It is stipulated in the Listing Agreement that information that could affect a company's share price may not be disclosed in a manner other than through a public announcement. Such an announcement is made by means of the simultaneous distribution of the information to national daily newspapers, news agencies and the Exchange.
On the morning of October 29, 2003, Tripep published a press release containing information regarding certain research results. On the preceding day, however, the company had informed a journalist from Dagens Industri about the contents of the press release. Information about the new research results could be read in Dagens Industri on the morning of October 29, before the company's press release had reached the market. The Disciplinary Committee found that the company's handling of the matter was not compatible with the Exchange's rules. However, the Committee concluded that the disregard of the rules was alleviated by the press release being published in ample time before the opening of the Exchange on the same day that the interview was published in Dagens Industri. Accordingly, the Committee found that it was sufficient to issue a warning to Tripep.
Lundin Petroleum also disclosed information of the type that could affect the company's share price to a journalist from Dagens Industri without simultaneously making a public announcement of the information. The information, which pertained to both an imminent business transaction and to the company's oil reserves, could be read in Dagens Industri on January 22, 2004. The following day, the company issued a press release containing information about the oil reserves. The Disciplinary Committee found that the company's disclosure of the said information to Dagens Industri was a breach of the Exchange's rules regarding the disclosure of information. The Committee imposed a fine of one annual fee, or of SEK 48,000, which corresponds to the fee that the company paid to the Exchange in the preceding calendar year.
Disciplinary Committee
The role of Stockholmsbörsen's Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If Stockholmsbörsen suspects that a member or a listed company has acted in breach of Stockholmsbörsen's rules and regulations, the matter is reported to the Disciplinary Committee. Stockholmsbörsen investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for a listed company are a warning, a fine or delisting. The fines that may be imposed range from one to ten annual fees. The possible sanctions for members are a warning, a fine or termination of membership. The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. There must be at least two other members of the Committee who have in-depth insight into the workings of the securities market.
Members:
Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Madeleine Leijonhufvud (professor), Stefan Erneholm (company director) and Hans Mertzig (company director). Deputy Members: Hans Edenhammar (MBA), Claes Beyer (lawyer), Jack Junel (company director), Lars Östman (professor) and Ragnar Boman (MBA).
