Additionally, the exchange initiated trading in financial instruments twice in 2022 and 2023 without obtaining the necessary approval and registration of prospectuses from Finansinspektionen. These actions breached Article 16 (1) of the EU Market Abuse Regulation and chapter 13, sections three and seven of the Securities Market Act.
Nasdaq Stockholm Fined $9.6M : Nasdaq Stockholm’s Response
Adam Kostyal, president of Nasdaq Stockholm, expressed the exchange’s commitment to upholding market integrity and acknowledged the seriousness of the regulator’s decision.
“One of our most important responsibilities is to ensure confidence in and uphold the integrity of our markets, and we continuously evolve our systems and processes to maintain that standard,” Kostyal said. “While we maintain our position that we had sufficient capabilities to detect insider dealings, we will now need to consider the decision in detail and assess the SFSA’s interpretation of our obligations and its implications.”
Looking Ahead
The fine imposed on Nasdaq Stockholm underscores the critical importance of robust trade monitoring systems and adherence to regulatory requirements. As Nasdaq Stockholm reviews the decision, the exchange’s future actions will be closely watched by both the industry and regulators.
