Stockholm Stock Exchange: Stockholm Stock Exchange's Disciplinary Committee fines Wedins.STOCKHOLM, Sweden -- Wedins Skor & Accessoarer AB has breached the company's listing agreement with the Stockholm Stock Exchange The Stockholm Stock Exchange (Swedish: Stockholmsbörsen) is a stock exchange located in Stockholm, Sweden. Founded in 1863 [1] it is the primary securities exchange of the Nordic Countries. (STO:0MX) by not providing information about an extraordinary general meeting in time and by not handling price-sensitive information in the correct manner. The Stockholm Stock Exchange's Disciplinary Committee has decided to fine Wedins SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 576,000. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Stockholm Stock Exchange's listing agreement, a listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → must immediately disclose when the Board of Directors makes a decision to convene CONVENE, civil law. This is a technical term, signifying to bring an action. an extraordinary general meeting. At a meeting of the Board of Directors of Wedins, held on September 27, 2005, the Board made such a decision but did not disclose the decision before September 29. The decision was a result of the fact that the Board failed to reach agreement about the company's future governance. The Disciplinary Committee found that Wedins had contravened the listing agreement by not immediately disclosing the information about the general shareholders' meeting shareholders' meeting n. a meeting, usually annual, of all shareholders of a corporation (although in large corporations only a small percentage attend) to elect the Board of Directors and hear reports on the company's business situation. . According to the regulations of the Exchange and Clearing Operations Act, a listed company may delay disclosure of price-sensitive information if there are reasons for doing so. If the company makes such a decision, the listing agreement stipulates that the company must immediately inform the Exchange and have procedures in place that ensure that only those persons who require the information have access to it. In addition, the company must have the preparedness pre·par·ed·ness n. The state of being prepared, especially military readiness for combat. Noun 1. preparedness - the state of having been made ready or prepared for use or action (especially military action); "putting them to disclose the information in the event that it nevertheless leaks out. On October 13, 2005, it was reported in the Board of Directors of Wedins that ForeningsSparbanken had decided to shorten the repayment period for what is known as a seasonal credit of SEK 40 million. Since the bank's decision was part of an ongoing, non-concluded discussion about Wedins' future financing, the company chose not to disclose the information about the seasonal credit. However, information about this decision was not sent to the Exchange. On October 18, 2005, the daily newspaper Svenska Dagbladet Svenska Dagbladet (common abbreviation SvD; the title translates as "the Swedish daily paper") is a daily newspaper in Sweden. The first issue appeared on 18 December 1884. published an article containing detailed information about the bank's decision concerning the seasonal credit. The article did not result in Wedins taking any action. The Disciplinary Committee has concluded that, in view of the situation in which Wedins found itself during autumn 2005, the information about the seasonal credit was of a price-sensitive nature but that the company was entitled to postpone disclosure of the bank's decision. However, the Committee found that the company had contravened the listing agreement by not immediately informing the Exchange about the postponement and by not immediately disclosing any information when the details about the bank's decision had leaked out. The Disciplinary Committee fined the company SEK 576,000, equivalent to three annual fees. Disciplinary Committee About the The role of Stockholm Stock Exchange's Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If the Exchange suspects that a member or company has acted in breach of the Exchange's rules and regulations, the matter is reported to the Disciplinary Committee. The Exchange investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for listed companies are a warning, a fine or delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. . The fines that may be imposed range from one to 15 annual fees. The sanctions possible for Exchange Members are a warning, a fine or debarment de·bar tr.v. de·barred, de·bar·ring, de·bars 1. To exclude or shut out; bar. 2. To forbid, hinder, or prevent. . The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. At least two of the other members of the Committee must have in-depth insight into the workings of the securities market. Members: Supreme Court Justice Johan Munck Johan Munck (born 7 February 1943) is a Swedish lawyer, currently serving as president of the Supreme Court of Sweden. Johan Munck was born in Malmö, Skåne County, the son of the lawyer and former mayor of Malmö Thomas Munck af Rosenschöld. (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Madeleine Leijonhufvud (professor), Stefan Erneholm (company director) and Hans Mertzig (company director). Deputy Members: Hans Edenhammar (MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration ), Claes Beyer (lawyer), Jack Junel (company director), Carl Johan Hogbom (MBA) and Ragnar Boman (MBA). About OMX OMX Office Max (stock symbol) OMX is a leading expert in the exchange industry. Through the Nordic Exchange in Copenhagen, Stockholm, Helsinki, Riga, Tallinn and Vilnius, OMX offers access to approximately 80 percent of the Nordic and Baltic securities market. Our integrated technology solutions span the entire transaction chain enabling efficient securities transactions for exchanges, clearing organizations, central securities depositories and other financial institutions around the world. OMX is listed on the Nordic Exchange in Stockholm, Helsinki and Copenhagen. For more information please visit www.omxgroup.com This information was brought to you by Waymaker http://www.waymaker.net |
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