As a rule, Council rulings are to be published openly. It is above all in this way that the Council contributes to the development of good practice in the stock market. However, in certain cases there may be grounds for not publishing the ruling. For example, a ruling regarding a planned action may not be published by the Council until the action has been completed or become public knowledge in some other way. Rulings can be published without naming any of the parties involved if this is necessary in order not to disclose sensitive information.

Since its inception, the Council has issued approximately 900 rulings. In total, around three quarters of all rulings have been published. The Council works continuously to acquire the consent of concerned parties to disclose older rulings for which where the requirement of confidentiality is no longer deemed to be applicable or where the circumstances are such that the ruling could not be disclosed without naming the parties involved.

Rulings are published on the Council’s website. If you wish to subscribe in order to receive copies of the published rulings, please click here.

Review and Appeal

A ruling by the Chair or the Director General can be re-examined by the Council at the request of the petitioner. Any review of such a decision is made by the Council in normal composition, unless it is clear that the ruling is to be amended.

If the Council issues a ruling with the support of the Financial Supervisory Authority, the decision may be appealed to the Financial Supervisory Authority by the party to whom the decision relates if the ruling has gone against the party.

The appeal is to be submitted in writing. In the submission, the complainant is to indicate which decision is being appealed and what amendment the party requests. The written appeal is to have been received by the Swedish Securities Council within three weeks of the complainant being informed of the decision or, where applicable, within three weeks of the publication of the decision.

Confidentiality

When hearing a case, members and rapporteurs of the Council who have been given information that has not been disclosed in any published statement or otherwise been made publicly available are bound by confidentiality and may not themselves act upon such knowledge. This also applies to any other party that has received such knowledge in connection with the Council’s hearing of the case.