Definitions
section 1 of this Act,
1. insider information: information about an undisclosed
or not generally known circumstance that is likely to
significantly affect the price of financial instruments,
2. trading on the securities market: trading on a regulated
market or any other organised market or
trade in or by someone who is professionally engaged in such
activities described in Chapter 2. section 1 of the Act (2007:528)
the securities market,
3. financial instruments: it referred to in Chapter 1. section 4 first
paragraph 1 the securities market Act, and
4. regulated market: it referred to in Chapter 1. 5 § 20 Act on
securities market. Law (2007:564).
Insider crimes
section 2 of The receiving insider information and who for their own or any
behalf by trading in the securities market,
acquire or dispose of such financial instruments as
information concerning convicted for insider trading to imprisonment of up to
two years. The same shall apply to anyone who receives insider information and
as with advice or in any other way give rise to another
to acquire or dispose of financial instruments
information concerns by trading in the securities market.
Are the crimes referred to in the first subparagraph to call, is convicted of
Insider offence to a fine or imprisonment not exceeding six months.
Is the offence with regard to the scope and other
circumstances aggravated felony, sentenced to prison for insider trading
in at least six months and at most four years.
The first and second subparagraphs shall also apply to anyone who has
insider information that consists in knowing their own criminal
activity.
section 3 of The who by negligence commits an act referred to in paragraph 2 of the condemned
for the negligent insider procedure to fines or imprisonment of
a maximum of one year. If the Act is not a call to responsibility, sentenced.
4 § for attempted insider trading as well as for trials or
preparation for felony insider trading is sentenced to liability under
Chapter 23. the Penal Code. Law (2011:516).
5 Notwithstanding the provisions of section 2-4 paragraphs may
1. the officers of the company that runs securities operations
pursuant to Chapter 2. § 1 or Chapter 4. 1 or section 2 of the Act
(2007:528) securities market fulfil missions
left the firm to acquire or dispose of financial
instruments and, without the use of insider information, carry out
activities resulting from the agreement to maintain a market in
one or more financial instruments or to carry out
missions on advice or management,
2. financial instruments are acquired when the inside information is
designed to lower the price of the instrument, and disposed of when
the information is likely to increase the price of the instrument,
3. tasks carried out as someone because of what
laid down by law, regulation or administrative provision,
4. shares in a limited company or a European company is acquired for
on behalf of a natural or legal person, whether
the inside information only consists of information about a task
aiming and is likely to lead to a public
offer by him to a wider audience on the acquisition of
shares in the company,
5. the holder of an option that has an economic value in
maturity sell the option or use it in accordance with its
conditions,
6. the issuing a warrant in connection with the exercise or dispose of
acquire the underlying asset to which the option relates,
7. settlement of the futures contracts carried on the expiration date,
8. the holder of an assigned emission right or redemption right
which have an economic value, sell or exploit the
According to its terms,
9. financial instruments other than shares are acquired or
disposed of, if the acquisition or the disposal is done without
insider information is being used.
It provided for if the stock in the first paragraph 4 and 9 shall
also apply to equity financial instruments such as
subscription right, or provisional certificates, warrants, convertible
debentures, debentures with warrants,
participation certificates, stock option and share term. Law (2007:564).
section 6 of the provisions of paragraphs 2 to 5 shall also apply to proceedings
According to these provisions, which do not constitute or give rise to
trading on the securities market, the procedures relating to the
financial instruments
1. which are admitted to trading on a regulated market,
2. for which an application for admission to trading, as 1 have
submitted, or
3. whose value is dependent on a financial instrument
According to 1 or 2. Law (2007:564).
section 7 of The who willfully disclose information that he or she
realize or should realize is insider information is convicted, unless the
cases where such disclosure is made in the normal course of the exercise of
employment, profession or obligation, for unauthorized disclosure of
insider information for fines or imprisonment of up to one year.
If the information becomes publicly known at the same time with the disclosure,
are sentenced not to liability.
Market manipulation
§ 8 the case of trade in the securities market or otherwise
proceed in a way that he or she realizes is devoted to
improperly influence the market price or other conditions for
trading in financial instrument or otherwise
mislead the buyer or seller of such instruments, is convicted of
market manipulation to imprisonment not exceeding two years
or, if the crime is petty, to a fine or imprisonment of up to
six months. Is the offence with regard to the scope of
market manipulation or other circumstances, be considered as
coarse, shall be sentenced to imprisonment of not less than six months and not more than
four years.
For market manipulation are judged also when trading
in the securities market, or otherwise act in a manner that
He or she should realize is liable to prejudice or mislead
as indicated in the first paragraph. In these cases, is sentenced to
fines or imprisonment of up to one year. If the offence is minor is sentenced
not responsible.
Exception
§ 9 the provisions of paragraphs 2 to 8 shall not apply to trading in
own shares in "buy-back" programmes or to the stabilisation of
financial instrument provided such trading is carried out in accordance
Commission Regulation (EC) no 2273/2003 of 22
December 2003 on the implementation of the European Parliament and of the Council
Directive 2003/6/EC as regards exemptions for buy-back programmes
and stabilisation of financial instruments. Law (2007:372).
9 a of the provisions laid down in paragraphs 2 to 8 shall not apply in the case of trade
with such financial instruments covered by articles
3 and 5 of the European Parliament and Council Regulation (EC) no
1227/2011 by 25 October 2011 on integrity and transparency
on the wholesale markets for energy. Team (2013:386).
Reporting obligations
section 10 of the Securities and exchanges under the Act (2007:528)
securities market and those foreign companies that have
authorization under that Act to operate a regulated market from the
branch in Sweden as well as credit institutions under the Act (2004:297) om
banking and finance law shall promptly report to the
The Swedish financial supervisory authority, if it can be assumed that a transaction is
or in connection with the insider trading or market manipulation
market manipulation. The inspection shall communicate as soon as possible
information to prosecutors. Law (2007:564).
section 11 of The companies that have reported under section 10 shall not reveal
for the customer, or any third party that the reporting has taken place.
The same applies to the members of the Board of the company and
the company's employees.
section 12 of The companies that have reported under section 10 shall not be made
responsible for having breached any confidentiality, if
the company had reason to expect that the reporting should
take place. The same applies to a Board member or a staff member
have submitted information on its behalf.
section 13 to a fine person who willfully or through gross
negligence breach reporting obligation under section 10
or violate message ban in section 11.
Common provision
section 14 of the Liability under this Act shall not be tried out in the shops
implemented for Sveriges Riksbank's or the Swedish national debt Office's
Bill.
The provisions of this Act does not apply in the
extent that would be contrary to the provisions of the press and
freedom of expression in the freedom of the Press Act or
freedom of expression.
Forfeiture
section 15 exchange of offence referred to in paragraphs 2 to 8 shall be declared forfeited;
If it is not manifestly unreasonable.
Enforcement actions, etc.
section 16 of the financial supervisory authority supervises compliance with this law.
In Chapter 6. 1 a of the Act (1991:980) financial instruments trading
instrument provides for the right for the FSA
to obtain the information necessary to fulfil the inspection
their monitoring.
section 17 of the financial supervision authority shall in its supervisory activities work together
and exchange information with foreign competent authorities and
The European Securities and markets authority in the
extent permitted by European Parliament and Council
Directive 2003/6/EC of 28 January 2003 on insider dealing and
market manipulation (market abuse), as amended by:
European Parliament and Council directive 2010/78/EU.
Law (2012:194).
17 a of the financial supervision authority shall, within the framework of its competence,
at the request of a foreign authority with jurisdiction
to supervise the corresponding supervision inspection
exercises in accordance with this Act, submit or check information
needed to the foreign authority to exercise
their supervision. However, this applies only to the extent
under a cooperation agreement that the financial supervisory authority, with
the support of the Government's authorization, has entered into with the foreign
authority.
If a request concerns legal assistance in criminal matters, in force in
rather than Act (2000:562) on international legal assistance in
criminal cases. Law (2010:1862).
17 b of the financial supervision authority may refer the matters related to a
procedure by another competent authority in the EEA to
The European Securities and markets authority for
dispute resolution in the cases set out in article 16.2 and 16.4 in
Directive 2003/6/EC. Law (2012:194).
section 18 of the financial supervision authority shall assess whether the practice
as applicable to trading on regulated markets in Sweden is
acceptable and publish their decisions on the acceptance of the
practice. Law (2007:564).
section 19 of the financial supervision authority shall notify the Prosecutor when the
reason to believe that an offence under this Act has
committed.
section 20 for the FSA's supervision in accordance with the
This law requires the institutions under inspection
supervision to pay annual fees. The Government may announce
regulations on such charges.
Transitional provisions
2005:377
1. this law shall enter into force on 1 July 2005.
2. By the Act repeals the insider Act (2000:1086).
3. in the case of acts undertaken before the entry into force
apply the insider Act. If an assessment under the new
the law leads to freedom from punishment or to minor
However, the criminal law will be applied.
4. Reporting obligations under section 10 does not cover
transactions that have occurred prior to the entry into force.
2013:386
1. this law shall enter into force on 29 June 2013.
2. Older regulations apply in relation to offences
made before the entry into force.
