Nasdaq Stockholm receives a remark and an administrative fine

Nasdaq Stockholm Aktiebolag (Nasdaq Stockholm or the stock exchange) is a stock exchange, i.e., a firm that holds authorisation to operate a regulated market in accordance with the Securities Market Act (2007:528).

Finansinspektionen has investigated whether Nasdaq Stockholm, in conjunction with four major company events in 2021 and 2022, met its obligations to maintain effective arrangements, systems and procedures in its trade monitoring and to report suspected insider dealing to the authority pursuant to Article 16(1) of the EU Market Abuse Regulation (MAR) and Chapter 13, section 7 of the Securities Market Act. 

Finansinspektionen also investigated whether Nasdaq Stockholm, on two occasions in 2022 and 2023, initiated trading in financial instruments on Nasdaq Stockholm's regulated market in violation of Chapter 13, section 3 of the Securities Market Act since Finansinspektionen had not approved and registered prospectuses for the instruments.

The investigations show that, in conjunction with the four company events, there have been deficiencies in how Nasdaq Stockholm has conducted its trading monitoring, which should prevent, identify and report insider dealing. The investigations also show that Nasdaq Stockholm on two occasions initiated trading in financial instruments in violation of the regulatory framework. Nasdaq Stockholm has hereby disregarded its obligations pursuant to Article 16(1) of MAR and Chapter 13, section 3 of the Securities Market Act.

Finansinspektionen makes the assessment that the violations have been of such a nature that there are grounds on which to intervene against Nasdaq Stockholm. However, the violations are not so serious that there are grounds on which to withdraw the stock exchange's authorisation or issue the stock exchange a warning. Finansinspektionen is therefore issuing Nasdaq Stockholm a remark and an administrative fine of SEK 100 million.