If this is not dismissed after initial clarification, a case will be opened. MS will continue investigations, asking for data from the relevant market participant(s), and if relevant, other parties or authorities such as Transmission System Operators (TSOs).

If the suspicion cannot be invalidated a report will be sent to the relevant supervisory authority (Kredittilsynet, NVE or both).

If any investigations lead to the conclusion of a performed breach on the market conduct rules at the financial market, the case will be brought forward to the Disciplinary committee, that will make recommendations to the Nord Pool ASA Board of Directors as to the level of possible sanctions. Any sanction made by the board will then be published.

If investigations lead to the conclusion of a performed breach on the trading rules at the physical market the decision as to issue sanctions will be made by the CEO of Nord Pool Spot. Any sanction will also be made public.

Any sanctions made by Nord Pool ASA can be appealed to the Exchange Appeal Board, which is a publicly appointed and independent appeal body for exchanges' administrative decisions, common to all Norwegian exchanges and authorised market places.