Investor Communication and its Regulation

Since I’m not a lawyer, I’ll leave sorting out that side of things to others. However, I think it’s clear: 1) Analysts also regularly comment on market rumors that fall under inside information published by the media. Usually, of course, with an emphasis on the reliability of the media outlet, so not every news item from MV-Lehti qualifies as a source; 2) The morning report published by Osuuspankki, which has over three million customers, is comparable in its public exposure to many financial media outlets.

The original publisher of the information obviously has a major responsibility, at least in terms of verifying the authenticity of the message. Spoofing an email sender is the easiest thing in the world. If I were to send an email to analysts pretending to be Mikael Rautanen, thanking them for the years together and saying I’m stepping down from Inderes because Summa Defence bought the company in a share swap, or because I want to pursue a meaningful career as the manager of the Inderes House Band, it wouldn’t be desirable for an analyst to write a morning report news piece based on that.

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