NASDAQ OMX Stockholm Disciplinary Committee fines Metro
Metro has undertaken to comply with the Exchange’s rules and regulations for issuers applying at any given time, both on the date on which the company’s shares are admitted for trading and on a continuous basis after the listing has been approved. According to the Exchange’s rules and regulations, a listed company must implement and uphold the requisite procedures and systems for disclosing information, including systems for financial reporting. The information disclosed must be accurate, relevant and clear and may not be misleading. Information that is price sensitive must be disclosed as soon as possible.
The Disciplinary Committee has considered whether Metro has breached the Exchange’s regulations governing public information and the disclosure of information to the stock exchange (rules 3.1.1 and 3.1.3). Further, the Disciplinary Committee has considered whether Metro has breached the Exchange’s regulations governing prognoses and forward looking statements (rule 3.3.1). The two breaches relates to a webcasted statement by the CEO in connection to the year-end report 4 February, 2010 respectively an interview with the CEO 18 June, 2010.
Ruling
The Disciplinary Committee has ruled that Metro breached the Exchange’s regulations governing public information and the disclosure of information to the stock market (rules 3.1.1, 3.1.3 and 3.3.1). Accordingly, the Disciplinary Committee has ruled that Metro must pay a fine of 384 000 Swedish kronor, corresponding to two annual fees.
The full ruling of the Disciplinary Committee can be downloaded at:
About the Disciplinary Committee
The role of NASDAQ OMX Stockholm’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 NASDAQ OMX Stockholm suspects that a member or a listed company has acted in breach of NASDAQ OMX Stockholm’s rules and regulations, the matter is reported to the Disciplinary Committee. NASDAQ OMX Stockholm investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for listed companies are a warning, a fine or delisting. The fines that may be imposed range from one to 15 annual fees. The sanctions possible for Exchange Members are a warning, a fine or debarment. Fines paid are not included in the Exchange’s business but are attributed to a foundation supporting research in the securities market. The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. At least two of the other members of the Committee must have in-depth insight into the workings of the securities market.
Members: Former Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Professor emirita Madeleine Leijonhufvud, Company Director Stefan Erneholm and Company Director Hans Mertzig. Deputies: Former Authorized Public Accountant Bo Magnusson, Lawyer Wilhelm Lüning, Company Director Jack Junel, Ragnar Boman (MBA) and Carl Johan Högbom (MBA).
Media Contact:
Teresa Wincrantz
+46 8 405 63 26
Teresa.wincrantz@nasdaqomx.com
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