Swedish FSA opens sanction case against Nordnet (updated)
16/12/2021 13:51
(Adds detail, background)
STOCKHOLM, Dec 16 (Reuters) - Sweden's financial watchdog
will consider sanctioning Nordnet SAVE.ST as part of an
investigation into short-selling by customers of the broker, the
firm said on Thursday.
Nordnet said the case stemmed from short-selling
transactions in shares of Moment Group AB MOMENT.ST in
February.
"A sanction case means that the SFSA (Swedish Financial
Supervisory Authority) consider that there are sufficient
grounds for assessing whether the observations made in the
investigation should lead to a sanction, or if the
investigation should be closed in any other way," Nordnet said
in a statement.
A possible outcome is that it will face a sanction, Nordnet
said.
Nordnet said that Moment Group had conducted a share issue
with complex terms that had been difficult to interpret by the
market, triggering high volatility and intense trading.
It added that it had maintained a "constructive dialogue"
with the SFSA regarding its internal routines and processes for
short-selling since the investigation started.
(Reporting by Helena Soderpalm, editing by Anna Ringstrom and
Jason Neely)
((helena.soderpalm@thomsonreuters.com; +46 8 700 10 15; Reuters
Messaging: helena.soderpalm.reuters.com@reuters.net))