The Swedish Financial Supervisory Authority (“SFSA") is responsible for the supervision of financial information published by companies with Sweden as home member state and its securities listed on a regulated market. As for Sweden, the supervision covers companies with securities listed on Nasdaq Stockholm Main Market and NGM Main Regulated. The SFSA has delegated the supervision of financial reports to the Council who within the framework of its assignment concludes if they have been prepared according to relevant reporting framework.

During the review process the Council has an open and transparent way of interacting with the companies and values a well-functioning and constructive dialogue. The Council’s communication with the companies during the review process is mainly in writing (in electronic format)and the companies are given the opportunity to provide oral information, if not evidently deemed unnecessary (24§ Administrative Procedure Act).

The decisions are divided into four categories:

1. The review has not detected any material infringement. The company is notified in writing about the conclusion.
2. One or several material infringements have been detected, but the Council consider them to be minor. The Company is notified in writing about the conclusion, including a request to correct the infringements in future or to publish a corrective note. In addition, the decision is published in an anonymous form to make decisions available for companies listed on a regulated market, see further below.
3. The company does not comply with a request or does not show willingness to cooperate. The company is notified in writing, and the case is submitted to the SFSA for further review.
4. The Council concludes that the infringements cannot be considered minor and the case is submitted to the SFSA for its independent review of the infringement. In the event the SFSA finds that the violation cannot be considered minor, it may issue a warning and impose a sanction fee according to 25 Ch. of the Securities Markt Act.

The Council’s decisions regarding minor infringements are available in Swedish and can be found by the link below.