Swedish FSA has dropped its investigation into breaches of EU market abuse regulations at Swedbank AB

Swedish FSA has dropped its investigation into breaches of EU market abuse regulations at Swedbank AB

By Dominic ChoppingOct. 26, 2021 4:49 pm ET WSJ

STOCKHOLM—Swedbank AB said Tuesday that the Swedish Financial Supervisory Authority has dropped its investigation into breaches of European Union market abuse regulations at the bank.

The Swedish FSA opened an investigation in September 2020 into suspected breaches of articles 17 and 18 in the European Union’s regulation on market abuse, but it has now closed the investigation without charges.

“Finansinspektionen’s decision is made against the background that Nasdaq’s Disciplinary Committee on 5 May 2021 decided that Swedbank must pay a fine for violating Nasdaq’s regulations,” the regulator said.

Nasdaq Stockholm’s disciplinary committee ordered Swedbank to pay 46.6 million Swedish kronor, equivalent to $5.4 million, in May for breaching its rules on disclosure of information during 2016-19, claiming the bank’s former top management had known about the bank’s anti-money-laundering shortcomings for a long time.

“One by one we leave the historical issues behind to instead fully focus on our customers’ future,” said Swedbank Chief Executive Jens Henriksson.

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