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Stockholm Stock Exchange's formal opinion on report from the Swedish Commission on Business Confidence
Stockholm Stock Exchanges formal opinion on report from the Swedish Commission on Business Confidence Stockholm Stock Exchange today submitted its formal opinion on the Swedish Commission on Business Confidences report called Business and Confidence. The Exchange considers that the issues addressed by the Swedish Commission on Business Confidence are important and takes a generally favorable view of the proposal. However, Stockholm Stock Exchange questions such aspects as the Governments involvement in administrating the Swedish code of corporate governance. Stockholm Stock Exchange supports the principles for self-regulation highlighted by the Commission on Business Confidence. This means, among other considerations, that rules should be formulated in an open manner and that the body formulating the rules must be representative of the participants in the market. The Exchange is critical to the Governments participation in the administration of the code of corporate governance. The main reason for this criticism is that the Governments participation in a self-regulating body would give rise to ambiguity in relation to the Governments role as a legislator. Stockholm Stock Exchange notes that this would contravene the principles for self-regulation that the Commission itself has proposed should apply. The Exchange welcomes the proposals regarding the procedures and increased resources proposed by the Commission in respect of justice-administration authorities. For example, providing the Economic Crime Bureau with sufficient capabilities to effectively combat economic crime is essential from the viewpoint of public confidence. From Stockholm Stock Exchanges viewpoint, the question of confidence is of vital importance. We have been working for a long time to increase public confidence in the Swedish securities market and that is why we welcome the comprehensive mapping of these matters that has been conducted by the Swedish Commission on Business Confidence. We hope that the Commissions efforts will stimulate further debate about these important matters, says Henrik Paulsson, Acting President of Stockholm Stock Exchange. For more information or comments, please contact Henrik Paulsson, Acting President Stockholm Stock Exchange, tel + 46 8 405 73 34 Annika Molander, Communications Manager OMX Exchanges/Stockholm Stock Exchange, tel +46 8 405 66 10 About OMX Exchanges: OMX Exchanges is a division of OMX. OMX Exchanges operates the stock exchanges in Stockholm, Helsinki, Tallinn, Riga and Vilnius, as well as the central securities depositories in Finland, Estonia and Latvia. Via OMX Exchanges, customers are offered access to 80 percent of the Nordic and Baltic securities market.
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