On 4 December 2025, SWE Courts said Court of Appeal confirmed decision on objection and penalty fee, right to issue reprimand to Nordnet Bank, impose fee of SEK 100mn on it.
- Court of Appeal, like Administrative Court in Stockholm, finds Nordnet has obligations under current regulations it has not complied with, it has not checked that there were enough shares available before allowing customers to short shares.
- This led to risk of short selling without coverage i.e. naked short selling (prohibited).
- The Court of Appeal's ruling means the decision on the reprimand and penalty fee remains in effect; the ruling can be appealed to the Supreme Administrative Court.
