B. Powers of the Regulatory BoardArt. 3
Decision-making powers and surveillance tasks 1 Pursuant to Art. 8 of the Federal Stock Exchange and Securities Trading Act (SESTA), the Regulatory Board decides on the admission (including provisional admission of securities to trading), as well as the allocation of securities to the individual SIX Swiss Exchange regulatory standards. 2 It may set criteria according to which certain securities or categories of securities are to be traded on stock exchanges that SIX Swiss Exchange arranges in conjunction with domestic or foreign third parties. 3 It is the most senior supervisory body ensuring that issuers fulfil their obligations during listing. 4 It rules on the suspension of trading, as well as the termination and cancellation of listing, provided such steps are not intended as sanctions. 5 It may issue regulations on the use by issuers of the electronic publication platform referred to in Art. 19 para. 1 of the Swiss Federal Banking Commission Ordinance on Stock Exchanges and Securities Trading of 25 June 1997 (disclosure of shareholdings). 6 It may issue provisions on disclosures, as well as changes to the rights associated with the securities and with the corporate calendar and, specifically, require issuers to use a SIX Swiss Exchange electronic platform to transmit information. 7 The Regulatory Board will take the interests of market participants, investors and issuers into account in its activities. See also:Art. 4
Implementing provisionsThe Regulatory Board may issue Directives governing the details of how the Listing Rules and Additional Rules are to be applied. See also:Art. 5
Circulars and Communiqués1 The Regulatory Board and SIX Exchange Regulation may explain their practice by means of Circulars. 2 The entry into force of new provisions or amendments to them, as well as the publication of individual decisions or fundamental changes to practice, are announced in the form of Regulatory Board and SIX Exchange Regulation Communiqués. Art. 6
Duties to provide information1 In fulfilling their tasks, the Regulatory Board and the SIX Exchange Regulation Division may demand that issuers and/or guarantors provide all the information that is necessary for investors to assess the characteristics of the securities and the quality of the issuer and/or the guarantor, to monitor compliance with the rules and regulations of the Regulatory Board, and to investigate any breaches. Issuers and/or guarantors may be required to present relevant documentation to this end. 2 When reviewing listing applications, the Regulatory Board and the SIX Exchange Regulation Division may, in particular, demand explanations and further information, as well as additional documentation. Having informed the issuer accordingly, it may also obtain legal opinions and statements from third parties. The costs that are incurred may be charged to the applicant. 3 The Regulatory Board and the SIX Exchange Regulation Division may demand that the issuer and/or guarantor publish certain information. 4 If the issuer and/or guarantor does not make a disclosure that has been required of it by the Regulatory Board or the SIX Exchange Regulation Division, the Regulatory Board or the SIX Exchange Regulation Division may, having granted a legal hearing, publish the information itself if it is able to do so. 5 Those concerned are obliged to cooperate. Art. 7
Exemptions1 The Regulatory Board may authorise exemptions from certain provisions of these Listing Rules, provided this is not against the interests of the investors or the stock exchange, and provided the applicant can provide evidence that the purpose of the provisions in question can be served satisfactorily by other means. 2 Requirements and conditions may be attached to the authorisation of an exemption.
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