Rautaruukki fined by NASDAQ OMX Helsinki
01 September 2014 Helsinki
Image: Shutterstock
A warning and a €100,000 fine has been issued to Rautaruukki Corporation for breaching the Rules of the Stock Exchange by NASDAQ OMX Helsinki.
The fine comes after Rautaruukki did not provide market surveillance of the exchange or the necessary required by the rules during August and September 2013. Rautaruukki also breached the obligation to maintain adequate administrative procedures required by the rules.
The price and the trading volumes of the company’s share rose several times during the two months and the market surveillance of the exchange contacted the company multiple times to request explanations of the unusual price movements.
According to the exchange rule 8.1.1 (as of 1 July 2013, 9.1.1), the exchange is required to provide sufficient and reliable surveillance in the market to avoid and detect any malpractice activities and to promote public trust.
By rule 8.1.2 (9.1.2), the responsibility of the listed company is to cooperate and provide any information required by the market surveillance of the exchange.
By not cooperating, the disciplinary committee states that Rautaruukki has breached the rules 8.1.2 (9.1.2) and 2.2.4.3 regarding its obligation to provide information to the exchange for surveillance purposes as well as the related obligation to maintain adequate administrative procedures.
The fine comes after Rautaruukki did not provide market surveillance of the exchange or the necessary required by the rules during August and September 2013. Rautaruukki also breached the obligation to maintain adequate administrative procedures required by the rules.
The price and the trading volumes of the company’s share rose several times during the two months and the market surveillance of the exchange contacted the company multiple times to request explanations of the unusual price movements.
According to the exchange rule 8.1.1 (as of 1 July 2013, 9.1.1), the exchange is required to provide sufficient and reliable surveillance in the market to avoid and detect any malpractice activities and to promote public trust.
By rule 8.1.2 (9.1.2), the responsibility of the listed company is to cooperate and provide any information required by the market surveillance of the exchange.
By not cooperating, the disciplinary committee states that Rautaruukki has breached the rules 8.1.2 (9.1.2) and 2.2.4.3 regarding its obligation to provide information to the exchange for surveillance purposes as well as the related obligation to maintain adequate administrative procedures.
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