Oslo Børs: Criticism of Nordea for breach of reporting requirement

Banking, Stock Markets — By on October 26, 2016 at 2:03 PM
oslo bors26/10/2016 – At its meeting on 26 October 2016, the Board of Directors of Oslo Børs resolved to issue an official criticism of Nordea Bank Finland Plc for a breach of the requirement to report trades in bonds in a timely manner. 

The Board of Directors of Oslo Børs passed the following resolution: “The Board of Directors of Oslo Børs issue an official criticism of Nordea Bank Finland Plc for a breach of the requirement in the Oslo Børs Member and Trading Rules 3010 ff. whereby all trades in bonds must be reported to Oslo Børs in a timely manner, cf. the Act relating to regulated markets (the Stock Exchange Act), Section 31, and the Stock Exchange Regulations, Section 33. Nordea Bank Finland Plc. is also publicly criticised for a breach of the requirement in the Nordic ABM Member and Trading Rules 3010 ff. whereby all trades in bonds must be reported in a timely manner to Nordic ABM, cf. the Nordic ABM Member and Trading Rules C101(iii).”

The case concerns a failure to report trades in bonds listed on Oslo Børs and Nordic ABM in a timely manner in the spring of 2016.

Previously, Oslo Børs has criticized Nordea Markets for similar conditions.

Nordea Markets itself became aware of shortcomings in its reporting of trades and contacted Oslo Børs of its own accord to bring the situation to its attention. In this context Oslo Børs found that seven trades in six different bond loans listed on Oslo Børs had not been reported. The other shortcomings concerned the reporting of 26 trades in bonds listed on Nordic ABM.

When deciding on the scale of the violation charge to impose, Oslo Børs attached significant importance to Nordea Markets’ correct handling of the case once it became aware of the situation, cf. the principles in Section 6.1 of the Member and Trading Rules and of the Nordic ABM Member and Trading Rules.

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