This action by the Stock Exchange Board is in response to the circumstances that prompted Kredittilsynet (the Norwegian Banking, Insurance and Securities Commission) on 3 May 2000 to withdraw Atlantic Securities´ licence to trade for own account. The company´s other authorisations were not withdrawn. This, together with the fact that the offence was committed outside the regulated stockmarket, was crucial to the Stock Exchange Board´s decision not to terminate the company´s membership of the Exchange.
The Stock Exchange Board´s warning means that the Exchange will be monitoring steps taken by Atlantic to put in place a new management and new routines. The warning also entails that if further circumstances are brought to light indicating that the company lacks the ethical standards required of stock exchange members, the Exchange will immediately consider terminating the company´s membership of the Exchange.
The Stock Exchange Board takes a serious view of stock exchange members´ violations of fundamental legal provisions and good business practices, also where unlisted securities are concerned. It is highly important for the Exchange that the standards of ethical conduct expected by investors are upheld by members of the Exchange both in and outside the regulated market.
