OMX to service the national OAM in Iceland
OMX, a leading expert in the exchange industry, has signed an agreement with the lcelandic Financial Supervisory Authority on providing them with software for the Officially Appointed Mechanism (OAM) for the central storage of regulated information in Iceland. OMX Nordic Exchange Iceland will service the OAM responding to the objectives of the European Union’s Transparency Directive. All regulated information published by issuers of securities , as prescribed by law, will be archived in the central storage, which will go live February 1st 2008.
The European Union’s Transparency Directive took effect in November 2008 in Iceland. According to the directive, each member state must appoint a central storage to which issuers of securities operating in the area of the European Union must file their regulated information, including prospectuses, interim reports, financial statements, profit warnings and information dealing with changes in ownership.
The obligation to deliver regulated information to the Icelandic central storage applies to issuers of securities which have been admitted to trading on OMX Nordic Exchange Iceland and companies domiciled in Iceland of which securities are subject to trading in another country of the European Economic Area.
Published information must be delivered to the storage with their original attachments and different language versions in the same form as they were published to the market. Issuers of securities can either use an external service provider that automatically delivers the information to the central storage, or they deliver the information manually to the storage as long as the delivery takes place at the same time when the information is published.
The legal obligation to deliver regulated information to the central storage does not remove the obligation of issuers of securities to publish information as usual since delivering information to the storage is not the same as informing the market.