Nord Pool Spot AS has found it necessary to make the following amendments to appendix 6; ‘market conduct rules’.
Subsection 7.1.3 – Maximum size of economic penalty will be reduced to NOK 2 500 000 (from NOK 10 000 000). This change is in accordance with similar rules for the financial market at Nord Pool ASA as a result of the new Norwegian Exchange Act.
Subsection 8.1.2 – the words ‘with the disciplinary committee’ will be changed to ‘to the board’ and the words ‘and to the board’ will be deleted from the end of the first sentence. Thus the first sentence will read ‘Any recommendation for disciplinary sanctions shall be in writing and be filed to the board with copies to the relevant participant or clearing customer or trader.’
Subsection 8.1.3 – the words ‘the disciplinary committee’ will be changed to ‘the board’.
Section 8.2 and 8.3 will be removed from the market conduct rules. Subsequent paragraphs after the removed section 8.2 and 8.3 will be renumbered as a result of the change.
Subsection 8.4.2 – which becomes 8.2.2 - the words ‘and the disciplinary committee’ at the end will be deleted.
Enclosure 1 to appendix 6, section 1.1 - the expression ‘in its possession’ will be removed. Thus the section will read ‘A participant or clearing customer shall immediately disclose to Nord Pool any Inside Information with the exemptions:’
In section 3.3 and 3.4 in appendix 6, and also in the enclosure 1 to the appendix 6 – subsection 1.1.1 and section 1.2 - the word ‘client’ will be changed to ‘clearing customer’.
These changes will take effect from 18 December 2007.
Lysaker, 11 December 2007
For further information, please contact Nord Pool Spot:
Hilde Rosenblad, senior adviser production, [email protected], phone +47 6752 8030
Erik Korsvold, senior adviser market surveillance, [email protected] +47 6752 8067