If, during the continuous monitoring Market Surveillance (MS) finds conduct that appears to be in breach of the market conduct rules, this will be further investigated.
If this is not dismissed after initial clarification, a case will be opened. MS will continue investigations, asking for data from the relevant market participant(s), and if relevant, other parties or authorities.
If the suspicion cannot be invalidated a report will be sent to the relevant supervisory authority (Finanstilsynet).
If any investigations lead to the conclusion of a performed breach on the market conduct rules at the financial market, the case will be brought forward to the Disciplinary committee, that will make recommendations to the Nasdaq Oslo ASA Board of Directors as to the level of possible sanctions. Any sanction made by the board will then be published.
Any sanctions made by Nasdaq Oslo ASA can be appealed to the Exchange Appeal Board, which is a publicly appointed and independent appeal body for exchanges' administrative decisions, common to all Norwegian exchanges and authorised market places.