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.
The case concerns Nederman’s violation of items 2.4.3, 3.2.1 and 3.1.5 of the Rule Book.
Nederman was due to publish its interim report at 12.00 p.m. on October 20, 2015. However, a news agency published information from the report shortly before 11:00 a.m. on the same day. This news agency had managed to access the interim report from Nederman’s website. After Nederman became aware of the leak, the report was published in a press release at 11.30 a.m. on the same day, after which the Exchange was contacted.
An investigation concluded that, as part of its preparations, Nederman had uploaded the report in such a manner that the report was hidden on the external website, but was available if the correct URL address was entered. Accordingly, a third party with knowledge of the structure and system applied by the company could easily access the report.
The Disciplinary Committee finds that the company, albeit unintentionally, violated items 2.4.3, 3.2.1 and 3.1.5. of the Rule Book, the stipulations of which include that information of this nature is to be made public in a prompt and non-discriminatory manner.
The Disciplinary Committee notes that the Exchange has, on repeated occasions prior to the event in question, provided warnings about this exact type of publication process applied by Nederman, citing the risk that third parties could access the information. In addition, the Disciplinary Committee maintains that Nederman should have informed the Exchange immediately after the leak was discovered.
The Disciplinary Committee believes that Nederman’s violation cannot be considered to be of a less serious nature or excusable and therefore orders Nederman to pay a fine of one annual fee to the Exchange.
A detailed description of the matter, and the Disciplinary Committee’s decision, have been published on:
http://www.nasdaqomx.com/listing/europe/surveillance/stockholm/disciplinarycommittee/decisions/
Participating in the Committee’s decision were former Supreme Court Justice Johan Munck, Supreme Court Justice Marianne Lundius, Company Director Stefan Erneholm, Lawyer Wilhelm Lüning and Supreme Court Justice Ann-Christine Lindeblad.