In order for an investigation to be sufficiently documented, any correspondence will be conducted in writing. That does not prevent that meetings can be held with representatives of the issuer or the member.
The first step is that the Surveillance department based on its investigation issues a request for statement, which is sent to the company or member for comments. In the document Nasdaq Helsinki outlines the course of events, as relevant for the matter and according to the understanding of the exchange, refers to the relevant rules and states why the Surveillance department suspects that the party may have breached the rules.
The request for statement will have a dead line for the response, but if such dead line is perceived as unreasonable for some reason the party could contact Nasdaq Helsinki to request postponement.
When the Surveillance department of Nasdaq Helsinki has received the response to the request for statement, it will evaluate and decide whether the matter should be closed, additional information requested or brought forward. The Head of Surveillance is empowered to make such decisions.
If the matter is not brought forward and additional information is not requested, the Surveillance department will finalize it by closing it without remarks or by issuing a non-public reprimand.
If it is decided that the matter shall be brought forward, it will be handed over to the Nasdaq Helsinki Disciplinary Committee. The issuer or member will in such event be informed as soon as possible by telephone and in writing of the decision and the procedural steps to follow. The exchange will also provide any documentation the issuer or member has not already received including a written invitation to and instructions for the Disciplinary Committee meeting.
The issuer or the member may submit further views on the matter prior the Disciplinary Committee meeting. As the company is invited to be present in the meeting there is also an opportunity for the company to orally submit its views to the Disciplinary Committee. The absence of the company does not prevent handling of the issue. When the parties have presented their views, the Committee members may ask questions from both parties.
The Disciplinary Committee can decide upon such sanctions that are set forth in the rules applicable for issuers and members. Such sanctions are warnings, non-public and public reprimands, monetary fines, de-listing, termination of membership and to revoke trader authorization.
When the Disciplinary Committee has reached a decision, it will be sent to Nasdaq Helsinki in written form. The secretary of the Disciplinary Committee will without undue delay forward it to the issuer or member and will also inform the party of the timing of announcement. This normally means that the issuer or member will be informed of the decision a couple of days before its publication. Decisions taken by the Disciplinary Committee will be made public when the decision is to issue a sanction.
Announcements or decisions taken by the Disciplinary Committee are handled by the exchange and takes place by dissemination of a press release in combination with publishing the decision on Nasdaq Helsinki's website.
The identity of the issuer of member will be included therein. The resolution of the statement and the main argumentations will be published. Unless special reasons exist the identity of individuals (for example exchange traders) subject to a disciplinary matter will not be included.