OMX Nordic Exchange Iceland (OMXI) information and market surveillance
OMXI surveillance is a vital aspect of investor protection and a main focus of the Exchange’s activities. Through its surveillance activities OMXSI ensures that securities issuers and OMXI members work in accordance with OMXI Rules. OMXI is also obliged, under the Stock Exchange Act, to inform the Financial Supervisory Authority if it suspects any violations of securities market legislation. OMXI regards surveillanceas one of the most important premises for the credibility of a securities market and considers surveillance to be an important market service. OMXI makes every effort to assist issuers and members if questions arise. OMXI News and Views have served to an increasing extent as a forum for expressing OMXI’s views on numerous issues to the market. Should serious violations of OMXI Rules arise, or recurring minor violations, the issuers or members concerned may be subjected to fines by OMXI.
OMXI’s surveillance is primarily of two types:
• supervision of issuers’ disclosure requirements, disclosure surveillance • supervision of trading on OMXI’s trading system, trading surveillance
OMXI is also obliged to monitor other aspects as specifically provided for by law, e.g. disclosure of major shareholdings (flagging), take-over rules and notifications of insider trading in listed securities.
Co-operation between OMXI and the Financial Supervisory Authority (FME)
OMXI and FME are responsible for surveillance on the Icelandic securities market. The Declaration between the parties (see below) is intended to serve as a guidelines on the efficient co-operation and division of responsibilities between the parties in relation to surveillance. The main objectives of the co-operation are to ensure efficiency in investigations and handling of supervisory affairs, to ensure clarity in responsibility and division of tasks between the Parties and to ensure consistency in the responses of FME and OMXI when cases arise.
