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Regulated Markets (Stock Exchange Act)

Original Language Title: Lov om regulerte markeder (børsloven)

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Law of the regulated markets (stock law)

Date LAW-2007-06-29-74
Ministry of Treasury
Last modified LAW-2015 -06-19-65 from 01.10.2015
Published In 2007 booklet 6
Istrontrecation 01.11.2007
Changing LAW-2000-11-17-80
Announcement 29.06.2007
Card title Stock Act
Capital overview :

Jf. former law 17. November 2000 # 80 about stock market m. (stock law). Jf. The EES agreement Appendix IX Part III Stock and securities.

Chapter 1. Initial provisions

SECTION 1. Law's purpose

Law's purpose is to add right for effective, well-ordered and peer-level confidence markets for financial instruments.

SECTION 2. Lovens Scope
(1) The law applies to business as the regulatory market in Norway. The Lovens chapter 6 applies solely to the regulated markets that are marketplaces.
(2) The law also applies to business as Norwegian regulated market operates abroad through branch or by border-overing business, unless otherwise determined by the ministry.
(3) The King provides regulation on the law of law on the Svalbard and the Continental Barenal, and can determine the shonest rules under consideration of the site's conditions.
SECTION 3. Definitions mv.
(1) With regulatory market enterprises with permission after Section 4 that decides recording to the trade of financial instruments on the market, and which organizes or operates a multilateral system that adds to regular turnover of notes instruments in accordance with law, regulation and objective trade rules determined by the market itself.
(2) With the market's means regulated market with special permission after Section 33.
(3) The Ministry of Justice can in regulation determine rules about what is meant by regulated market, as well as the organization and operation of the regulated market.

Chapter 2. Requirement of permission mv.

SECTION 4. Permission to run business as regulated market
(1) The business of the regulatory market can only be driven by enterprises that have permission for this from the ministry.
(2) Presak that does not have permission as regulated market by this law cannot utilize the designation regulated market in or as the addition of its name, or by mention of its business, if the use is suitable to give the impression that the enterprise has permission following this law.
SECTION 5. The context of the context. Sikad about permission
(1) The Ministry can grant permission as regulated market to enterprises that meet the requirements of the law here. Permission can only be given if owners of significant ownership shares are suitable. The rules of equity assessment at the erstice of ownership share in Section 17 and 35 apply accordingly. The application of permission that regulated market should contain enterprise plan, information on the organization of the enterprise that shows that the legislating requirements are met, and information necessary to conduct ownership control after Section 17 or 35. Draft to rules and business terms according to Section 22 third clause shall be passed the application. The Ministry can request further information.
(2) Attached permission shall be co-shared seeking as soon as possible and later six months after the application was received. If the application does not contain any information necessary to determine whether permission should be granted, the deadline from the time such information was received.
0 Modified by law 20 June 2014 # 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).
SECTION 6. Waste, change and callbacks of permission
(1) Permission after Section 5 abduccies if regulated market comes during bankruptcy treatment or foreclosure.
(2) The Ministry may completely or partially change, herunder set new terms, or recall permission for regulatory market if :
a) The enterprise does not make use of the permit within twelve months, expressly waived the permit or has intercepted to run business as regulated market for more than six months,
b) The enterprise has been granted the permit by using incorrect information or other irregularities,
c) The enterprise no longer meets the terms required for the permit, herunder the requirements of responsible capital and liquidity,
d) The enterprise seriously or systematically overtakes provisions given in or in co-hold of law,
e) migrant relationships with the enterprise give reason to fear that a continuation of the business can harm public interests, or
f) The enterprise not descendant cuts given in co-hold of Section 47 or law 7. December 1956 # 1 about the Department of Financial institutions mv. (financial vision law) Section 4 first clause 7.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 7. Concatenation and sharing of regulated market mv.

Attaking about the merging and sharing of the regulated market shall co-share the ministry at least three months before the ordinance is carried out. Corresponding applies to the event of an essential part of the regulatory market's conserving liquidate business. The Ministry decides in doubt whether an avevent includes an essential part of the context of the consession liquidating business. The Ministry of Justice can within three months from message received deny merging, sharing, or event, set terms for review of the transaction or change the session.

SECTION 8. Business abroad

Norwegian regulated market to exercise business abroad through its subsidiary or branch shall have permission from the ministry.

Chapter 3. Organisation form, organs mv.

SECTION 9. Organisation form

Regulated market is supposed to be organized as a general stock company.

SECTION 10. Moderating and management
(1) Regulated market shall have a rule with at least five members. The general manager cannot be a member of the board of directors.
(2) Board members, general manager and others who are actually participating in the management of the regulatory market shall have relevant qualifications and professional experience, have led an honourable vandel and for the otherwise not having expelled unassuming behavior that gives reason to assume the position or the enlisted will not be able to be able to be properly served.
(3) Regulated market shall provide the SEC's message of change of the board of directors and by the changing of the daily leader or others who actually participate in the management of the business. The message is to be barely provided in advance, and shall contain necessary information on qualifications and professional experience, vandel, position or position in other business.
(4) The SEC may give the injunction that changes should not be committed if the change can be assumed to cause the terms of the first and other clause will not be met.
(5) People who mentioned in other clause should put ordinary police reference after the police registry law Section 40.
0 Modified by laws 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603), 22 June 2012 # 35 (ikr. 1 July 2014 ifg res. 22 June 2012 No. 1 566 and res. 13 des 2013 # 1449).
SECTION 11. Internacontrol
(1) The Board shall determine Internet control guidelines, and shall be resettlement that the Internet of Control is established, and is documented in a defensible manner in accordance with the management guidelines and cuts. The SEC can provide further regulations on the completion of the internment of internal control.
(2) The general manager shall ensure that Internet control is established and is carried out in accordance with law and regulations as well as the management guidelines and cuts.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 12. Accountant

The SEC can give closer rules about the audits workloads in the regulatory market.

0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 13. Organizational requirements

Regulated market should determine internal rules and hit necessary measures that at all times ensure :

a) identification and handling of conflict conflicts between the regulated market or its owners on one side and market tasks and functions on the other,
b) identification and handling of significant risks that the business is exposed to,
c) transparent and fixed trade rules and procedures according to Section 24, herunder establishment of objective criteria for effective review of order,
d) that the market has systems for a defensible operation of the technical system, therunder effective arrangements in the case of technical interruption (reserve solutions), and
e) that it is added to the right of effective and retrograde review of transactions.
SECTION 14. Taushei-liked
(1) trust, employees and auditor of regulated market duties to prevent anyone from getting admission or knowledge of it as those in their work get to know about others ' business or personal relationships with less otherwise following this or otherwise law. Also, the person must not make use of such information by the acquisition business or on purchase and sale of financial instruments. The provisions of the Management Act Section 13a to 13e will receive the equivalent of the Applicability.
(2) Tausheme duty also applies after the person has quit the service or enlisted.
(3) Taushekspequally after the first and second clause of this provision is not an obstacle to the information provided by the Department of Regulators.
(4) The Ministry can in regulation or by single-pass exceptions to the privilege of other regulatory market, securities register, settlement central, and foreign regulatory authorities.
SECTION 15. Hability rules
(1) trust and employees at regulated market must not participate in the treatment or decision of questions that have such particularly meaning for their own part or for any close-up that they must be deemed to have a prominent personal or financially particular interest in the case. The individual must also not participate in the treatment or decision of any question that has prominent economic particular interest in company, association or other public or private institution that the person is affiliated with.
(2) The Ministry may in regulation determine limitations in employee and peer-level selection of directors or bierstice in company whose financial instruments are engaged in noting and trading on the person regulated market. The Ministry can determine the corresponding restriction of employees and peer-to-peer-selected enterprises in enterprises that are part of the same corporation as regulated market.
SECTION 16. The access to owning financial instruments m.even
(1) Regulated market cannot own financial instruments that are engaged in noting and trading on the person market, or rights to such, with the exception of bonds and certificates issued by an EES state.
(2) Employees in the regulated market can only be erenlisting or debit financial instruments in the extent that it follows by the regulation determined by the ministry. The Ministry of Justice can in regulation determine restrictions in the peer-level of the trust of the Department of trust. The Ministry can determine regulation that employees and peer-to-elect should report their own trades and act by close to the regulated market or the SEC. The rules of other and third period apply to the equivalent of employees and peer-based enterprises in enterprises that are part of the same corporation as regulated market.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).

Chapter 4. Owner and capital ratio mv.

SECTION 17. Owner control in the regulated market that is not stock market
(1) The Erstice that leads the owner of a significant ownership share in a regulated market that is not stock, can only be carried out after message of this in advance has been submitted to the SEC. With significant ownership share, directly or indirect ownership share that represents at least 10 percent of the stock market or the votes, or as otherwise makes it possible to exercise significant influence over the management of the company. Equent with the erververse's own stocks, shares are considered owned or cerverves by shareholder as mentioned in Section 18. Similar to owning stocks after the first to third period, the erstice of the right to become owner of stock when this must be considered real stock ownership.
(2) Any erstice that increases the ownership share so that this directly or indirectly exceeds 20, 30 or 50 percent of the stock market or vote in a regulated market that is not stock, can only be carried out after message of this in advance has been submitted to the SEC. The first clause third and fourth period applies accordingly.
(3) The SEC shall within three months from the day message mentioned in the first and second clause is complete, denying such a cerstice if the stock owner is not deemed suitable to ensure a good and sensible management of the enterprise. The enlisting significant ownership stake by the rules in the first and second clause shall provide ordinary police reference after the police registry law Section 40 if the SEC asks for it.
(4) At the event of ownership share that entails that ownership size comes under the limits mentioned in the first or second clause, the SEC shall be given message to the SEC.
(5) The Ministry can provide regulation on the content of message as mentioned in the first and other clause, whether when this is considered complete, and about the further processing of the message.
0 Modified by laws 19 June 2009 # 59 (ikr. 1 July 2009 ifg res. 19 June 2009 # 691), 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603), 22 June 2012 # 35 (ikr. 1 July 2014 ifg res. 22 June 2012 No. 1 566 and res. 13 des 2013 # 1449), 20 June 2014 # 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).
SECTION 18. Consolidation
(1) Equas with the stock owner's own stock is considered in relation to the rules of Section 17 de stocks owned or overtaken by the shareholder's close-up, jf. The securities trading law Section 2-5.
(2) The Ministry determines in doubt whether stocks that the shareholder do not own to equal stocks by the rules of the first clause.
SECTION 19. The mission of the noting financial instruments issued by the regulatory market
(1) Regulated market cannot occupy the noting resettable securities issued by the regulated market, or financial instruments related to such.
(2) The Ministry may give consent to the fact that a regulatory market occupies to noting resettable securities issued by an enterprise that is involved with the individual market or financial instruments related to such. It can face conditions for such consent, herders that such enterprises shall be underplaced particularly supervision from the SEC, as well as that the enterprise should have enlightenment alike to the SEC.
(3) The Ministry can provide further rules on procedures, decision and control regarding such footage, about running noting and about supervision of issuer and the regulated market.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 20. The requirement of responsible capital
(1) Regulated market is going to any time have a responsible capital that is justifiable from the risk of and the extent of the enterprise in the enterprise.
(2) Upon the assessment of enterprises risk, it should be taken into account for the sake of enterprise risk, contract risk, operational risk and other particularly risk that the enterprise's business is exposed to.
(3) The Ministry can provide further regulations on what should be counted as the enterprises responsible capital, as well as about minimum requirements of responsible capital.
SECTION 21. Liquidity requirements

Regulated market should have a inventory of liquidity funds, or access on such, which is considered reassuring from the enterprise and situation. The Ministry of Justice can give closer rules about calculating liquidity funds and about what can be considered reassuring inventory.

Chapter 5. Enterprise rules

SECTION 22. General requirements for the business
(1) Regulated market shall drive its business with due consideration to principles of efficiency, neutrality and equilibrium of tactics as well as ensuring that the market has good transparency and that the curbs reflect the noted instrument of the Market value.
(2) Regulated market shall have those systems for review of trade, course notes, transparency, information and market monitoring that are necessary in relation to the way the business is organized.
(3) Regulated market should submit its rules and business terms, and changes to these, to the SEC. The SEC may require the rules or business terms changed if they do not meet law or regulation. The SEC may determine due date for the submission of change and additions in rules and business terms before the change or amendment is placed in works.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 23. Effective limitations
(1) Regulated market can in addition to business as regulated market only drive business that has natural context of market-glass business and that does not weaken the trust of market integrity and independence. The Ministry decides in doubt whether the terms in the first period are met.
(2) If a regulated market operates settlement business by the securities trading law, Chapter 13, the business must be driven in its own enterprise. The Ministry of Justice can in regulation or individual ordinance make exceptions from the determination in the first period.
(3) The SEC can impose regulatory market that operates other business, to run this in a separate enterprise.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 24 Up to and commerce of financial instruments mv.
(1) Regulated market shall have rules on recording of financial instruments to trade.
(2) Rules determined in co-clause of the first clause shall ensure financial instruments can be negotiated at a fair, well-organized and effective manner, as well as that resettable securities law Section 2-2 other clauses are freely resettable. Upon recording of derivatives to commerce, the rules shall ensure that derivatives contracts are designed in such a way that they are adding appropriate for a well-arranged price formation and effective settlement conditions.
(3) Regulated market is to be targeted in such a manner that the issuments of resettable securities taken up to trade fulfil their obligations after the securities law of Chapter 5 and 7.
(4) Regulated market should be targeted in such a way that it eases the member's access to information that is released in the co-form of the securities law chapter 5 and 7.
(5) Regulated market is to be targeted so that it regularly impose the terms of the terms of recording to the trade of financial instruments met.
(6) Regulated market can without issuers consent to deal resettable securities that have already been taken up to trade on a different regulatory market, assuming the rules of the securities Trade Act 7 are met. The issuer is to be given message by the regulated market that recordings for commerce take place. The issuer shall not be underplaced information obligations as a result of the recording.
(7) Regulated market may require that the issuer of financial instruments that are or sought to be taken up to trade, their peer-to-peer elected and employees without the obstruction of secrecy provides regulatory market information that is necessary for the market to be able to fulfill its legislof Law. The first period applies to the equivalent of other person who has applied for recordings to the trade of financial instruments.
(8) The Ministry of Justice may in regulation determine further rules on recording of financial instruments to trade, herunder about their rights and duties as a result of the recording.
SECTION 25. Suspension and ironing of financial instruments
(1) Regulated market can suspend or fail a financial instrument if it no longer satisfies the regulatory market's terms or rules or for honest reasons for the otherwise dictates it. Regulated market may still not suspend or fail a financial instrument if this can be expected to cause significantly disadvantage for the owners of the instrument or market tasks and function.
(2) Regulated market that is suspending or failing a financial instrument from trade, shall immediately announce and provide the SEC information on this.
(3) The SEC may decide that a regulatory market should suspend or fail a financial instrument in co-hold of the first clause if it no longer satisfies the terms of recordings for trade or fair reasons for the otherwise dictates it.
(4) The Ministry can give closer rules on suspension and ironing of financial instruments.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 26 Membership in the regulated market
(1) Regulated market should have non-discriminatory rules based on objective criteria about membership and access to the market.
(2) The rules mentioned in the first clause shall describe a member's obligations as follows by :
a) the regulation of and the business of the regulated market,
b) the trade rules of the market,
c) Professional standards for employees of value paper enterprises or credit institutions participating in the market,
d) The terms applicable to members who are non-value paper enterprises or credit institutions by third clause, and
e) rules and procedures for settlement of transactions that apply to the market.
(3) Regulated market can occupy value paper enterprises and credit institutions as a member. The member is supposed to have a justifiable capital, foretarget service organization, adequate technical systems and, by the way, are deemed fit to participate in the trade in relation to the obligations membership involves. Regulated market can also occupy other legal and physical people as a member, provided this person :
a) is considered suitable,
b) has sufficient skills related to trade and transactions,
c) has, where it is relevant, adequate organizational measures, and
d) have necessary financial resources in relation to the position the person is adding up to the market.
(4) The requirements of the securities law Section Section 10-11, 10-12 and 10-13 do not apply to transactions that end among members in a regulated market. The requirements of the securities trading law Section 10-11, 10-12 and 10-13, however, are facing member customers.
(5) Regulated market should provide enterprises with the head office of other EDS state and who are permitted to provide investment services, access to membership of equal terms as other members.
(6) Regulated market shall provide the SEC's message if it intends to establish arrangements in other EPS state that can facilitate remote member's access and the possibility of shopping in the market. The SEC shall within one month give the information to the regulatory authority in the second EES state.
(7) Member of the regulatory market as well as peer-and-employed staff members are without obstruction of secrecy to give the person regulated market information that is necessary for the market to be able to fulfill its duties after this law and other legislation.
(8) The Ministry can determine closer rules on terms of membership and member's obligations.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 27. Market Monitoring
(1) Regulated market shall establish effective arrangements and procedures that ensure a recurring monitoring of the member's aftermath of the market's own rules. Regulated markets should monitor transactions on the market with aim to uncover violations of relevant laws and rules, market's own rules and judicial trade conditions.
(2) Regulated market should immediately give message to the SEC on suspicion of essential violations of relevant laws and rules, market's own rules and judicial trade conditions.
(3) Regulated market may require that value paper registry and settlement central without the obstruction of secrecy, giving such information that is necessary for the market to be able to fulfill its duties after the first and other clause. The information cannot be used for other purposes.
(4) The Ministry of the Ministry can in regulation determine closer rules about market monitoring. The Ministry can further determine further rules about the disclosure of the post-third clause, herding about the level of disclosure and whether the purposes of information can be used, as well as if and in what extent to be able to be required for costs on issue of information.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 28. Offentligation of information on order mv.
(1) Regulated market shall announce the buying and sale offer in stock, herding the word rebde at different price levels, which are placed into the market trading system. The information is due to the normal business terms released running during the trading day. Regulated market should determine rules on the release of information of order mv.
(2) Regulated market can on common business terms and non-discriminating basis provide securities companies that are remarked by the securities law Section Section 10-19, access to the moderators used for the public disclosure of the information mentioned in the first clause.
(3) The SEC can exempt regulatory market from the obligations pursuant to the first clause.
(4) The Ministry may in regulation determine rules of disclosure of order mv., herding that it should be provided information on other financial instruments than stocks, as well as about the Financial Bank's exemption of the third clause.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 29. Offentligation of information about trades mv.
(1) Regulated market shall announce price, volume and time of transactions in stocks occupied to trade on the person market. The information shall on the normal business terms be released as quickly as possible after the completion of the transactions. Regulated market should determine rules about the release of information about act mv.
(2) Regulated market can on common business terms and non-discriminating basis provide securities companies that are remarked by the securities law Section Section 10-19, access to the moderators used for the public disclosure of the information mentioned in the first clause.
(3) The SEC can provide regulated market access to delay public cleaning after the first clause.
(4) The Ministry may in regulation determine rules about the release of information about trades mv., herding that it should be provided information on other financial instruments than stocks, as well as about the Financial Bank's exemption of the third clause.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 30. Running mulched

Regulated market can impose an enterprise or a person who does not meet its Enlightenment after Section 24 seventh clause and 26 seventh clause or regulation given in co-hold of these, a daily running mulched until the Enlightenment's work is met. The order of mulkt is the force basis for the outlay. The Ministry of Justice can give closer rules about the illegsm of continuous multilayer.

SECTION 31 Overcharge Fee

By violation of this law or regulations granted in co-hold of this law or by essential violations of regulatory market rules and business terms, regulatory market is subject to the issue of financial instruments noted on the person regulated market or members in the person regulated market to pay a violation fee. The Ministry of Justice can give closer rules about the illegation of the violation fee.

SECTION 32. Prevalence of the Prevalence of Decides on decisions hit by regulated market

The Ministry of Law can in regulation determine in which extent the management law shall apply when regulated market hits decisions. The Ministry can determine further rules about the case processing.

Chapter 6. Additional requirements for running business as stock market mv.

In, the requirement of permission mv.
SECTION 33. Permission to run business as stock market mv.
(1) The reality that the stock can only be driven by enterprises that have permission for this from the ministry. Precasak that does not have permission as stock market after this law cannot be used for the term stock in or as additions to its name, or by mention of its business, if the use is suitable to give the impression that the enterprise has permission of this law.
(2) The Vedtecs and changes in these shall be lectes the ministry of approval. The Ministry can provide regulation on content and approval of stock market regulation.
(3) Attachment for the event of a significantly part of the consession liquidate business shall be met by the General Assembly with the majority as for the ordinance change.
0 Modified by law 4 June 2010 # 20 (ikr. 1 July 2010 ifg. res. 4 June 2010 # 771).
II. Act of noting, ownership restrictions mv.
SECTION 34. The roof of trading of financial instruments on stock market
(1) Financial instruments can be taken to trading on stock market by the rules of Section 24 and regulation given in co-hold of this, and stock's own rules if the person stock finds that the financial instruments are suitable for this and can be expected to be subject for regular turnover.
(2) The Ministry of Justice may in regulation determine further rules about the public accounting of financial instruments.
SECTION 35. Owners control in stock market
(1) Erstice that leads to the erver becomes the owner of a significant ownership stake in a stock market requires permission from the ministry. With significant ownership share, directly or indirect ownership share that represents at least 10 percent of the stock market or the votes, or as otherwise makes it possible to exercise significant influence over the management of the company. Equent with the erververse's own stocks, shares are considered owned or cerverves by shareholder as mentioned in Section 18. Similar to owning stocks after the first to third period, the erstice of the right to become owner of stock when this must be considered real stock ownership.
(2) Any erstice that increases the ownership share so that this directly or indirectly exceeds 20, 30 or 50 percent of the stock market or the votes in a stock market, requires permission from the ministry. The first clause third period applies to the equivalent.
(3) The application of permission after the first and other clause is passed in particular for each stock owner who at acquired directly or indirectly gets an ownership share in a stock that constitutes or exceeds 10, 20, 30 or 50 percent.
(4) Permission after the first and other clause can only be given when the erver is deemed suitable to ensure a good and sensible management of the enterprise. By this assessment, it is supposed to be placed emphasis on :
a) the ververts earlier shopping manner,
b) the ververts available financial resources and the envision of the defensible business,
c) whether ownership will be able to lead to unwanted effects for the financial market behavior, or the stock's ability to operate the Norwegian capital market,
d) the possibility of exercising an effective supervision, herunder whether it is established cooperation with the Regulators of the erververts homeland,
e) whether ownership will be able to affect rights and duties for the players of the person market,
f) whether the back-lying ownership structure of the erverer is in accordance with the purposes of consideration as the provision of this provision,
g) whether it is reason to assume that in connection with acquired is going on or is being made to the money laundering or funding of the terror business, or that acquired will increase the risk of this.
(5) Sikad about permission after the first and other clause shall be submitted the SEC with copy to the ministry.
(6) At the event of shares such that the ownership share comes under the limits after the first and second clause, it shall be given message to the SEC.
(7) The Ministry may in regulation give closer rules on the content of the application as mentioned in the fifth clause, rules of the application, as well as rules of duty of stock market share of significant ownership shares in the enterprise, and about duty of legal people who have significant ownership shares in stock market, to give message on who is part of the board and management.
0 Modified by laws 19 June 2009 # 59 (ikr. 1 July 2009 ifg res. 19 June 2009 # 691), 20 June 2014 No. 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).
SECTION 36. Erstice without permission
(1) If a shareholder has acquired shares without the required permission after Section 35, the ministry may determine a due date to reduce the ownership share or seek the required permission. If this deadline is exceeded, the ministry can sell the stock. The rules of foreclosure of resettable securities apply as far as they fit. The Tvangsconsummation Act Section 10-6, jf. Section 8-16, does not come to the Applicability. The stock owner should be notified that foreclosure will be made at the latest two weeks before the sale is conducted.
(2) Until run-down or foreclosure has taken place, the stock owner for the share of the stock that exceeds the permitted level does not exercise other rights in the company than the right to raise dividends and to exercise the forested of capital raising.
0 Modified by laws 19 June 2009 # 59 (ikr. 1 July 2009 ifg res. 19 June 2009 # 691), 20 June 2014 No. 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).
Section 37. (Raised by law 20 June 2014 # 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).) SECTION 38. Control Committee

The Ministry of Justice can in regulation determine that the stock market should have the control committee, herding about the control committee's Assembly, tasks, instruction and message to the SEC.

0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 39. Stop in commerce

The Ministry can in extraordinary situations pass that all the noting and trading at the stock market should be stopped. As far as possible, the stock market and the Financial Commission's statement will be obtained before the decision shall be made. If the ministry's ordinance cannot be expected, the SEC can hit such decision. If the Financial Bank's ordinance cannot be expected, the stock market can hit such decision.

0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 40. Prevalence of the Prevalence of decisions hit by stock market

When stock hits decisions after this law Section 25, 26, 30, 31, and 34, as well as the securities trading law chapter 6 and 7 and Section 17-4 third joints, IV, V, VI, and VIII, with the exception of Section 13, get Applicability. The Ministry can determine further rules about the case processing.

LII. Klaenemennd, search small-lsam mv.
SECTION 41. The resolution of the complaints of the complaint and competence mv.
(1) The Ministry may invent a separate complaint subject to determine complaints of such ordinance as mentioned in Section 40. The KlamenBoard shall have a leader and a deputy leader who both shall have legal civil servants. The Ministry of Justice may in regulation also determine that also other ordinance authored by stock market than those mentioned in Section 40 shall be able to be accrued, and determine exceptions from the clageadage. The Ministry of Justice can in regulation determine in which extent decisions hit by other regulatory market can be brought in for the complaint subject.
(2) The KlaenBoard can in disputes between private parties performing as arbitrator shortly after further rules determined by the ministry.
(3) The Prevalence Act comes to the Applicability of the complaint management business. The Ministry can determine further rules about deadlines, the content of complaint, response and oral negotiation and about the complaints of the complaint and business. Such rules can complement, suppers or deviate from rules granted in or in co-hold of this law.
SECTION 42. Cover of the complaint Board's expenses
(1) The team-Board expenditures are covered by stock markets and other regulated markets on the background of the dispatch determined by the ministry following proposals from the complaint. The Ministry determines the member's allowance.
(2) The fee can be required for the processing of complaint as indicated in Section 41 first clause. The Ministry of Justice can give closer rules on when fees are required, whether the fees size and about the increwing.
(3) The Ministry can give closer rules about when a party can be attributed to saksomes from the public and about a party's right to coverage of the sake of saksomes from other parties.
SECTION 43. Search small-saddle
(1) Search targets against the ordinance that reacted in Section 40 cannot be raised until the agageadtime has been exploited. The complaint can in very honest cases make the ordinance that it nonetheless can be filed lawsuits against the decision. Deadline for lawsuits is 6 months from the time the complaint is settled or permission for lawsuits has been granted.
(2) Search targets against the ordinance struck by a stock market or other regulated market rise against the individual enterprise. The state can at any stage step three into the matter as aid intervention and can after agreement with the stock exchange or the regulated market over the issue.

Chapter 7. Access and sanctions

SECTION 44. Regulatory authority

The SEC's oversight year supervision with regulated markets.

0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 45. Illumination alike to the SEC
(1) Regulated market and company in the same corporation has the obligation to provide the information that the SEC requires about conditions that concern the enterprise, as well as to prodisplay and extradite to the SEC's documentation that concerns the business. Upon suspicion of the violation of the securities trading law chapter 3 or irregular market conditions or by essential violations of the rules of regulatory market, duties regulated market and company in the same corporation immediately to report to and assist the SEC. The information and the bistand shall be given without charge of the SEC.
(2) If conditions occur that the risk of regulatory market will not be able to meet the regulatory requirements of responsible capital and liquidity, or there are other conditions that may involve significant risks associated with the operation of the enterprise, shall the enterprise immediately give message to the SEC about this.
(3) The locations of financial instruments that are public or busy to trade on a regulated market, duties to grant the SEC the information that the SEC considers necessary to determine if it has occurred in violation of regulations given in or in co-hold of this law concerning the financial instruments. Member of the regulated market as well as peer-selected and employees of the stock-member duties to give the SEC the information that the SEC considers necessary to determine whether it has occurred in violation of regulations given in or in the co-hold of this law regarding the membership or participation in trading on the regulatory market.
0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 46. Insiring of the Financial Visibility of the Financial

If the SEC through its supervision of regulated markets is given reason to assume that some are or will be inflicted on losses as a result in law or in co-law not overseen, the SEC can without the hurdle of the legislated The secrecy of the person about the relationship.

0 Modified by law 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603).
SECTION 47. The arrest of the SEC
(1) The SEC can provide regulatory market injunction on correction if the enterprise acts in violation of law or regulations given with home in law or own rules and business terms. Similarly, if enterprise management or board members do not meet the requirements of honorable vandel and experience as determined in Section 10 other clauses.
(2) If a shareholder with significant ownership share is not deemed suitable to ensure a good and sensible management of the enterprise or has stocks in violation of Section 17 or 35, the SEC can give the injunction that it cannot be eligible for the stock to be eligible for the stock.
(3) If the SEC has reason to assume that someone is acting in violation of regulations given in or in the co-hold of this law, the SEC may give the injunction to bring the action to termination. The injunction may include any measures necessary to bring the violation of termination.
0 Modified by laws 19 June 2009 # 48 (ikr. 21 des 2009 ifg res. 18 des 2009 # 1603), 20 June 2014 # 29 (ikr. 1 July 2014 ifg ordinance 26 June 2014 No. 866).
SECTION 48. Punishment
(1) With fines punished it as intentional or negligent driver business as regulated market without permission after Section 4 first clause or uses the designation regulated market or stock in violation of Section 4 other clause or Section 33 first clause.
(2) The one that intentional or negligent puts its Enlightenment-like after Section 24 seventh clause or Section 26 seventh clause is punishable by fines or imprisonment until 1 year or both. Prepping it particularly display circumstances can jail up until 3 years of use.
(3) If the action does not enter under any stricter penalty provision, peer-to-peer elected or employees at regulated market as intentional or negligent regulations granted in or in co-hold of this law, with fines or under-especially display circumstances with prison until 1 year or both.
0 Modified by law 19 June 2015 # 65 (ikr. 1 oct 2015).

Chapter 8. Istrontrecation and transition rules, changes in other laws

SECTION 49. Istrontrecation

The law takes effect from the time the ministry decides. 1 The Ministry can put into effect the individual regulations at different times.

1 From 1 nov 2007 ifg. Act 29 June 2007 # 749.
SECTION 50. Overtime rules
(1) Permissions granted by law 17. November 2000 # 80 about stock market m. Section 2-1 is reintroduced. The charge of such permits must enact its business by the rules of the law here and in law on securities trade from the law of law.
(2) The Ministry can provide further transition rules.
SECTION 51. Changes in other laws

From the time the law takes effect, the following changes are made in other laws :---