Varma’s customers include companies who have issued shares, securities or other financial instruments that are or will be listed on the stock exchange or another regulated market place or multilateral trading facility.
- These companies shall be referred to hereinafter as “listed company” – most commonly referring to a company whose share is listed on the Helsinki Stock Exchange.
- Bonds can also be listed on the stock exchange – for example, the public debt issue of a co-operative, in which case the co-operative will also fall within the scope of the notion of “listed company”.
- Hereinafter, the shares, bonds, securities and other financial instruments of a listed company shall be referred to as “listed securities”.
Information about listed companies may contain yet-to-be-disclosed, market-influencing facts, the disclosure and use of which, as inside information, is always prohibited.
- The insider trading prohibition applies to all trades and other transactions in listed securities – including those taking place as bilateral transactions outside the stock exchange or another market place.
- The prohibition does not apply to unlisted companies and these guidelines do not immediately concern them – however, information about unlisted companies is also always confidential and treated as Varma’s business secrets.