Fly Play hf.: Settlement reached with the Financial Supervisory Authority

Play Airlines has accepted a settlement offer from the Financial Supervisory Authority of the Central Bank of Iceland (FSA) regarding the investigation of the company’s compliance with Article 17(1) of Regulation (EU) No 596/2014 of the European Parliament and of the Council in connection with disclosure of information about the company’s lower revenue generation and that the company would not be operated with a positive operating result (EBIT) in the latter half of 2022.   

As has been disclosed in the company’s annual financial results for the past two financial years and in past media coverage of the matter, the company has engaged in discussions with the FSA relating to, among other things, whether draft Q3 2022 interim financial statements that were presented at the company’s board meeting on 27 October 2022 contained inside information, and whether their disclosure on 3 November 2022 was therefore made too late. 

PLAY maintained that the information in question did not constitute inside information, as the company’s initial forecast had been relatively broad and reflected generally worded expectations. The company also considered that the information, in its presented form, was not price sensitive. However, the FSA did not concur with this assessment. Throughout the course of the FSA’s investigation, PLAY has fully cooperated and provided access to all relevant documentation that contributed to this outcome.   

The settlement entails that the company pays a fine of ISK 15,800,000 and acknowledges the FSA’s conclusion that the company violated Article 17(1) of MAR. This matter is thereby fully concluded.  

For further information: 

Birgir Olgeirsson, PR manager at Play 

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