Iceland's PLAY fined for breaching EU disclosure rules

PLAY (Iceland) has been fined ISK15.8m kronur (US$123,900) after it was found guilty of breaching European Union regulations regarding the timely disclosure of insider financial information. The fine forms part of a settlement with the Financial Supervisory Authority (FSA) of the Central Bank of Iceland according to which the low-cost carrier accepts the FSA’s conclusion that it breached EU disclosure rules, the airline said in a statement. The issue concerned whether the company's interim third quarter 2022 draft financials presented at a board meeting on October 27, 2022, contained inside information and whether their disclosure on November 3 of that year was therefore made too late. The FSA disagreed with PLAY's argument that its initial forecast was broad and based on general expectations, and that the information in the draft financials was not price sensitive. The case is now closed, the airline said.<br/>