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Decision by Disciplinary Committee

2017

2017:1 Petrotarg AB

The Disciplinary Committee of Nasdaq Stockholm has decided that the shares of Petrotarg AB (“Petrotarg”) are to be delisted from trading on Nasdaq First North. The delisting will take effect on March 17, 2017, which is one month from when the Disciplinary Committee announced its decision on the matter.

2017:1 Petrotarg AB Press Release

2017:1 Petrotarg AB Decision

 

2017:2 Hexagon AB

The Disciplinary Committee of Nasdaq Stockholm has found that Hexagon AB (“Hexagon”) has breached Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”) and has therefore ordered Hexagon to pay a fine of SEK 6,210,000, corresponding to two annual listing fees.

2017:2 Hexagon AB Press Release

2017:2 Hexagon AB Decision

 

2017:3 Oscar Properties AB

The Disciplinary Committee of Nasdaq Stockholm has found that Oscar Properties AB (“Oscar Properties”) has breached Nasdaq Stockholm’s regulations (“the Rule Book”) and, accordingly, has imposed a fine on Oscar Properties amounting to two annual fees, corresponding to an amount of SEK 410,000.
2017:3 Oscar Properties AB Press Release
2017:3 Oscar Properties AB Decision


2017:4 GomSpace Group AB

The Disciplinary Committee of Nasdaq Stockholm has found that GomSpace Group AB (“GomSpace”) has breached Nasdaq First North Nordic Rulebook (“the Rule Book”) in several respects and, accordingly, has imposed a fine on GomSpace amounting to two annual fees, corresponding to an amount of SEK 447,122.
2017:4 GomSpace Group AB Press Release
2017:4 GomSpace Group AB Decision

 

2017:5 CybAero AB

The Disciplinary Committee of Nasdaq Stockholm has found that CybAero AB (“CybAero” or “the Company”) has breached the Nasdaq First North Rule Book (“the Rule Book”) in several respects and, accordingly, has imposed a fine on CybAero amounting to three annual fees, corresponding to an amount of SEK 341,890.
2017:5 CybAero AB Press Release
2017:5 CybAero AB Decision

 

2017:6 Skandinaviska Enskilda Banken AB

The Disciplinary Committee of Nasdaq Stockholm has found that Skandinaviska Enskilda Banken AB (“SEB”) has breached Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”) and, accordingly, has ordered SEB to pay a fine of one annual fee, corresponding to an amount of SEK 3,105,000.
2017:6 Skandinaviska Enskilda Banken AB Press Release
2017:6 Skandinaviska Enskilda Banken Decision

 

2017:7 XBT Provider AB

The Disciplinary Committee of Nasdaq Stockholm has found that XBT Provider AB (publ) (“XBT” or “the Company”) has breached Nasdaq Stockholm’s Rule Book for Issuers of warrants and certificates (“the Rule Book”) and other regulations in several respects and, accordingly, has imposed a fine on XBT amounting to SEK 1,000,000.

2017:7 XBT Provider AB Press Release
2017:7 XBT Provider AB Decision

 

2017:8 Nordic Mines AB

The Disciplinary Committee of Nasdaq Stockholm AB has decided that the shares of Nordic Mines AB (“Nordic Mines”) are to be delisted from Nasdaq Stockholm. The delisting will take place with immediate effect.

2017:8 Nordic Mines AB Press Release
2017:8 Nordic Mines AB Decision

 

2017:9 The Marketing Group PLC

The Disciplinary Committee of Nasdaq Stockholm has found that The Marketing Group PLC (“The Marketing Group” or “the Company”) has breached the regulations of Nasdaq First North (“the Rule Book”) in several respects and, accordingly, has imposed a fine on The Marketing Group amounting to two annual fees, corresponding to an amount of SEK 595,546.

2017:9 The Marketing Group PLC Press Release
2017:9 The Marketing Group PLC Decision

2016

2016:1 BE Group AB

The Disciplinary Committee of Nasdaq Stockholm has ruled that BE Group AB (“the BE Group”) has breached Nasdaq Stockholm’s regulations (“the Rulebook”) relating to generally acceptable behavior in the securities market, and thereby imposed a fine of SEK 410 000, equivalent to two annual fees, on the BE Group.

2016:1 BE Group AB Press Release

2016:1 BE Group AB Decision

 

2016:2 PA Resources AB

The Disciplinary Committee of Nasdaq Stockholm has ruled that PA Resources AB (“PA Resources”) has breached Nasdaq Stockholm’s regulations (“the Rule Book”), and therefore ordered PA Resources to pay a fine of SEK 298.500, corresponding to three times the company’s adjusted annual fee.

2016:2 PA Resources AB Press Release

2016:2 PA Resources AB Decision

 

2016:3 Nederman Holding AB

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Nederman Holding AB (“Nederman”) has breached Nasdaq Stockholm’s regulations (“the Rule Book”), and has therefore ordered Nederman to pay a fine of SEK 199.000, corresponding to one annual fee.

2016:3 Nederman Holding AB Press Release

2016:3 Nederman Holding AB Decision

 

2016:4 RealXState AB

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has found that RealXState AB (“RealXState”) has contravened the regulations of the Nasdaq First North (“the Rulebook”) and has thus ordered that the preference shares in RealXState be delisted from trading on Nasdaq First North with immediate effect.

2016:4 RealXState AB Press Release

2016:4 RealXState AB Decision

 

2016:5 Mavshack AB

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Mavshack AB (“Mavshack”) has breached Nasdaq Stockholm First North’s regulations (“the Rule Book”) and has therefore ordered Mavshack to pay a fine of SEK 293.304, corresponding to four times the company’s annual fee.

2016:5 Mavshack AB Press Release

2016:5 Mavshack AB Decision

 

2016:6 Skanska Financial Services AB

The Disciplinary Committee of Nasdaq Stockholm has ruled that the Skanska has breached section 3.2.1 of the Rule Book but has upon an aggregate assessment of the facts in this case found that the violation should reasonably not result in any sanctions.

2016:6 Skanska Financial Services AB Decision

 

2016:7 Capio AB

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Capio AB (“Capio”) has breached Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”) and has therefore ordered Capio to pay a fine of SEK 344.869, corresponding to one annual fee.

2016:7 Capio AB Press Release

2016:7 Capio AB Decision
 

2016:8 Deflamo AB

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Deflamo AB (“Deflamo”) has contravened the generally accepted practices on the stock market, thereby breaching Nasdaq Stockholm First North’s regulations (“the Rule Book”), and has therefore issued a warning to Deflamo.

2016:8 Deflamo AB Press Release

2016:8 Deflamo AB Decision

 

2016:9 Nordic Mines AB

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Nordic Mines AB (“Nordic Mines”) has breached Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”) and has therefore ordered Nordic Mines to pay a fine of SEK 1,435,000, corresponding to seven annual listing fees.

2016:9 Nordic Mines AB Press Release
2016:9 Nordic Mines AB Decision

 

2016:10 Dome Energy AB

The Disciplinary Committee of Nasdaq Stockholm has found that Dome Energy AB ("Dome") has breached the Nasdaq Stockholm rulebook ("the Rulebook") and, accordingly, has imposed a fine on Dome amounting to seven annual fees, corresponding to an amount of SEK 679,574.

2016:10 Dome Energy AB Press Release
2016:10 Dome Energy AB Decision


2016:11 Arcam AB

The Disciplinary Committee of Nasdaq Stockholm has found that Arcam AB publ. ("Arcam") has breached Nasdaq Stockholm’s regulations ("the Rule Book") and, accordingly, has imposed a fine on Arcam amounting to two annual fees, corresponding to an amount of SEK 410,000.

2016:11 Arcam AB Press Release
2016:11 Arcam AB Decision

 

2016:12 Fingerprint Cards AB

The Disciplinary Committee of Nasdaq Stockholm has found that Fingerprint Cards AB ("Fingerprint Cards") has breached Nasdaq Stockholm’s regulations (the "Rule Book") and, accordingly, has imposed a fine on Fingerprint Cards AB amounting to two annual fees, corresponding to an amount of SEK 916 496.

2016:12 Fingerprint Cards AB Press Release
2016:12 Fingerprint Cards AB Decision

 

2016:13 CareDx, Inc.

The Disciplinary Committee of Nasdaq Stockholm has ordered CareDx, Inc. ("CareDx") to pay a special fine of SEK 1,000,000 to Nasdaq for breaches of Nasdaq Stockholm’s Takeover Rules (the "Takeover Rules").

2016:13 CareDx, Inc. Press Release
2016:13 CareDx, Inc. Decision

 

2016:14 Melitho AB

The Disciplinary Committee of Nasdaq Stockholm has found that Melitho AB ("Melitho") has breached the rules of Nasdaq First North Bond Market ("the Rule Book") and therefore decided that the company’s corporate bond is to be removed from Nasdaq First North Bond Market by February 28, 2017.

2016:14 Melitho AB Press Release
2016:14 Melitho AB Decision

2015

2015:1 Oniva Online Group Europe AB

The Disciplinary Committee at NASDAQ OMX Stockholm AB (the “Exchange”) has found that Oniva Online Group Europe AB (“Oniva”) has contravened the NASDAQ OMX Rulebook for Issuers (the “Rulebook”) regarding disclosure rules and has therefore ordered Onivato pay a fine equal to twice the company’s annual fee to the Exchange.

2015:1 Oniva Online Group Europe AB Press Release

2015:1 Oniva Online Group Europe AB Decision (Swedish)

 

2015:2 Avtech Sweden AB

The Disciplinary Committee at NASDAQ OMX Stockholm AB (the “Exchange”) has found that Avtech Sweden AB (“Avtech”) has breached the rules in respect of both the incomplete press release and the details revealed to the media. After considering certain extenuating circumstances, the Disciplinary Committee has found, subject to some doubt, that Avtech’s violations can be seen as less serious. Accordingly, it has been decided that the sanction should be set as a warning.

2015:2 Avtech Sweden AB Press Release

2015:2 Avtech Sweden AB Decision (Swedish)

 

2015:3 Eniro AB (publ)

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has found that Eniro AB (”Eniro”) has contravened the regulations of Nasdaq Stockholm (”the Rulebook”) partly in terms of the company’s financial reporting and capacity for disclosing information, and partly in terms of the company’s information disclosure in conjunction with adjustment of a forecast.  Accordingly, Eniro will be subjected to a fine corresponding to three times its annual fee.

2015:3 Eniro AB (publ) Press Release

2015:3 Eniro AB (publ) Decision (Swedish)

 

2015:4 Brighter AB (publ)

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has found that Brighter AB (”Brighter”) has contravened the disclosure regulations of the First North (the “Rulebook”) and has therefore ordered Brighter to pay a fine corresponding to three times the company’s annual fee to the Exchange.

2015:4 Brighter AB (publ) Press Release

2015:4 Brighter AB (publ) Decision (Swedish)

2015:4 Brighter AB (publ) Decision (English)

 

2015:5 Petrogrand AB

The Disciplinary Committee of Nasdaq Stockholm has decided that Petrogrand AB (“Petrogrand”) is to be delisted from First North. The delisting will take effect on February 4, 2016, which is two months from the date on which the Disciplinary Committee made its decision on the matter.

Regarding the breaches of Nasdaq Stockholm’s Takeover Rules, the Disciplinary Committee considers that a very high fine should be levied. With respect to the far-reaching sanction for the breaches of First North’s Rulebook regarding the disclosure of information, the Disciplinary Committee decided that the special fine for the breaches of the Takeover Rules was to be set at the lowest amount of SEK 50,000.

2015:5 Petrogrand AB Press Release

2015:5 Petrogrand AB Decision

 

2015:6 Shelton Petroleum AB

The Disciplinary Committee of Nasdaq Stockholm (the “Exchange”) has decided that Shelton Petroleum AB (“Shelton Petroleum”) is to be delisted. The delisting will take effect on February 4, 2016, which is two months from the date on which the Disciplinary Committee made its decision on the matter.

2015:6 Shelton Petroleum AB Press Release

2015:6 Shelton Petroleum AB Decision

2014

2014:1 ABN AMRO CLEARING BANK N.V.

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that ABN AMRO Clearing Bank N.V. (”ABN AMRO”) has breached the Exchange’s member rules and has therefore ordered ABN AMRO to pay a fine of two hundred thousand Swedish kronor (SEK 200,000).

2014:1 ABN AMRO Press Release
2014:1 ABN AMRO Decision

2014:2 Selena Oil & Gas Holding AB

The Disciplinary Committee has decided that Selena Oil & Gas Holding AB is to be delisted from First North Premier. The delisting will take effect on May 9 2014, two months from the date on which the Disciplinary Committee announced its decision on the matter.

2014:2 Selena Oil & Gas Holding AB Press Release

2014:2 Selena Oil & Gas Holding AB Decision (Swedish)

2014:3 Russian Real Estate Investment Company AB

The Disciplinary Committee has decided to delist Russian Real Estate Investment Company AB from First North. The delisting will take effect on May 9, 2014, which is two months from the date on which the Disciplinary Committee announced its decision on the matter.

2014:3 Russian Real Estate Investment Company AB Press Release

2014:13 Russian Real Estate Investment Company AB Decison 

2014:4 Danske Bank A/S

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that Danske Bank A/S has breached the Exchange’s member rules and has therefore ordered Danske Bank A/S to pay a fine of five hundred thousand Swedish kronor (SEK 500,000).

2014:4 Danske Bank A/S Press Release

2014:4 Danske Bank A/S Decision

2014:05 Ortivus AB

The Disciplinary Committee at NASDAQ OMX Stockholm AB (the “Exchange”) has found that Ortivus AB (“Ortivus”) has contravened the NASDAQ OMX Rulebook for Issuers (the “Rulebook”) regarding disclosure rules and has therefore ordered Ortivus to pay a fine equal to twice the company’s annual fee to the Exchange.

2014:5 Ortivus AB Press Release

2014:5 Ortivus AB Decision (Swedish)

2014:06 Länsförsäkringar Bank AB

The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has found that Länsförsäkringar Bank AB (“the Bank”) has contravened the Exchange’s trading regulations – the Nasdaq Nordic Member Rules (“NMR”) – and issued a warning to the Bank.

2014:06 Länsförsäkringar Bank AB Press Release

2014:06 Länsförsäkringar Bank AB Decision (Swedish)

2013

2013:1 ABN AMRO CLEARING BANK N.V.

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that ABN AMRO Clearing Bank N.V. (”ABN AMRO”) has breached the Exchange’s member rules and has therefore ordered ABN AMRO to pay a fine of three hundred thousand Swedish kronor (SEK 300,000).

2013:2 Allenex AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB ("the Exchange") has found that Allenex AB ("Allenex") has contravened the Exchange’s Rulebook for Issuers and has therefore ordered Allenex to pay a fine corresponding to one annual fee to the Exchange.

2013:3 Oasmia AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that Oasmia AB (“Oasmia”) has contravened the Exchange’s Rulebook for Issuers in the terms of disclosures and has therefore ordered Oasmia to pay a fine corresponding to four times the company’s annual fee to the Exchange.

2013:4 New Wave Group AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (the “Exchange”) has found that New Wave Group AB (“New Wave Group”) has contravened the Exchange’s Rulebook for Issuers in respect of disclosures and has therefore ordered New Wave Group to pay a fine amounting to SEK 192,000.

2013:5 CybAero AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that CybAero AB (“CybAero”), whose shares are traded on First North, has contravened the disclosure obligation rules stipulated in the First North Nordic Rulebook and has ordered CybAero AB to pay a fine of 100 000 kronor corresponding to two annual fees.

2013:6 Forestlight Entertainment AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that Forestlight Entertainment AB (“Forestlight”), whose shares are traded on First North, has contravened the First North Nordic Rulebook in respect of disclosures and has ordered Forestlight to pay a fine of SEK 100,000 corresponding to two annual fees.

2013:7 HCS Holding AB 

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that HCS Holding AB (“HCS”), whose shares are traded on First North, has contravened the First North Nordic Rulebook in respect of disclosures and has ordered HCS to pay a fine of SEK 100,000 corresponding to two annual fees.

2013:8 Medivir AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that Medivir AB (“Medivir”) has contravened the Exchange’s Rulebook for Issuers (the “Rulebook”) regarding disclosure rules and has therefore ordered Medivir to pay a fine of SEK 384,000 equal to twice the company’s annual fee to the Exchange.

2013:1 ABN AMRO Press release
2013:1 ABN AMRO Decision

2013:2 Allenex Press release
2013:2 Allenex Decision (Swedish) 

2013:3 Oasmia Press release
2013:3 Oasmia Decision (Swedish)

2013:4 New Wave Group Press release
2013:4 New Wave Group Decision (Swedish)

2013:5 CybAero AB Press release
2013:5 CybAero AB Decision (Swedish)

2013:7 HCS Holding AB Press release
2013:7 HCS Holding AB Decision (Swedish)

2013:8 Medivir AB Press release
2013:8 Medivir AB Decision (Swedish)

2012

2012:1 Pareto Öhman AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that in four instances Pareto Öhman AB (”Öhman”) has contravened the Exchange’s rules and regulations and has therefore ordered Öhman to pay a fine of five hundred thousand Swedish kronor (SEK 500,000).

2012:2 Active Biotech AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (”the exchange”) has found that the listed company Active Biotech AB has been in breach of the exchange’s rules and regulations for issuers in respect of the information the company has provided to the stock market.

2012:3 Transcom WorldWide S.A.

 The Disciplinary Committee of NASDAQ OMX Stockholm AB (”the exchange”) has found that the listed company Transcom Worldwide S.A. has been in breach of the exchange’s rules and regulations for issuers in respect of the information the company has provided to the stock market.

2012:4 Morgan Stanley International Plc

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that Morgan Stanley International Plc (”MSIP”) has contravened the Exchange’s Nordic Member Rules and has herefore ordered them to pay a fine of four hundred thousand Swedish kronor (SEK 400,000).

2012:5 Nobia AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (the "Exchange") has issued a decision that the listed company Nobia AB ("Nobia") has breached the Exchange's Rule Book for Issuers with regard to public information and the disclosure of information to the stock market.

2011

2011:1 HQ AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has found that in three instances the former listed company HQ AB (“HQ”) has contravened the Exchange’s rules and regulations for issuers (“Exchange Rules”) in respect of compliance with the International Financial Reporting Standards (”IFRSs”), which are standard practice and adopted by the EU as the international standard for reporting by listed companies. Accordingly, HQ is ordered to pay a fine of five annual fees.

2011:2-4 Carnegie Investment Bank AB, Skandiabanken AB and UBS Limited

Carnegie Investment Bank AB, Skandiabanken AB and UBS Limited, trading members at NASDAQ OMX Stockholm AB (“the Exchange”), have contravened the Exchange’s rules and regulations (“Exchange Rules”) by mediating sales orders subject to terms that deviated from the current market value. Accordingly, the Exchange’s Disciplinary Committee has ruled that the trading members are each to be fined four hundred thousand Swedish kronor (SEK 400,000).

2011:5 AllTele Allmänna Svenska Telefonaktiebolaget

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company AllTele Allmänna Svenska Telefonaktiebolaget (“AllTele”) on three occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Based on an overall assessment of the circumstances, the Disciplinary Committee rules that AllTele shall pay a fine equivalent to four annual fees, 768 000 SEK.

2011:6 Luxonen S.A.

The Disciplinary Committee of NASDAQ OMX Stockholm AB (the “Exchange”) has ruled that the listed company Luxonen S.A. (“Luxonen”) has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Based on an overall assessment of the circumstances, the Disciplinary Committee rules that Luxonen shall pay a fine equivalent to two annual fees, 384,000 SEK. 

2011:7 Holmen AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (the “Exchange”) has ruled that the listed company Holmen AB (“Holmen”) has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. The case concerns Holmen’s violation of rule 3.1.5 in the Rulebook. Based on an overall assessment of the circumstances the Disciplinary Committee considers the breach of a less serious nature and therefore gives Holmen a warning.
 

2010

2010:1 Morphic Technologies AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Morphic Technologies AB (“Morphic”) breached the Exchange’s rules and regulations governing public information, the disclosure of information to the stock market and the Board of Directors and management. Accordingly, Morphic has been ordered to pay a fine of 1 920 000 Swedish kronor.

2010:2 NovaCast Technologies AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has examined whether the listed company NovaCast Technologies AB (“NovaCast”) breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market, in particular the rules regarding Correct and relevant information (3.1.2) and Timing of information (3.1.3). The Disciplinary Committee has ruled that the company has not breached the rules. The company does, however, not go free from criticism.

2010:3 Borås Wäfveri AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Borås Wäfveri AB (“Borås Wäfveri”) breached the Exchange’s rules and regulations governing disclosure of information to the stock market in relation to a modified audit report respectively a new issue of securities. Accordingly, Borås Wäfveri has been ordered to pay a fine of three annual fees, corresponding to 576 000 Swedish kronor.

2010:4 HQ AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company HQ AB (“HQ”) on two occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Accordingly, HQ has been ordered to pay a fine of three annual fees. In this specific case, the Disciplinary Committee has considered the fact that HQ has been de-listed and that the market value has substantially changed. Therefore, the Disciplinary Committee has ruled that each annual fee shall correspond to half of what the company paid per year, in total 288 000 Swedish kronor.

2010:5 Diamyd Medical AB

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Diamyd Medical AB (“Diamyd”) on four occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Accordingly, Diamyd has been ordered to pay a fine of three annual fees, corresponding to 576 000 Swedish kronor.

2010:6 Metro International S.A.

The Disciplinary Committee of NASDAQ OMX Stockholm AB (“the Exchange”) has ruled that the listed company Metro International S.A. (“Metro”) on two occasions has breached the Exchange’s rules and regulations governing public information and the disclosure of information to the stock market. Accordingly, the Disciplinary Committee has ruled that Metro must pay a fine of 384 000 Swedish kronor, corresponding to two annual fees.

2009

2009:1 XANO Industrier AB

The exchange-listed company XANO Industri AB breached the disclosure and reporting regulations of NASDAQ OMX Stockholm AB by failing to provide information regarding the purchase price for a company acquisition. The Exchange’s Disciplinary Committee decided that XANO shall pay a fine of two annual fees, corresponding to SEK 384,000. For more information, see the attached file with the press release from the Exchange.

2009:2 Kaupthing Bank Sverige AB

Kaupthing Bank Sverige AB has acted in breach of NASDAQ OMX Stockholm’s rules by executing a trade on behalf of a customer at a price that deviated significantly from the current market value of the particular share. Accordingly, NASDAQ OMX Stockholm’s Disciplinary Committee has ruled that Kaupthing Stockholm AB must pay a fine of SEK 400,000, and has issued a warning to the broker who had executed the trade. For more information, see the attached file with the press release from the Exchange and the decision fronm the Diciplinary Committee.

2009:3 Timber Hill Europe AG

Timber Hill Europe AG (“Timber Hill”), a member of NASDAQ OMX Stockholm AB (“the Exchange”), has breached the Exchange’s rules and regulations by automatically issuing sell orders with terms that deviated from the current market value. Accordingly, the Exchange’s Disciplinary Committee has ruled that Timber Hill must pay a fine of four hundred thousand Swedish Kronor, SEK 400,000.

 

2008

 

2008:13 Lehman Brothers International

By decision of the Disciplinary Committee of NASDAQ OMX Stockholm the membership of Lehman Brothers International has been terminated. Lehman Brothers’ trading rights have been suspended since 15 September. For more information, see the attached file with the decision from the NASDAQ OMX Stockholm's Disciplinary Committee.

2008:12 HQ Bankaktiebolag

A broker at HQ Bankaktiebolag (HQB) placed in connection with the call auction that was held before the trading started on June 18, 2008 large buy orders in HM with prices that deviated substantially from the closing price on the last trading day. The prices also differed from the prices at which other market participants wanted to trade. It was the opinion of the Disciplinary Committee that it was inappropriate to place orders with the current volume to considerably higher prices. The Committee believes however – despite certain embarrassing circumstances for HQB and the broker – that it has not been sufficiently demonstrated that the particular orders were designed to improperly influence the price formation in the trading system or that they were devoid of commercial purpose. The Disciplinary Committee has decided to let the matter rest. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:11 Pilum AB

Pilum AB, whose shares are traded on the OMX Nordic Exchange Stockholm’s alternative marketplace, First North, violated the Exchange’s regulations by not handling price-sensitive information correctly. The Exchange’s Disciplinary Committee ruled that Pilum must pay a penalty of two annual fees, meaning SEK 100,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:10 Bankaktiebolaget Avanza

Bankaktiebolaget Avanza has violated the rules of the OMX Nordic Exchange Stockholm by not placing orders correctly into the trading system. The Disciplinary Committee has decided that the company shall pay a fine and that the broker shall be given a warning. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:9 OMX AB 

OMX AB, listed on OMX Nordic Exchange Stockholm up to May 2, 2008, has contravened the rules by failing to disclose information that is liable to affect the valuation of the company’s listed securities in the correct manner. The Exchange’s Disciplinary Committee has decided that the company will be given a warning. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:8 Sandvik AB

The exchange-listed company Sandvik contravened generally acceptable practices in the securities market by circumventing the Swedish Companies Act’s so-called Lex Leo rules. According to these rules, an exchange-listed company may not transfer the shares of a subsidiary to its president without the approval of a general meeting of shareholders. In the case in question, Sandvik transferred the shares in the subsidiary to a holding company owned by the president’s daughter. The Exchange’s Disciplinary Committee rules that Sandvik must pay a fine of one annual fee, corresponding to SEK 3 million. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.


2008:7 AB Ångpanneföreningen

AB Ångpanneföreningen has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to disclose its financial statement in a correct manner. Ångpanneföreningen published its financial statement for the full year 2007 on February 19, 2008 at 9:16 a.m. However, information from the report had been available from 9:05 a.m. on the company’s web page and available at the news agency SIX at 9:07 a.m. In contrast to recent incidents of similar character, the incident hasn’t resulted from faulty procedures by the company, but rather to accidental errors in handling. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.
 

2008:6 Getinge AB

Getinge AB has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to disclose its financial statement in a correct manner. The Exchange’s Disciplinary Committee has decided that the company will be given a warning. Getinge published its financial statement on January 28, 2008 at 12:17 p.m. for the full year 2007. However, information from the report had been available at 12:08 p.m. on the company’s web page and available at the news agency Ticker at 12:13 p.m. In contrast to recent incidents of similar character, the incident hasn’t resulted from faulty procedures by the company, but rather to accidental errors in handling. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.
 

2008:5 Digital Vision AB

Digital Vision AB has contravened the rules of the OMX Nordic Exchange Stockholm by not complying with the applicable accounting principles (IFRS) and by not immediately disclosing a qualified audit report. The Exchange’s Disciplinary Committee has resolved that Digital Vision shall pay a fine of three annual fees, corresponding to SEK 576,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:4 Telefonaktiebolaget L M Ericsson

Telefonaktiebolaget L M Ericsson specified earlier disclosed information at an analyst meeting on November 20, 2007 about expected sales without disclosing the specification according to prescribed protocols. The Disciplinary Committee found that this was inappropriate but it would have been excessive to classify this as a contravention of the listing agreement. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee. 

2008:3 CISL Gruppen AB

The shares of CISL Gruppen AB are traded on First North, the alternative market operated by OMX Nordic Exchange Stockholm.The Committee has established that CISL, continuously during 2006 and 2007, submitted excessively positive information about the company, while negative information was withheld from the market. CISL also neglected to submit information on holdings of 150 million of subscription rights in an associate company and published information concerning the Board’s decision pertaining to two share issues far too late. Moreover, the CISL Gruppen shares have been placed on the First North’s observation list for eight months – such a position shall normally not exceed six months – and it is not possible to predict when the company could be returned to its ordinary position in the share list. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:2 Midelfart Sonesson AB

The listed company Midelfart Sonesson AB (“Midelfart”) has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to handle price-sensitive information in the correct manner. In an arbitration ruling announced on July 20, 2007, a subsidiary of Midelfart was ordered to pay SEK 17 million. Midelfart, which was notified of the arbitration ruling on July 21, 2007, did not submit any public information regarding the transaction until August 23, 2007, when the company presented its interim report. The Exchange’s Disciplinary Committee has ruled that Midelfart must pay a fine corresponding to two annual fees, totaling SEK 384,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.


2008:1 SSAB Svenskt Stål AB

The listed company SSAB Svenskt Stål AB (“SSAB”) has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to handle price-sensitive information in the correct manner. The Disciplinary Committee has concluded that it was evident that SSAB’s report on the third quarter of 2007 had been made accessible externally slightly more than one hour before it was published in the manner stipulated in the listing agreement. The Exchange’s Disciplinary Committee has ruled that SSAB must pay a fine of one annual fee, which corresponds to SEK 2,201,285. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2007

 

2007:9 D. Carnegie & Co AB and Carnegie Investment Bank AB 

The listed company D. Carnegie & Co AB (Carnegie) and its subsidiary Carnegie Investment Bank AB (the Bank) have contravened the rules applying at OMX Nordic Exchange Stockholm. With respect to the Bank, brokers have manipulated market prices to conceal intentional incorrect valuations previously undertaken within the Bank’s derivative trading portfolio (trading portfolio). Due to this, the Disciplinary Committee has decided to fine the Bank SEK 5 million. The fine that the Bank will have to pay is the highest fine that the Disciplinary Committee has levied against a member company. Carnegie, in its capacity as a listed company, contravened the listing agreement with the Exchange by disclosing incorrect information, partly in the interim report for the first quarter of 2007 and partly in a press release concerning the impact of the valuation manipulations on Carnegie’s earnings, where the effects for the years 2005 and 2006 were not accounted for. For these violations, the Disciplinary Committee has decided that Carnegie shall pay a fine corresponding to four annual fees, making a total of SEK 1,783,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2007:8 FME Europe AB

FME Europe AB no longer meets the requirements for trading on the alternative marketplace First North. Accordingly, the Disciplinary Committee of the OMX Nordic Exchange Stockholm has decided that the company’s share is no longer to be listed for trading on First North. The delisting applies with immediate effect. This represents the first time that a company has been delisted from First North involuntarily. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2007:7 Nobel Biocare Holding AG

Nobel Biocare has contravened the listing agreement with the OMX Nordic Exchange Stockholm by not handling price-sensitive information correctly. The exchange’s Disciplinary Committee has ordered Nobel Biocare to pay a fine of SEK 768,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2007:6 Carnegie A/S

Carnegie Bank A/S has contravened the OMX Nordic Exchange Stockholm’s rules concerning trading in derivative instruments by having a broker place orders for derivative instruments with the sole intention of misleadingly affecting the price of another derivative instrument. Subsequently, the broker was able to implement transactions in the other instrument at a price that exceeded the price that would have applied had the orders not been placed. The OMX Nordic Exchange Stockholm’s Disciplinary Committee has ruled that Carnegie Bank A/S must pay a fine of SEK 300,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee. 

2007:5 Kaupthing Bank Sverige AB

Kaupthing Bank Sweden has contravened OMX Nordic Exchange’s and Finansinspektionen’s rules by reporting 15 trades to the Exchange for which contract notes and other documentation where missing. The prices at which the trades have been reported have also, on a number of occasions, diverted from the prices at which trading in general has taken place, this lead to the suspicion that the reporting has been done with an unduly objective. OMX Nordic Exchange in Stockholm’s Disciplinary Committee has decided that Kaupthing must pay a fine of SEK 200,000. For more information, see the attached files with the press release from the Stockholm Stock Exchange and the decision (only in Swedish) from the Disciplinary Committee.

2007:4 J P Morgan Securities Ltd

On a number of occasions, a broker at J P Morgan Securities Ltd (J P Morgan) placed buy and sell orders on the company's own account in a manner that resulted in several automatically matched transactions, whereby J P Morgan conducted business with itself. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee has ruled that J P Morgan must pay a fine of SEK 200,000. The broker at J P Morgan was also issued a warning. For more information, see the attached files with the press release from the Stockholm Stock Exchange and the decision from the Disciplinary Committee. 

2007:3 Timber Hill Europe AG

Timber Hill Europe AG (Timber Hill) has contravened the Stockholm Stock Exchange's rules by placing automatically routed sell and buy orders on several occasions that deviated from the current market value of the securities concerned. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee has ruled that Timber Hill must pay a fine of SEK 200,000. For more information, see the attached files with the press release from the Stockholm Stock Exchange and the decision from the Disciplinary Committee.

2007:2 Svenska Handelsbanken AB

Svenska Handelsbanken has been found to have contravened the Stockholm Stock Exchange's listing agreement by not handling price-sensitive information correctly. The Stockholm Stock Exchange's Disciplinary Committee has ordered Handelsbanken to pay a fine of SEK 3 million. The Disciplinary Committee has established that the bank's report on the third quarter of 2006 became available externally about 15 minutes before being released in the prescribed manner. In similar cases from 2003, the Disciplinary Committee found that the clause in the listing agreement prohibiting the release of price-sensitive information in any manner other than through correct disclosure also applies to the unintentional release of information. Because the report was made available on the Internet, it has been concluded that the bank had released the information, since it was relatively easy to work out the Internet address. The Disciplinary Committee has fined Handelsbanken one annual fee, corresponding to SEK 3 million. 

2007:1 Erik Penser Fondkommission

Erik Penser Fondkommission (EPF) has contravened the Stockholm Stock Exchange's rules by buying and selling AstraZeneca shares on its own account in a manner that resulted in EPF conducting business with itself. In a large number of cases, this practice also influenced the price of the shares. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee has ruled that EPF must pay a fine of SEK 300,000.

2006

 

2006:5 Danske Bank A/S


Danske Bank A/S has contravened the rules of the Stockholm Stock Exchange by placing orders on behalf of its customers at prices considerably deviating from the current market value. In one case, the bank acquired shares on its own behalf at this lower price which the bank had entered into the trading system. Stockholm Stock Exchange's Disciplinary Committee has therefore decided to fine Danske Bank SEK 200,000 and has issued a warning to a broker at Danske Bank.

2006:4 Merrill Lynch International


Stockholm Stock Exchange's Disciplinary Committee Ruling Regarding Norex Member Rules (NMR) Section 4.6.1. Merrill Lynch International (MLI) and a stockbroker employed by the company have according to the Stockholm Stock Exchange's Disciplinary Committee not infringed the rule of NMR 4.6.1. MLI was commissioned by a customer to implement a rearrangement of a large stock portfolio under the period of November 24 to November 30, 2005. Capona AB, which is listed on the Stockholm Stock Exchange's O List, was among the large portfolio. MLI was to purchase 48,600 Capona shares. On November 30 – the final day of trading during the month – MLI still had to acquire 10,800 shares. During this day, MLI had acquired 1,000 shares within the framework of the prevailing price spread – SEK 117 – 118. The remaining 9,800 shares were acquired by MLI placing an order for these shares when the closing call began. The order was limited to a maximum price of SEK 127 and resulted in a transaction being completed at a price of SEK 125. MLI was the only purchaser during the call. The Disciplinary Committee made i.a. the following statement. The Exchange has not claimed that MLI in conjunction with the closing call would have been able to acquire the block of shares in question at a lower price than what was paid. Subsequently, it can be said that the price – which was only insignificantly lower than the limit specified by MLI – corresponded to the market price. However, it must be assumed that the price was affected by a purchase order having been placed for a relatively large block of shares in conjunction with the closing call. The Committee does not want to rule out the possibility that such a procedure can entail a breach of the rule in 4.6.1. of NMR. In this case, however, it must be taken into consideration that this concerned a share in a smaller exchange-listed company with relatively low liquidity and certain volatility, that the order resulted in a price that exceeded the price at which the share traded immediately prior to the order only by 6,4% and that only about one fifth of MLI's acquisitions of shares in Capona took place in conjunction with the closing call. As a result of an overall assessment of theses circumstances, in combination with the somewhat unclear wording of the rule in question, the Disciplinary Committee is not prepared to state that MLI and the broker are guilty of breaching the rule. For further information, please see the attached file.

2006:3 Wise Group AB / Sign On i Stockholm AB


Wise Group AB, formerly Sign On i Stockholm AB, has breached the company's listing agreement with the Stockholm Stock Exchange by not providing sufficient information in a press release. The Stockholm Stock Exchange's Disciplinary Committee has decided to fine Wise Group SEK 384,000. According to the Stockholm Stock Exchange's listing agreement, information provided by a listed company must be correct, relevant and reliable. In a press release dated June 9, 2004, Sign On informed the market of an agreement it had reached concerning the acquisition of Svea Ekonomi. This information had a positive impact on Sign On's share price. The press release did not contain any details stating that the transaction was conditional upon the completion of a due diligence-process or that the parties were entitled to cancel the agreement if it was not possible to reach agreement during this process. Accordingly, the only conclusion that could be drawn from the press release was that the agreement was definitive and irrevocable. However, this did not prove to be the case. In a press release dated August 10, 2004, Sign On announced that the company did not intend to complete the planned acquisition because the principal owner of Svea Ekonomi had chosen to cancel the agreement by imposing new conditions for completing the transaction. The Disciplinary Committee concluded that the condition providing the parties with the right to cancel the agreement was a factor that gave rise to such considerable uncertainty that the press release became misleading when this condition was not mentioned. Accordingly, the Committee found that the company had contravened the requirement under the listing agreement that information provided to the market must be correct, relevant and reliable. The Disciplinary Committee fined the company SEK 384,000, corresponding to two annual fees. The complete determination is available in Swedish only.

2006:2 Wedins Skor & accessoarer AB


Wedins Skor & Accessoarer AB has breached the company's listing agreement with the Stockholm Stock Exchange by not providing information about an extraordinary general meeting in time and by not handling price-sensitive information in the correct manner. The Stockholm Stock Exchange's Disciplinary Committee has decided to fine Wedins SEK 576,000. The complete determination is available in Swedish only.

2006:1 Goldman Sachs International


Goldman Sachs International in London has contravened the rules that state that any party who acquires or transfers shares in an exchange-listed company so that the holding passes an even five-percent limit must disclose the change no later than the following trading day. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee has decided to issue a warning to the company .

2005

 

2005:9 Note AB


It is stipulated in the listing agreement that any information that could significantly affect the valuation of a company's shares must be disclosed. Such disclosure is effected by presenting the information to a number of newspapers and news agencies. In its report on the first six months of 2005, NOTE stated that the company's long-term profit-margin objective was 6%, without specifying when the objective was to be achieved. At an analysts meeting on September 7, 2005, the then president of the company stated, in response to a question, that it would be considered a failure if the margin objective was not achieved within six months. As a result of this information, the company's share price rose sharply during a period of substantial share turnover, which means that the information was of significance to the share's performance. The Disciplinary Committee found that NOTE had breached the regulations by not disclosing the statement of September 7 in the stipulated manner and fined the company two annual fees, corresponding to a total of SEK 384,000. The complete determination is available in Swedish only.

2005:8 Fischer Partners Fondkommission AB


According to the regulations applying to Exchange Members, an order placed by a broker in the Exchange's trading system must reflect the current market value of the particular shares. When establishing the market value, such factors as changes in the share's price during the day in question and preceding days, the share's volatility, general changes in the pricing of equivalent instruments and other significant conditions that could arise must be taken into account. The member company has the same responsibility for orders placed by the member's customers via an Internet connection (automatic order brokering) as for orders brokered via a stockbroker. On a number of occasions during February, March, April and June, customers of Fischer placed automatically brokered orders in several companies in a manner that, in varying degrees, resulted in a breach of a reasonable interpretation of the said rules concerning the placing of orders. According to the Disciplinary Committee, these rules are of considerable importance to the confidence placed in the Exchange's operations, whereby obvious deviations from the rules must be judged seriously. Despite explicit reminders from the Exchange regarding the breaches, Fischer's efforts to comply with the rules and regulations have not led to satisfactory results. The Disciplinary Committee found that Fischer, as the company responsible for the order placement, had breached the regulations specified above and should therefore pay a fine of SEK 300,000.

2005:7 Fastighets AB Balder/Enlight International AB


According to the regulations contained in the listing agreement between the Exchange and the listed companies, an adjustment of a previously published forecast must be disclosed through a press release sent to a number of newspapers and news agencies. The information about the adjustment must contain details about what the change consists of. In a year-end report published on January 31, 2005, Balder/Enlight disclosed that the company expected to report a profit and a positive cash flow for full-year 2005. In the printed annual report, which was available on the company's website in mid-April, it was stated that the company's ambition was to report a profit and a positive cash flow towards the end of 2005. The information presented in the annual report, which thus constituted a forecast adjustment, was not disclosed in the prescribed manner in the annual report but was instead first disclosed on April 22, 2005 in connection with publication of the interim report for the first quarter of 2005. However, in the first-quarter report, no information was provided about how the forecast had been changed in relation to the year-end report. The Disciplinary Committee found that the company had breached the regulations specified above and fined the company one annual fee, corresponding to SEK 192,000. The complete determination is available in Swedish only.

2005:6 Stockbroker


A stockbroker and two clients reached an agreement to sell shares and then to immediately repurchase the same shares at a predetermined price. Since such a practice has no commercial meaning, it contravenes the Exchange's trading rules. Moreover, the two transactions were not reported to the Exchange within the period of time applying to transactions agreed outside the Exchange. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee has decided to warn the stockbroker. The complete determination is available in Swedish only.

2005:5 Citigroup Global Markets Limited


The member firm acquired more than 5 percent of the shares in Lindex AB. However, the member firm did not disclose the acquisition until several days later, and also failed to inform the Exchange. The Disciplinary Committee found that the member firm had disregarded generally acceptable practices in the Swedish securities market and therefore decided to warn the company.

2005:4 Lehman Brothers International (Europe)


The member firm acquired more than 5% of the shares in Song Network. Song was the target of two competing public offers at this time, which made the change in shareholdings in the company of considerable interest to the market. However, the member firm did not disclose the acquisition and also failed to inform the Exchange. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee decided to warn the member firm.

2005:3 J.P. Morgan Securities Ltd


The member firm acquired more than 5% of the shares in Song Network. Song was the target of two competing public offers at this time, which made the change in shareholdings in the company of considerable interest to the market. However, the member firm did not disclose the acquisition in time or in the correct manner, and also failed to inform the Exchange. In addition the member later sold so many shares that its shareholding fell below 5 percent. Nor was this change disclosed, or the Exchange informed. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee decided to warn the member firm.

2005:2 Karolin Machine Tool AB


Based on an investigation conducted by the panel for monitoring financial reporting (the Review Panel), Stockholm Stock Exchange's disciplinary committee has concluded that information about benefits for senior executives in the company's annual report for 2003 was not disclosed in accordance with NBK's regulations. In addition, the company disregarded the Annual Accounts Act's rules concerning goodwill amortization and three of the recommendations issued by the Financial Accounting Standards Council. Accordingly, the Disciplinary Committee concluded that the company had also breached the listing agreement. The deficiencies concerning the NBK regulations were also a repeat of failures committed when the company prepared its annual report for 2002. The Disciplinary Committee ruled that the company pay a fine corresponding to two annual fees. The complete determination is available in Swedish only.

2005:1 Intentia AB


In conjunction with the presentation of the company's six-month report, The company's President and Chief Executive Officer divulged to a journalist exact details of company's consulting and operating margins for the forthcoming fourth quarter. This information was not disclosed in the manner stated in the listing agreement. In addition, in conjunction with a telephone conference concerning the company's nine-month report, the President and Chief Executive Officer divulged information with an effect on the price of the company's shares that was of a forecast nature regarding company's earnings for 2005. Nor was this information disclosed correctly. The Disciplinary Committee has concluded that company breached the listing agreement on these occasions and ruled that the company be fined the equivalent of one annual fee. The complete determination is available in Swedish only.

2004

 

2004:5 Pricer AB


The company breached the listing agreement by not correctly disclosing information that affected the price of its shares. The Disciplinary Committee has concluded that the company, by means of its description of an supply agreement on its website and in an interview, hade elected to give the information the potential to affect the price of the company's shares, despite the fact that the immediate financial implication of the order was limited. Accordingly, the company should have disclosed the news in the manner stated in the listing agreement. The Disciplinary Committee ordered the company to pay a fine of one annual fee. The complete determination is available in Swedish only.

2004:4 Försäkrings AB Skandia


The company contravened its disclosure obligation under the company's listing agreement with Stockholm Stock Exchange. The Committee found that the information provided by the company in its annual report for 2000 about the benefits to the company's president was misleading and incomplete, and that the information provided in the annual report about two bonus programs was misleading and incorrect. The Disciplinary Committee established that the company should pay a fine of two annual fees . The complete determination is available in Swedish only.

2004:3 Telefon AB LM Ericsson


The company published, right after the start of continuous trading, a press release with the headline "Ericsson will report first quarter gross margin higher than level achieved in fourth quarter". The company had not prior to the publication of the press release contacted the exchange in order to provide advance information. As a consequence the Exchange could not consider a brief suspension of the trading. The Committee deemed that there were strong grounds to support the fact that the Exchange should receive advance information if a company intends to publish an unexpected change in financial results even if the company itself has not published a forecast, which also corresponds with general practice. Since there are no explicit provisions that regulate this circumstance and it is only addressed in the guidelines to the Listing Agreement the Disciplinary Committee deemed that the company's neglect could not be related to such a breach that could cause disciplinary actions. The complete determination is available in Swedish only.

2004:2 Lundin Petroleum AB


The company disclosed information of the type that could affect the company's share price to a journalist without simultaneously making a public announcement of the information. The day after the information was published in the newspaper, the company issued a press release containing the information. The Disciplinary Committee found that the company's disclosure of the said information to the newspaper was a breach of the Exchange's rules regarding the disclosure of information. The Committee imposed a fine of one annual fee. The complete determination is available in Swedish only.

2004:1 Tripep AB


On the morning before the trading had started the company published a press release containing information regarding certain research results. On the preceding day, however, the company had informed a journalist about the contents of the press release. Information about the new research results could be read in the newspaper in the morning before the company's press release had reached the market. The Disciplinary Committee found that the company's handling of the matter was not compatible with the Exchange's rules. However, the Committee concluded that the disregard of the rules was alleviated by the press release being published in ample time before the opening of the Exchange on the same day that the interview was published in the newspaper. Accordingly, the Committee found that it was sufficient to issue the company a warning. The complete determination is available in Swedish only.

2003

 

2003:10 Member Company


Representatives of Stockholmsbörsen visited the member's premises to investigate claims that the member had, from the premises concerned, divulged non-public information from its trading system to certain customers. However, the member refused Stockholmsbörsen's representatives access to the premises, referring, among other explanations, to its rules regarding confidentiality. The Disciplinary Committee found that reasons of confidentiality did not provide sufficient grounds for denying access, because Stockholmsbörsen is also covered by the same confidentiality obligation. However, the Committee also found that an approved right of access would require more clear-cut regulation than that currently contained in Stockholmsborsen's membership rules. Accordingly, the Committee ruled that the member company could not be punished for refusing access to the premises. The complete determination is available in Swedish only.

2003:9 OM HEX AB


The Disciplinary Committee concluded that the company had contravened the rules and regulations of the Listing Agreement by not immediately making public the information regarding the workforce cutback. In its decision, the Disciplinary Committee ruled that OM had breached the Listing Agreement by not immediately releasing the information. However, the Committee concluded that OM should not be sanctioned for its breach. The Disciplinary Committee referred to the principle of equal treatment of all listed companies (Chapter 2, Section 1 of the Stock Exchange and Clearing Operations Act) and to the fact that Stockholmsbörsen, as a rule, had been treating similar breaches by other listed companies in the manner as the current case. The complete determination is available in Swedish only.

2003:8 Remium AB


The member company violates the Industry and Commerce Stock Exchange Committee's rules concerning the purchase and sale of a company's own shares when during one day repurchasing shares representing more than 25 per cent of average daily transactions during the four calendar weeks immediately preceding the week during which the purchase takes place. The member company was ordered to pay a fine of SEK 100,000. The complete determination is available in Swedish only.

2003:7 Höganäs AB


Information from the company was available on the Internet before the information had been published in the manner required pursuant to the Listing Agreement. The information was disclosed when a third party identified the hidden address under which the information had been prepared prior to publication on the website. The Disciplinary Committee considered that the breach was partly due to the company's efforts in accordance with the Exchange's instructions to ensure that the information would be available on the website as soon as possible after publication in the prescribed manner. In light of the aforesaid, the Disciplinary Committee considered that the breach was excusable, and the company was thus issued a warning. The complete determination is available in Swedish only.

2003:6 Intellecta AB


The company breached the Exchange's rules regarding the purchase and sale of own shares since the company failed to notify the Exchange that it had purchased it's own shares. The company was ordered to pay a fine equal to one annual fee. The complete determination is available in Swedish only.

2003:5 SignOn AB


The company breached the information obligation in the Listing Agreement due to the fact that it did not provide information in due time concerning a significant deviation in respect of liquid funds in relation to the forecast concerning capital requirements that had been provided in the company's issue prospectus. In addition, the Disciplinary Committee found that the company had breached the Listing Agreement by providing incomplete information in an interim report concerning business relations with closely-affiliated companies. The company was ordered to pay a fine equal to three times the annual fee. The complete determination is available in Swedish only.

2003:4 Intentia AB


Please see decision 2003:2 Sweco. The complete determination is available in Swedish only.

2003:3 Nordea AB


Please see decision 2003:2 Sweco. The complete determination is available in Swedish only.

2003:2 Sweco AB


Information from the company was available on the Internet before the information had been published in the manner required pursuant to the Listing Agreement. The information was disclosed when a third party identified the hidden address under which the information had been prepared prior to publication on the website. The Disciplinary Committee considered that the breach was partly due to the company's efforts – in accordance with the Exchange's instructions – to ensure that the information would be available on the website as soon as possible after publication in the prescribed manner. In light of the aforesaid, the Disciplinary Committee considered that the breach was excusable, and the company was thus issued a warning. The complete determination is available in Swedish only.

2003:1 Elekta AB


The company provided misleading information in connection with a publication of a patent dispute in the US. The company was ordered to pay a fine equal to two times the annual fee. The complete determination is available in Swedish only.

2002

 

2002:5 BioPhausia AB


The company breached the information obligation in the Listing Agreement in connection with the publication of a grant of patent. The company was ordered to pay a fine equal to two times the annual fee. The complete determination is available in Swedish only.

2002:4 Feelgood Svenska AB


The company breached the Listing Agreement's information provisions as well as the recommendations of the Swedish Financial Accounting Standards Council. The company failed, among other things, to provide information in due time concerning a forecast deviation. The company was ordered to pay a fine equal to five times the annual fee. The complete determination is available in Swedish only.

2002:3 Enea Data AB


The company breached the Exchange's rules regarding the purchase and sale of own shares since the company failed to notify the Exchange that it had purchased its own shares. The company was ordered to pay a fine equal to one annual fee. The complete determination is available in Swedish only.

2002:2 Rederiaktiebolag Gotland


The company breached the Exchange's rules regarding the purchase and sale of own shares since the company failed to inform the Exchange that it had purchased its own shares. Nor had the company's purchase of its own shares been executed on the Exchange, which means that the company had also breached the provisions of the Swedish Companies Act. The company was ordered to pay a fine equal to one annual fee. The complete determination is available in Swedish only.

2002:1 SAS AB


The company breached the information obligation in the Listing Agreement in connection with the European Commission's investigation of the company concerning suspected breaches of EU competition rules. The company was ordered to pay a fine equal to four times the annual fee. The complete determination is available in Swedish only.

2001

 

2001:3 Traction AB


The Exchange questioned whether the information provided in a press release was in accordance with the Industry and Commerce Stock Exchange Committee's rules regarding offers. Since there was uncertainty regarding whether the company's press release was a public tender offer or not, and since the Exchange had been contacted in advance concerning certain parts of the release, the matter did not result in any sanctions against the company. The complete determination is available in Swedish only.

2001:2 FastPartnerAB


The company breached the Exchange's rules regarding the purchase and sale of own shares. The company purchased its own shares during the thirty-day period immediately preceding the publication of the company's annual or interim report. The company was ordered to pay a fine equal to one annual fee. The complete determination is available in Swedish only.

2001:1 Wilh. Sonesson AB


The company submitted inadequate financial reports. Among other things, the company submitted a pro-forma report in an interim report contrary to generally accepted accounting principles. The company was ordered to pay a fine equal to two times the annual fee. The complete determination is available in Swedish only.

1999

 

1999:1 Credit Suisse First Boston / NF Nordiska Fondkommission AB


One of the Exchange's members, through the assistance of another member, concluded trades where the member had acted as the end customer on both the buy and sell side of the trades. In addition, the trades were made at deviating prices which, if cancellation had not occurred, would have affected the share price and thereby generated profit for the member. The member companies were ordered to pay fines of SEK 2 million and SEK 1 million respectively. The complete determination is available in Swedish only.

1998

 

1998:1 Prosolvia AB


The company submitted inadequate information in respect of the contents of an agreement with a third party to form a jointly-owned company. In addition, inadequate information was provided in respect of the amount of the profit related to the jointly-owned company and its significance to the company's total financial position. The company was ordered to pay a fine equal to four times the annual fee. The complete determination is available in Swedish only.

1997

 

1997:1 Frontec AB


The company provided incomplete information in respect of financial results in its half-yearly report and in its report of unaudited annual earnings figures. The company was ordered to pay a fine equal to two times the annual fee. The complete determination is available in Swedish only.

1996

 

1996:4 Hebi Health Care AB


The Disciplinary Committee was of the opinion that the company, on two separate occasions, had not corrected forecasts in a timely manner. In addition, the company had provided inadequate information in conjunction with the issue of convertibles. The Disciplinary Committee recommended that the company be delisted. The board of directors of the Exchange resolved to delist the company. The complete determination is available in Swedish only.

1996:3 Getinge Industrier AB


The company provided erroneous information in a prospectus regarding the amount of shareholders' equity. The fine imposed was equal to one annual fee. The complete determination is available in Swedish only.

1996:2 IRO AB


The company failed to publish a press release regarding a general meeting containing, among other things, information that two members of the board of directors had resigned from the company. The fine imposed was equal to one annual fee. The complete determination is available in Swedish only.

1996:1 Skandinaviska Enskilda Banken AB


Incomplete information was provided in respect of allocations made in relation to a major owner transaction. The Disciplinary Committee ordered the company to pay a fine equal to two times the annual fee. The complete determination is available in Swedish only.

1994

 

1994:6 H & M Hennes & Mauritz AB


The company released earnings information that had not been published previously during an ongoing shareholders' meeting. This violated the requirement of immediate publication of new, significant information via a press release. The fine imposed was equal to one annual fee. The complete determination is available in Swedish only.

1994:5 Kinnevik AB


The company released earnings information that had not been published previously during an ongoing shareholders' meeting. This violated the requirement of immediate publication of new, material information via a press release. The fine imposed was equal to one annual fee. The complete determination is available in Swedish only.

1994:4 Dala Hebi AB


The managing director of the Exchange made a motion to the Disciplinary Committee that a company be delisted due to the involvement of a particular individual in the company. The Disciplinary Committee was of the opinion that such reason was insufficient for delisting the company. The complete determination is available in Swedish only.

1994:3 Errce AB (formerly Reinhold City)


The company failed to publish a prospectus and to register the same with the Swedish Financial Supervisory Authority. In addition, the prospectus did not fulfil the requirements imposed by the set of rules of the Industry and Commerce Stock Exchange Committee. The fine imposed was equal to two times the annual fee. The complete determination is available in Swedish only.


1994:2 Wihlborg & Son AB


Following a meeting of the board of directors, the company failed to immediately notify the Exchange and the market regarding a decision in respect of a new share issue and a decision in respect of depreciation of properties. Nor was the subsequent interim report immediately sent to the Exchange or to the market via a press release but was instead released in a share issue prospectus. The company was ordered to pay a fine equal to one annual fee.


1994:1 Hoist International AB


The company failed to notify the Exchange and the market in a timely manner regarding the content of a qualified auditors opinion. The Disciplinary Committee ordered the company to pay a fine equal to one annual fee. The complete determination is available in Swedish only.

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