Oslo Stock Exchange: New Insider Trading Rules Effective As From 1 July

Oslo Børs draws attention to the new rules on insider trading which went into effect on 1 July 2001. The new rules substantially tighten the prohibition of insider trading. Inside information need no longer be likely to have a significant effect on prices for the prohibition to apply. Moreover, such information has been redefined from information of "a precise and confidential" nature to information "which is not publicly available or generally known in the market".

In June the Storting passed amendments to the rules of the Securities Trading Act dealing with insider trading - Chapter 2. The new rules impose more stringent requirements on market players' handling of price-sensitive information.

The principal changes are:

• Inside information, which was previously deemed to be information which would be likely to have a significant effect on prices, is now deemed to be information which would be likely to affect prices.
• Primary insiders, employees, advisers etc., who possess inside information are now subject to a specific duty of care to prevent such information passing to unauthorised parties (leakage rule).
• The prohibition of trading for a specified period prior to the release of annual and interim accounts is revoked.

Queries regarding the new insider trading rules can be directed to Oslo Børs, Legal Department or Surveillance Department.