The new Swedish legislation regarding market abuse, Directive 2003/6/EC, will come into effect July 1, 2005, with an increased scope of prohibited activities, according to SEB.
The new rules applies to any financial instrument admitted to trading on a regulated market and to all transactions concerning those instruments, whether those transactions are undertaken on regulated markets or elsewhere.
The new act also contains provisions that stipulate that those arranging financial transactions, i.e. investment firms, credit institutions and regulated markets, must notify Finansinspektionen of any suspicious transactions which might constitute market abuse.
The new legislation also contains a requirement to draw up insider lists. An issuer must ensure that it draw up a list of those persons working for them, under a contract of employment or otherwise, who have access to inside information relating to the issuer. If so required, an issuer must provide the list to Finansinspektionen. The list must be updated on a regular basis.