The Danish Financial Supervisory Authority published its March 2025 capital markets newsletter, summarising recent market abuse enforcement outcomes and selected regulatory developments, including changes to reporting and disclosure of transactions linked to share buybacks following the EU Listing Act. The newsletter covers two court judgments on market manipulation, including one conviction of a person and a company and a separate conviction for 48 instances of simple wash trades. It also reports that the authority issued an administrative fine notice of DKK 120,000 to Nilfisk Holding A/S for failing to publish a major shareholder notification and report the information to the Danish Financial Supervisory Authority, and that four wash-trade cases were closed by the National Special Crime Unit with fine notices, typically DKK 75,000 per offender including one case where both a person and a company were fined. In addition, it references a NOK 50 million administrative fine imposed by the Norwegian Financial Supervisory Authority on Danske Bank A/S for market manipulation in the Norwegian interest rate swap market in connection with pricing of a Norwegian sovereign bond issuance. The newsletter also points to a European Commission targeted consultation on delegated acts for the new EU follow-on prospectus and the EU growth issuance prospectus, with responses due by 2 May 2025; the new prospectus types can be used from 5 March 2026.

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