The Disciplinary Committee of Nasdaq Stockholm AB has found that Oscar Properties AB (“Oscar Properties”) has breached Nasdaq Stockholm’s Rule Book for Issuers (the “Rule Book”) and has therefore ordered Oscar Properties to pay a fine of SEK 410,000, corresponding to two annual listing fees.
In conjunction with a capital markets day on November 22, 2016, Oscar Properties published presentation material containing inside information on its website. The presentation, which among other things included a forecast of the company’s operating profit for 2017, was published on the website prior to the company disclosing the same information to the entire market in a press release. The content of 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 CET, 25 minutes after the presentation was published on the website.
The Disciplinary Committee concluded that the presentation containing the forecast for 2017 was not disclosed in a correct and non-discriminatory manner in accordance with item 3.1 of the Rule Book. The Disciplinary Committee also concluded that Oscar Properties’ planning and execution of the information disclosure during the capital markets day demonstrated that the company, in the opinion of the Disciplinary Committee, lacked adequate procedures and systems for when information disclosure is to be coordinated with presentations during a capital markets day, and accordingly the company was also deemed to have breached item 2.4.3 of the Rule Book.
According to the Disciplinary Committee, the breaches could not be considered as minor or excusable, and the Disciplinary Committee thus determined that the sanction should be a fine corresponding to two annual listing fees.
A detailed description of the matter and the Disciplinary Committee’s decision are available at:
http://www.nasdaqomx.com/listing/europe/surveillance/stockholm/disciplinarycommittee/decisions/
Please see the attached document for a Swedish version of the decision. An English version of the decision will be published on the website within short.
For further information about this exchange notice please contact Issuer Surveillance, telephone +46 8 405 60 00, or iss@nasdaq.com.
