Regulatory violations connected with insider dealing and unauthorized trading have resulted in a fine of SEK 100 million ($9.6m) for Nasdaq Stockholm. Swedish regulator Finansinspektionen has also issued a remark over events that occurred in 2021, 2022 and 2023.

Finansinspektionen’s investigations uncovered “deficiencies in how Nasdaq Stockholm has conducted its trading monitoring, which should prevent, identify and report insider dealing,” and “that Nasdaq Stockholm on two occasions initiated trading in financial instruments in violation of the regulatory framework.”

Nasdaq Stockholm is found to have failed to report suspected insider dealing to the authority as required by Article 16(1) of the EU Market Abuse Regulation (EU MAR) and section 7 of the Swedish Securities Market Act on four occasions in 2021 and 2022.

Regulated market

It also violated section 3 of the Securities Market Act by initiating trading in financial instruments on Nasdaq Stockholm’s regulated market before Finansinspektionen had approved and registered prospectuses for the instruments.

The deficiencies in monitoring trading mean Nasdaq Stockholm disregarded its obligations under the relevant EU and Swedish regulations.

The regulator’s statement said: “The violations have been of such a nature that there are grounds on which to intervene against Nasdaq Stockholm. However, the violations are not so serious that there are grounds on which to withdraw the stock exchange’s authorisation or issue the stock exchange a warning.”