Goldman Sachs International is a member of the Stockholm Stock Exchange. Exchange members must comply with the rules issued by the Swedish Industry and Commerce Stock Exchange Committee (NBK) concerning the disclosure of acquisitions and transfers of shares. According to these rules, any party who acquires or transfers shares in an exchange-listed company so that the holding passes an even five-percent limit (five, 15, 20 percent, etc.) up to 90 percent must disclose the change. This must be done no later than 9.00 a.m. on the trading day that immediately follows the acquisition or sale.
On September 5, 2005, Goldman Sachs sold shares in SinterCast AB, which is listed on Stockholm Stock Exchange’s O List, to such an extent that its combined holding of SinterCast shares was reduced to less than 10 percent. The sale was not disclosed until ten days later, on September 15, 2005.
The Disciplinary Committee found that Goldman Sachs had disregarded generally acceptable practices in the Swedish securities market and thus issued a warning to the company.
