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Enforcement is a natural part of the responsibilities of a regulatory function. Within Nasdaq Nordic, the Surveillance function is responsible for the disciplinary procedures applied. The procedures differ somewhat between the respective markets that we operate, mainly due to regulatory differences between the jurisdictions involved. The fundamental principles are common.

The disciplinary processes have been designed to achieve neutral and consistent rulings, based upon a thorough assessment process that involves different persons in different roles, whereas quality assurance and control is applied in different steps.

Ongoing investigations are typically not made public to any extent. When decisions are taken, the matter of transparency is always given due consideration. It is important for any sanctioning process to uphold a balance between the information that the market participants have a legitimate need for and the adverse effects that publicity can have for the parties involved in a matter.

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