Nasdaq Stockholm orders Oscar Properties AB to pay fine corresponding to two annual fees
Stockholm, May 8, 2017 — The Disciplinary Committee of Nasdaq Stockholm has found that Oscar Properties AB (“Oscar Properties”) has breached Nasdaq Stockholm’s regulations (“the Rule Book”) and, accordingly, has imposed a fine on Oscar Properties amounting to two annual fees, corresponding to an amount of SEK 410,000.
In conjunction with a capital markets day on November 22, 2016, Oscar Properties published presentation material containing insider information on its website. The presentation, which included a forecast of the company’s operating profit for 2017, among other information, was published on the company’s website prior to the company disclosing the same information to the entire market in a press release. The information in the presentation was reported by a news agency in three different telegrams during the time until Oscar Properties’ press release was published at 12:10 p.m., 25 minutes after the presentation was published on its website.
The Disciplinary Committee has determined that the presentation containing the forecast for 2017 was not disclosed in a correct and non-discriminatory manner, as set out under Section 3.1 of the Rule Book. The Disciplinary Committee also concluded that Oscar Properties’ planning and implementation of the information disclosure during the capital markets day demonstrated that the company, in the opinion of the Disciplinary Committee, lacked the requisite procedures and systems when information disclosure is to be coordinated with presentations during a capital markets day, and accordingly the company has also breached Section 2.4.3 of the Rule Book. According to the Disciplinary Committee, the breaches by Oscar Properties cannot be considered minor or excusable. The Disciplinary Committee has thus decided that the sanction should be a fine corresponding to two annual fees.
A detailed description of the matter and the Disciplinary Committee’s decision is available at:
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Supreme Court Justice Anne-Christine Lindeblad, Company Director Stefan Erneholm, Lawyer Wilhelm Lüning and Authorized Public Accountant Magnus Svensson Henryson.
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