| Tittel: | Om avnotering enligt svensk rätt | | Ansvar: | Erik Lidman | | Forfatter: | Lidman, Erik  | | Materialtype: | Artikkel - elektronisk | | Signatur: | Nordisk tidsskrift for Selskabsret | | Utgitt: | København : DJØF Forlag, 2024 | | Omfang: | S. 240-263 | | Serie: | Nordisk tidsskrift for Selskabsret ; 4/2024 | | Emneord: | Aksjer / Børsrett | | Geografiske emneord: | Sverige | | Innhold: | The Swedish stock market has grown significantlyover the last twenty years, with the number of listed companies increasing from just over three hundred to over one thousand, making it the largest market in the EU. As a consequence of the growth of the market and a high activity of takeover bids and mergers, the composition is changing dynamically, and delistings are thus becoming a natural part of the market dynamics. Historically, however, issuers that disappeared from the market had been the subject of a successful takeover bid or, in some cases, as a result of the marketplace’s decision to delist due to insolvency or serious breaches of listing rules. Today, delisting on the issuer’s own initiative has become more common. An orderly delisting procedure is an important element of investor protection in the market, as the consequences of delisting a share are significant in a number of ways: much of the investor protection available in a stock market is lost following a delisting, access to orderly and efficient trading and price formation is generally missing, and for some investors there are also legal barriers to holding securities when they become unlisted. It must also be presumed that anyone acquiring shares in a listed company does so on the assumption that there is a functioning market for the company’s shares and that the company will be subject to the specific requirements of the stock market until the listing requirements are no longer met, and a regime that does not protect this interest is likely to damage confidence in the market and raise the capital cost. No comprehensive review of the Swedish regulation of delisting has been carried out by regulators or legal scholars for a long time. Furthermore, in the practical discussion it has been questioned whether the regulation is adapted to the development of the market, especially with regard to the relatively large proportion of smaller companies that are now listed in Sweden with special challenges in terms of trading depth and liquidity. This article aims to provide a structured description of the Swedish regulation of delisting and, by comparing it with the regulation in our Nordic neighbours and some other European jurisdictions, to say something about possible application problems and point to possible solutions. The conclusion is that Swedish delisting regime aligns with what we see in the larger European and Nordic jurisdictions, but that there may be reasons for slight adjustments.
Den svenska aktiemarknaden har vuxit kraftigt under de senaste tjugo åren, och antalet noterade bolag har ökat från drygt tre hundra till fler än ett tusen, vilket gör den till EU:s största aktiemarknad. Som en följd av marknadens tillväxt har också antalet avnoteringar ökat. Det är en naturlig del av marknadsdynamiken med bland annat ett stort antal offentliga uppköpserbjudanden och företagssammanslagningar. | | Del av verk: | Nordisk tidsskrift for selskabsret 4/2024 |
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