Finansinspektionen investigates suspected insider offences and improper attempts to influence stock market prices. We maintain a public register of senior executives in listed companies, and we publish changes in their shareholdings on a daily basis on our website.
Market Abuse Penal Act (2005:377)
On 1 July 2005, Sweden's Insider Penal Act (Insiderstrafflagen) was replaced by the Market Abuse Penal Act (Marknadsmissbrukslagen) regulating trading with financial instruments. Finansinspektionen is charged with monitoring compliance with this law.
When Finansinspektionen has reason to believe that a breach of the Market Abuse Penal Act has taken place, the matter is immediately transferred to the Swedish National Economic Crimes Bureau.
Prohibition on trading
The prohibition on dealings in financial instruments on the securities market on the basis of information which is not public knowledge applies to all persons – not merely senior executives. Contravention constitutes an insider offence. Financial instruments are equated with subscription rights, options, convertible debt instruments, debt instruments linked with warrants for new shares, participating debt instruments, stock options and stock futures.
Unauthorised disclosure of insider information
Disclosure of information that is liable to materially influence the price of financial instruments is prohibited.
Improper influence on share prices
Taking measures designed to manipulate market prices ("improper influence on share prices") is prohibited.
The Act concerning Reporting Obligations for Certain Holdings of Financial Instruments (2000:1087)
Stock market companies (Swedish limited companies which issue shares and are listed on an exchange or authorised marketplace) are obligated to report to Finansinspektionen the identity of persons in the company and its subsidiaries who hold insider positions.
Insiders must report their holdings of shares and changes in their holdings. The holdings of certain related parties – both physical persons and legal entities – are also covered by the reporting obligations.
Delay in reporting incurs a charge corresponding to 10% of the amount concerned, but not less than SEK 15,000 and not more than SEK 350,000 (per transaction).
General ban on trading
There is a general ban on trading in the 30 days prior to the publishing of interim reports, the day of publication included.
