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At its meeting on 26 September 2007, the Board of Oslo Børs resolved to admit shares in Pronova BioPharma to listing on Oslo Børs. At the same meeting, the Board resolved to admit shares in Grégoire, Ability Drilling, Seajacks International and Davie Yards to listing on Oslo Axess. The Board also resolved to impose a violation charge of NOK 300,000 on HSBC Bank. The Board also approved measures to rectify the situation whereby Oslo Børs has until now failed to satisfy the requirements of the Personal Data Act in certain respects.
Situation in respect of the Personal Data Act
Oslo Børs is required by the Stock Exchange Act to monitor trading in stock exchange listed financial instruments and carry out such investigations as may be required in this respect. Where there is reason to suspect a breach of the law, this must be reported to Kredittilsynet (the Financial Supervisory Authority of Norway). As part of the exchange's market surveillance activities, circumstances arise in which information that is deemed to be sensitive personal information may be processed and stored. Oslo Børs is required by the Stock Exchange Act to store such information for 10 years.
In connection with its work on the evaluation report prepared by the Ministry of Finance on the "chain of control " in the securities area (Oslo Børs, Kredittilsynet and Økokrim (the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime)), Oslo Børs has discovered that it does not fully adhere to the requirements of the Personal Data Act. Specifically, the exchange has failed to submit notifications to Datatilsynet (the Data Inspectorate) to the extent required by law. Moreover, the exchange has not obtained authorisation to process and store information on matters involving suspicion of a breach of the law. Oslo Børs very much regrets that it has failed to correctly recognize its duties in respect of the Data Protection Act.
The matters mentioned above came to light on Friday of last week. The management of Oslo Børs immediately took steps to bring the exchange's procedures into line with the requirements of the Personal Data Act. This included submitting notifications to the Data Inspectorate where required, imposing further restrictions on access to case files and disconnecting the sound recording system for market surveillance until further notice. The Board of Oslo Børs resolved at its meeting on 26th of September that the remaining deficiencies will be rectified as quickly as possible.
Oslo Børs has notified Kredittilsynet and Datatilsynet of the matters mentioned above.
Any questions arising in this respect may be addressed to: Bente A. Landsnes, President and CEO of Oslo Børs. Tel: +47 22 34 17 00 or +47 905 50495.
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