Nasdaq Stockholm orders Oscar Properties to pay two annual fees in fineStaff Writer |
Sweden The requisite procedures and systems
The Disciplinary Committee of Nasdaq Stockholm has found that Oscar Properties has breached Nasdaq Stockholm’s regulations and, accordingly, has imposed a fine on Oscar Properties amounting to two annual fees, corresponding to an amount of SEK 410,000.
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. ■
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