deadline. In accordance with the requirements of Regulation No 596/2014, persons discharging managerial responsibilities within an issuer, as well as persons closely associated with them, are obliged to inform the issuer and the competent authority of all subsequent transactions with the issuer's financial instruments within three working days, once the total amount reaches 20,000 euros within one calendar year.
Latvijas Banka found that on October 23, 2025, NETAMAN INVEST OÜ concluded two share purchase transactions, acquiring shares for an amount exceeding 20,000 euros. Notification of these transactions should have been submitted by October 28, 2025, but it was only submitted on April 17, 2026. Thus, the notification obligation was fulfilled with a delay of 171 days.
When evaluating the circumstances of the case, Latvijas Banka took into account the explanations provided by the person and found that the breach did not cause negative consequences for the financial market, was not related to the use of inside information or market manipulation, and there were no aggravating circumstances.
The purpose of the public announcement is to promote financial market transparency, provide investors with timely information on transactions with the issuer's financial instruments, and strengthen confidence in the capital market.
The decision may be appealed to the Council of Latvijas Banka within one month from its effective date.