IV. Suspension of trading and delisting
Suspension of trading
The SIX Exchange Regulation Division may temporarily suspend the trading of securities at the request of the issuer or on its own initiative if unusual circumstances, specifically the breach of important disclosure obligations by the issuer, indicate that such a suspension is advisable.
1 The Regulatory Board may cancel the listing of securities in the following cases:
- following a justified application by an issuer, whereby the Regulatory Board must take into account the interests of stock exchange trading, investors and the issuer. The Regulatory Board may make delisiting conditional upon due notice and the observance of appropriate waiting periods. In any event, proof must be submitted that the responsible bodies within the issuer agree to the delisting;
- if the solvency of the issuer is in serious doubt, or insolvency or liquidation proceedings have already commenced, the securities will be delisted no later than the time at which their tradability is no longer guaranteed;
- if the Regulatory Board deems that there is no longer a sufficiently liquid market in the securities;
- if trading has been suspended for a continuous three-month period, and the reasons for the suspension continue to exist;
- if the listing requirements set out in Art. 26 are no longer fulfilled.
2 If the auditors do not fulfil the requirements set out in Art. 13, SIX Exchange Regulation will require the issuer to appoint, within a reasonable period, an audit firm that satisfies the provisions laid down in Art. 13. The period that has been granted may be extended for important reasons. If the issuer does not provide proof that the auditors are admitted as a state-supervised audit firm in accordance with Art. 7 or 8 AOA within the period granted, the Regulatory Board will instigate delisting proceedings.
3 In its proceedings, the Regulatory Board will take into account any legal proceedings under federal law, in particular those pertaining to the Commercial Register Ordinance.