European Surveillance Disciplinary Processes

record matters that have been concluded and general information about the procedures applied.

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In Nasdaq Nordic, the Surveillance function is responsible for disciplinary procedures and enforcement is a natural part of the responsibilities of a regulatory function.

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Within Nasdaq Nordic, the Surveillance function is responsible for the disciplinary procedures applied. The procedures differ somewhat between the respective markets that we operate, mainly due to regulatory differences between the jurisdictions involved. The fundamental principles are common.

The disciplinary processes have been designed to achieve neutral and consistent rulings, based upon a thorough assessment process that involves different persons in different roles, whereas quality assurance and control is applied in different steps.

Ongoing investigations are typically not made public to any extent. When decisions are taken, the matter of transparency is always given due consideration. It is important for any sanctioning process to uphold a balance between the information that the market participants have a legitimate need for and the adverse effects that publicity can have for the parties involved in a matter.

Below are the processes for the respective markets we operate.

Stockholm

The Surveillance department of Nasdaq Stockholm is responsible for supervising issuers and members, with regards to compliance with exchange regulation. The relevant sets of rules that issuers and members are obliged to comply with are published on Nasdaq Stockholm's website.

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Copenhagen

The Surveillance department of Nasdaq Copenhagen is responsible for supervising issuers and member firms with regards to compliance with exchange regulation. The relevant sets of rules that issuers and member firms are obliged to comply with are published on Nasdaq Copenhagen’s website.

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Helsinki

The Surveillance department of Nasdaq Helsinki is responsible for supervising issuers and members, with regards to compliance with exchange regulation. The relevant sets of rules that issuers and members are obliged to comply with are published on Nadaq Helsinki’s website.

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Iceland

The Surveillance department of Nasdaq Iceland is responsible for supervising issuers and members, with regards to compliance with exchange regulation. The relevant sets of rules that issuers and members are obliged to comply with are published on the Nasdaq Nordic website.

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Why are disciplinary processes important for the markets we operate?

Transparency

It is important for any sanctioning process to uphold a balance between the information that the market participants have a legitimate need for and the adverse effects that publicity can have for the parties involved in a matter.

Consistent Rulings

Rulings are based upon a thorough assessment process that involves different persons in different roles, whereas quality assurance and control is applied in different steps.

Compliance

The Surveillance departments of Nasdaq's European markets are responsible for supervising issuers and members, with regards to compliance with exchange regulation.

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