Stockholm, September 6, 2013 – The Disciplinary Committee of NASDAQ OMX Stockholm AB (the “Exchange”) has found that New Wave Group AB (“New Wave Group”) has contravened the Exchange’s Rulebook for Issuers in respect of disclosures and has therefore ordered New Wave Group to pay a fine amounting to SEK 192,000.
The case concerns New Wave Group’s violation of Items 2.4.3, 3.2.1 and 3.1.5 of the Rulebook. Access was possible to New Wave Group’s interim report for the first quarter of 2013 via the company’s website from 3:44 p.m. on April 24, 2013 without the simultaneous publication of the report in the form of a press release in accordance with the Rulebook.
The media published information from the Interim report on April 24. It was not until the morning of April 25 that the New Wave Group published the report in the form of a press release.
According to the Disciplinary Committee, the procedure used in this case to obtain interim reports prior to publication in the form of a press release is well known. If market data is placed in a publishing tool on the company’s website under a file name that is easily deciphered, a clear risk exists that third parties can gain access to the information. Accordingly, the member of staff at New Wave Group who was responsible for publication on the website should have been informed of this risk and instructed to act in a different manner.
In view of the above, the Disciplinary Committee is of the opinion that the event that occurred cannot be deemed minor or excusable breach. Accordingly, disciplinary sanctions should be applied to New Wave Group.
A more detailed description of the case and the Disciplinary Committee’s decision is published on:
Participating in the Committee’s decision were former Supreme Court Justice Johan Munck, Professor Emerita Madeleine Leijonhufvud, Company Director Stefan Erneholm, former Authorized Public Accountant Bo Magnusson and Ragnar Boman (MBA).
About the Disciplinary Committee
The role of NASDAQ OMX Stockholm’s Disciplinary Committee is to examine cases where 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 and pursues the case and the Disciplinary Committee assesses the case and 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 include a warning, a fine or debarment. The fines imposed by the Committee 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 Emerita Madeleine Leijonhufvud, Company Director Stefan Erneholm and Company Director Anders Oscarsson. Deputies: Former Authorized Public Accountant Bo Magnusson, Lawyer Wilhelm Lüning, Company Director Jack Junel, Ragnar Boman (MBA) and Carl Johan Högbom (MBA).
Christina Malmberg Hägerstrand
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