2005:1 Intentia AB
In conjunction with the presentation of the company's six-month report, The company's President and Chief Executive Officer divulged to a journalist exact details of company's consulting and operating margins for the forthcoming fourth quarter. This information was not disclosed in the manner stated in the listing agreement. In addition, in conjunction with a telephone conference concerning the company's nine-month report, the President and Chief Executive Officer divulged information with an effect on the price of the company's shares that was of a forecast nature regarding company's earnings for 2005. Nor was this information disclosed correctly. The Disciplinary Committee has concluded that company breached the listing agreement on these occasions and ruled that the company be fined the equivalent of one annual fee. The complete determination is available in Swedish only.
2005:1 Intentia AB (SE)
2005:2 Karolin Machine Tool AB
Based on an investigation conducted by the panel for monitoring financial reporting (the Review Panel), Stockholm Stock Exchange's disciplinary committee has concluded that information about benefits for senior executives in the company's annual report for 2003 was not disclosed in accordance with NBK's regulations. In addition, the company disregarded the Annual Accounts Act's rules concerning goodwill amortization and three of the recommendations issued by the Financial Accounting Standards Council. Accordingly, the Disciplinary Committee concluded that the company had also breached the listing agreement. The deficiencies concerning the NBK regulations were also a repeat of failures committed when the company prepared its annual report for 2002. The Disciplinary Committee ruled that the company pay a fine corresponding to two annual fees. The complete determination is available in Swedish only.2005:2 Karolin Machine Tool AB (SE)
2005:3 J.P. Morgan Securities Ltd
The member firm acquired more than 5% of the shares in Song Network. Song was the target of two competing public offers at this time, which made the change in shareholdings in the company of considerable interest to the market. However, the member firm did not disclose the acquisition in time or in the correct manner, and also failed to inform the Exchange. In addition the member later sold so many shares that its shareholding fell below 5 percent. Nor was this change disclosed, or the Exchange informed. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee decided to warn the member firm.
2005:3 J.P. Morgan Securities Ltd (EN)
2005:3 J.P. Morgan Securities Ltd (SE)
2005:4 Lehman Brothers International (Europe)
The member firm acquired more than 5% of the shares in Song Network. Song was the target of two competing public offers at this time, which made the change in shareholdings in the company of considerable interest to the market. However, the member firm did not disclose the acquisition and also failed to inform the Exchange. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee decided to warn the member firm.
2005:4 Lehman Brothers International (Europe) (SE)
2005:5 Citigroup Global Markets Limited
The member firm acquired more than 5 percent of the shares in Lindex AB. However, the member firm did not disclose the acquisition until several days later, and also failed to inform the Exchange. The Disciplinary Committee found that the member firm had disregarded generally acceptable practices in the Swedish securities market and therefore decided to warn the company.
2005:5 Citigroup Global Markets Limited (EN)
2005:5 Citigroup Global Markets Limited (SE)
A stockbroker and two clients reached an agreement to sell shares and then to immediately repurchase the same shares at a predetermined price. Since such a practice has no commercial meaning, it contravenes the Exchange's trading rules. Moreover, the two transactions were not reported to the Exchange within the period of time applying to transactions agreed outside the Exchange. Accordingly, the Stockholm Stock Exchange's Disciplinary Committee has decided to warn the stockbroker. The complete determination is available in Swedish only.
2005:6 Stockbroker (EN)
2005:6 Börsmäklare (SE)
2005:7 Fastighets AB Balder/Enlight International AB
According to the regulations contained in the listing agreement between the Exchange and the listed companies, an adjustment of a previously published forecast must be disclosed through a press release sent to a number of newspapers and news agencies. The information about the adjustment must contain details about what the change consists of. In a year-end report published on January 31, 2005, Balder/Enlight disclosed that the company expected to report a profit and a positive cash flow for full-year 2005. In the printed annual report, which was available on the company's website in mid-April, it was stated that the company's ambition was to report a profit and a positive cash flow towards the end of 2005. The information presented in the annual report, which thus constituted a forecast adjustment, was not disclosed in the prescribed manner in the annual report but was instead first disclosed on April 22, 2005 in connection with publication of the interim report for the first quarter of 2005. However, in the first-quarter report, no information was provided about how the forecast had been changed in relation to the year-end report. The Disciplinary Committee found that the company had breached the regulations specified above and fined the company one annual fee, corresponding to SEK 192,000. The complete determination is available in Swedish only.
2005:7 Fastighets AB Balder/Enlight International AB (SE)
2005:8 Fischer Partners Fondkommission AB
According to the regulations applying to Exchange Members, an order placed by a broker in the Exchange's trading system must reflect the current market value of the particular shares. When establishing the market value, such factors as changes in the share's price during the day in question and preceding days, the share's volatility, general changes in the pricing of equivalent instruments and other significant conditions that could arise must be taken into account. The member company has the same responsibility for orders placed by the member's customers via an Internet connection (automatic order brokering) as for orders brokered via a stockbroker. On a number of occasions during February, March, April and June, customers of Fischer placed automatically brokered orders in several companies in a manner that, in varying degrees, resulted in a breach of a reasonable interpretation of the said rules concerning the placing of orders. According to the Disciplinary Committee, these rules are of considerable importance to the confidence placed in the Exchange's operations, whereby obvious deviations from the rules must be judged seriously. Despite explicit reminders from the Exchange regarding the breaches, Fischer's efforts to comply with the rules and regulations have not led to satisfactory results. The Disciplinary Committee found that Fischer, as the company responsible for the order placement, had breached the regulations specified above and should therefore pay a fine of SEK 300,000.
2005:8 Fischer Partners Fondkommission AB (EN)
2005:8 Fischer Partners Fondkommission AB (SE)
2005:9 Note AB
It is stipulated in the listing agreement that any information that could significantly affect the valuation of a company's shares must be disclosed. Such disclosure is effected by presenting the information to a number of newspapers and news agencies. In its report on the first six months of 2005, NOTE stated that the company's long-term profit-margin objective was 6%, without specifying when the objective was to be achieved. At an analysts meeting on September 7, 2005, the then president of the company stated, in response to a question, that it would be considered a failure if the margin objective was not achieved within six months. As a result of this information, the company's share price rose sharply during a period of substantial share turnover, which means that the information was of significance to the share's performance. The Disciplinary Committee found that NOTE had breached the regulations by not disclosing the statement of September 7 in the stipulated manner and fined the company two annual fees, corresponding to a total of SEK 384,000. The complete determination is available in Swedish only.
2005:9 Note AB (SE)