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Comment on Nasdaq’s decision to fine SEB

The disciplinary committee at Nasdaq Stockholm has decided to imposed a fine on SEB corresponding to one annual listing fee. The decision is related to the process around SEB’s communication in January of former CEO Annika Falkengren’s decision to leave SEB.

Viveka Hirdman-Ryrberg, head of Group Marketing and Communcations comments:

"We are surprised by the disciplinary committee’s decision. The issue that the committee has considered, is whether we during a period of time when the stock exchange was closed, between Friday afternoon 13 January after closing at 17:30 and Monday morning 16 January when the stock exchanged opened again at 09:00, should have imposed our insider log related to Annika Falkengren’s decision earlier than what we did, i.e. Friday evening and not Sunday afternoon."

"It is a matter of fact, that how market participants should interpret and comply with the new EU market abuse regulation (MAR) has been very unclear since it came into force a year ago. The stock exchange has now introduced a new practice for the market."

"In SEB we always take great care to be transparent and clear in our communication, and of course to comply with our listing agreement. This means that we rather make one thing too many public than vice versa. Our ambition is to communicate in such way that all stakeholders should understand us and that we thus avoid rumours and speculation. All SEB’s different stakeholders should have access to the same information simultaneously."