OMX Nordic Exchange Stockholm shall, according to the Securities Market Act (SFS 2007:528), possess a disciplinary committee charged with the task of handling breaches by issuers and member of the Exchange´s regulations. In the event of a failure to comply with law, other regulations, or the Exchange´s regulations in general, the Exchange may take the case to the Disciplinary Committee. Should such a violation be serious, the issuer´s traded securities could be delisted or the member´s license revoked. In other cases, a conditional fine can be imposed on the issuer or the member. Where the non-compliance is of a less serious nature or is excusable, a warning can be issued. Determinations by the Disciplinary Committe of the Exchanges from 1994 up until today are available below.

2008:12 HQ Bankaktiebolag

A broker at HQ Bankaktiebolag (HQB) placed in connection with the call auction that was held before the trading started on June 18, 2008 large buy orders in HM with prices that deviated substantially from the closing price on the last trading day. The prices also differed from the prices at which other market participants wanted to trade. It was the opinion of the Disciplinary Committee that it was inappropriate to place orders with the current volume to considerably higher prices. The Committee believes however – despite certain embarrassing circumstances for HQB and the broker – that it has not been sufficiently demonstrated that the particular orders were designed to improperly influence the price formation in the trading system or that they were devoid of commercial purpose. The Disciplinary Committee has decided to let the matter rest. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:11 Pilum AB

Pilum AB, whose shares are traded on the OMX Nordic Exchange Stockholm’s alternative marketplace, First North, violated the Exchange’s regulations by not handling price-sensitive information correctly. The Exchange’s Disciplinary Committee ruled that Pilum must pay a penalty of two annual fees, meaning SEK 100,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:10 Bankaktiebolaget Avanza

Bankaktiebolaget Avanza has violated the rules of the OMX Nordic Exchange Stockholm by not placing orders correctly into the trading system. The Disciplinary Committee has decided that the company shall pay a fine and that the broker shall be given a warning. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:9 OMX AB 

OMX AB, listed on OMX Nordic Exchange Stockholm up to May 2, 2008, has contravened the rules by failing to disclose information that is liable to affect the valuation of the company’s listed securities in the correct manner. The Exchange’s Disciplinary Committee has decided that the company will be given a warning. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:8 Sandvik AB

The exchange-listed company Sandvik contravened generally acceptable practices in the securities market by circumventing the Swedish Companies Act’s so-called Lex Leo rules. According to these rules, an exchange-listed company may not transfer the shares of a subsidiary to its president without the approval of a general meeting of shareholders. In the case in question, Sandvik transferred the shares in the subsidiary to a holding company owned by the president’s daughter. The Exchange’s Disciplinary Committee rules that Sandvik must pay a fine of one annual fee, corresponding to SEK 3 million. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:7 AB Ångpanneföreningen

AB Ångpanneföreningen has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to disclose its financial statement in a correct manner. Ångpanneföreningen published its financial statement for the full year 2007 on February 19, 2008 at 9:16 a.m. However, information from the report had been available from 9:05 a.m. on the company’s web page and available at the news agency SIX at 9:07 a.m. In contrast to recent incidents of similar character, the incident hasn’t resulted from faulty procedures by the company, but rather to accidental errors in handling. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.
 

2008:6 Getinge AB

Getinge AB has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to disclose its financial statement in a correct manner. The Exchange’s Disciplinary Committee has decided that the company will be given a warning. Getinge published its financial statement on January 28, 2008 at 12:17 p.m. for the full year 2007. However, information from the report had been available at 12:08 p.m. on the company’s web page and available at the news agency Ticker at 12:13 p.m. In contrast to recent incidents of similar character, the incident hasn’t resulted from faulty procedures by the company, but rather to accidental errors in handling. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.
 

2008:5 Digital Vision AB

Digital Vision AB has contravened the rules of the OMX Nordic Exchange Stockholm by not complying with the applicable accounting principles (IFRS) and by not immediately disclosing a qualified audit report. The Exchange’s Disciplinary Committee has resolved that Digital Vision shall pay a fine of three annual fees, corresponding to SEK 576,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:4 Telefonaktiebolaget L M Ericsson

Telefonaktiebolaget L M Ericsson specified earlier disclosed information at an analyst meeting on November 20, 2007 about expected sales without disclosing the specification according to prescribed protocols. The Disciplinary Committee found that this was inappropriate but it would have been excessive to classify this as a contravention of the listing agreement. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee. 

2008:3 CISL Gruppen AB

The shares of CISL Gruppen AB are traded on First North, the alternative market operated by OMX Nordic Exchange Stockholm.The Committee has established that CISL, continuously during 2006 and 2007, submitted excessively positive information about the company, while negative information was withheld from the market. CISL also neglected to submit information on holdings of 150 million of subscription rights in an associate company and published information concerning the Board’s decision pertaining to two share issues far too late. Moreover, the CISL Gruppen shares have been placed on the First North’s observation list for eight months – such a position shall normally not exceed six months – and it is not possible to predict when the company could be returned to its ordinary position in the share list. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:2 Midelfart Sonesson AB

The listed company Midelfart Sonesson AB (“Midelfart”) has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to handle price-sensitive information in the correct manner. In an arbitration ruling announced on July 20, 2007, a subsidiary of Midelfart was ordered to pay SEK 17 million. Midelfart, which was notified of the arbitration ruling on July 21, 2007, did not submit any public information regarding the transaction until August 23, 2007, when the company presented its interim report. The Exchange’s Disciplinary Committee has ruled that Midelfart must pay a fine corresponding to two annual fees, totaling SEK 384,000. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.

2008:1 SSAB Svenskt Stål AB

The listed company SSAB Svenskt Stål AB (“SSAB”) has contravened the rules that apply at OMX Nordic Exchange Stockholm by failing to handle price-sensitive information in the correct manner. The Disciplinary Committee has concluded that it was evident that SSAB’s report on the third quarter of 2007 had been made accessible externally slightly more than one hour before it was published in the manner stipulated in the listing agreement. The Exchange’s Disciplinary Committee has ruled that SSAB must pay a fine of one annual fee, which corresponds to SEK 2,201,285. For more information, see the attached files with the press release and decision from the OMX Nordic Exchange Stockholm's Disciplinary Committee.