Norwegian issuer fined for disclosing inside information at pre-close calls

The Norwegian FSA has concluded that a Norwegian issuer unlawfully disclosed inside information during pre-close calls with analysts in March 2025, in breach of Article 14(c) of the Market Abuse Regulation (MAR) and Section 3-1 of the Norwegian Securities Trading Act. The information concerned consensus estimates and expectations for EBITDA, revenues, and segment results. It was non-public, of a precise nature and price sensitive.

The Norwegian FSA determined that the dissemination was not part of the ordinary conduct of the company's business and highlighted that the issuer failed to follow both ESMA's recommendations on good practices for pre-close calls and Oslo Børs' investor relations guidelines.

As a result, the Norwegian FSA has imposed an administrative fine of NOK 10 million, which the issuer has accepted.

The Norwegian FSA noted in its decision that, given the issuer's size and market cap, it should have demonstrated a stronger understanding of the regulations governing the disclosure of inside information - regardless of context.

The case offers valuable insight into where national competent authorities are likely to draw the line on the disclosure of inside information during pre-close calls.

For more information about the case, see here (in Norwegian)

To read ESMA's recommendation, click here