Formal Criticism By The President Of The Oslo Stock Exchange

The Oslo Stock Exchange has formally criticised Alfred Berg Norge. In a letter dated 19 November the Oslo Stock Exchange criticises Alfred Berg Norge in respect of an assignment undertaken by the firm in connection with the acquisition of Digital Broadcasting Business by Tandberg Television, in the course of which two analysts from the firm's investment research department were temporarily transferred to the corporate finance department to assist with the assignment. The analysts in question were allowed to start work on a report on Tandberg Television before being transferred back to the investment research department, and their report was published before the Prospectus for the acquisition and share issue was made public. Moreover the report made no mention of the role of the analysts or of the investment firm itself in respect of the transaction. In the opinion of the Oslo Stock Exchange this behaviour served to create uncertainty as to whether these analysts or their customers gained an advantage which they would not otherwise have enjoyed. The Oslo Stock Exchange has advised the Banking, Insurance and Securities Commission of this matter.