Treatment of inside information

§ 8

(1) Purchase, sale or recommendation to buy or sell a given security, including derivative instruments, may not be performed by employees of the Danish FSA with inside information, which could be of importance to the transaction in question, cf. section 35(1) of the Securities Trading etc. Act.

(2) “Employees” shall also mean persons with merely a temporary employment relationship with the Danish FSA.

 

§ 9

(1) Employees with inside information may disclose such information to other employees of the Danish FSA. Disclosure of information to other employees of the Danish FSA may solely be done within the normal course of the exercise of employment, profession or duties, cf. section 36 of the Securities Trading etc. Act.

(2) A member of the executive management may, in the event of particularly sensitive information, instruct an employee or a group of employees not to disclose such information to other employees.

(3) Notwithstanding the regulations on inside information, employees shall, at all times, adhere to the confidentiality rules applicable to the employees, cf. e.g. section 354 of the Danish Financial Business Act.

 

§ 10

(1) “Inside information” shall mean information of a precise nature which has not been made public, relating to issuers of securities, securities, or market conditions which, if it were made public, would be likely to have a significant effect on the prices of one or more securities, cf. section 34(2), 1st clause of the Securities Trading etc. Act.

(2) The following information shall, for instance, be regarded as inside information: 

1)  Non-published information about financial statements.

2)  Significant gains and losses.

3)  Merger plans with other undertakings.

4)  Share issues.

5)  Initial public offerings.

6)  Petitions for bankruptcy. 

7)  Suspensions of payments etc.

8)  Rates of dividends.

9)  Interest-rate changes.

10)  Redemption offers etc. concerning securities.

11)  Other information of an extraordinary nature.

(3)  Once information has been published, it is no longer regarded as inside information. Information shall be regarded as published once, for the market, there has been general and relevant dissemination hereof. Such publication shall mean announcements to a stock exchange, an authorised market place or a similar regulated market, once the information has been forwarded from there, cf. section 34(2), clauses 2 and 3 of the Securities Trading etc. Act.

 

§ 11

Violation of section 35(1) and section 36 of the Securities Trading etc. Act concerning abuse of inside information shall be liable to a fine or imprisonment, cf. section 94(1) of the Act.