Stockholm, December 29, 2017 — The Disciplinary Committee of Nasdaq Stockholm has found that Sandvik AB (“Sandvik” or “the Company”) has breached Nasdaq Stockholm’s Rule Book for Issuers (“the Rule Book”) and, accordingly, has imposed a fine on Sandvik amounting to one annual fee, corresponding to an amount of SEK 3,105,000.
The Disciplinary Committee has found that Sandvik has contravened Section 3.1 of the Rule Book by publishing its interim report for the second quarter of 2017 on the Company’s website before the report was disclosed in a correct manner as stipulated in the Rule Book.
At 10:33 a.m. on July 17, 2017, during trading hours, Sandvik mistakenly published its interim report on the Company’s website before it had been disclosed by way of a press release, which subsequently took place at 10:47 a.m. The news agency Bloomberg published information from the report in the form of news flashes starting at 10:40 a.m.
The Disciplinary Committee has concluded that Sandvik’s interim report was available during trading hours on the Company’s website for seven minutes from 10:33 a.m. to 10:40 a.m. on July 17, 2017 and that news flashes covering the content of the report had been published from 10:40 a.m. The interim report was published in accordance with the provisions of the Rule Book concerning disclosure by way of a press release at 10:47 a.m.
Inside information was thus available to an unknown number of individuals for a period of 14 minutes between 10:33 a.m. and 10:47 a.m. The Company has thus contravened Section 3.1 of the Rule Book.
Given Sandvik’s intention to publish its interim report during trading hours and the fact that a decision was taken earlier that day to change the time of publication of the report, it is the opinion of the Disciplinary Committee that the Company should have maintained an extra high level of caution in relation to the disclosure of the interim report. Accordingly, Sandvik has been ordered to pay a fine corresponding to one annual fee.
A detailed description of the matter and the Disciplinary Committee’s decision is available at:
http://www.nasdaqomx.com/listing/europe/surveillance/stockholm/disciplinarycommittee/decisions/
Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, Supreme Court Justice Ann-Christine Lindeblad, MBA Ragnar Boman, Company Director Carl-Johan Högbom and Lawyer Wilhelm Lüning.
About the Disciplinary Committee
The role of Nasdaq Stockholm’s Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If the Exchange suspects that a member or company has acted in breach of the rules, the matter is referred to the Disciplinary Committee. NASDAQ OMX Stockholm investigates the suspicions and pursues the matter and the Disciplinary Committee 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 are a warning, a fine or debarment. Fines paid 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 Marianne Lundius (Chairman), Supreme Court Justice Ann-Christine Lindeblad (Deputy Chairman), Company Director Erik Einerth, Company Director Stefan Erneholm, Company Director Anders Oscarsson, Lawyer Wilhelm Lüning, Company Director Jack Junel, MBA Ragnar Boman, MBA Carl Johan Högbom, Lawyer Patrik Marcelius, Authorized Public Accountant Magnus Svensson Henryson and Authorized Public Accountant Svante Forsberg.
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Media Relations Contact Erik Granström +46 8 405 78 07 erik.granstrom@nasdaq.com |
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