The Swedish Financial Supervisory Authority has summoned supervised firms following recurring suspicions of insider offences linked to large equity transactions, aiming to clarify expectations and regulatory requirements for how market soundings are conducted. The authority highlighted repeated problems with how information is communicated during market soundings when recipients are asked to accept inside information (wall-crossing). In several cases, the information provided before consent was framed in a way that allowed recipients to identify the issuer or infer details of the transaction prior to agreeing to be wall-crossed, which may breach the rules. The authority has, in multiple cases, reported suspected insider trading to the Swedish Economic Crime Authority. It stressed that pre-consent disclosures must be limited to what is explicitly permitted under the applicable framework and should not include additional details such as sector, transaction type, size, or expected market impact where this could directly or indirectly enable identification of the issuer or transaction. It also reminded firms of documentation requirements for market soundings and noted it may request records including recordings and insider and sounding lists, and it will monitor compliance closely.

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