III. Disclosure modalities
Time of disclosure
A potentially price-sensitive fact within the meaning of Art. 53 para. 1 LR must be disclosed by the issuer as soon as it has knowledge of the main points (Art. 53 para. 2 LR).
Principle of equal treatment
The public must be notified in order to ensure that all market participants have the same opportunity to become aware of potentially price-sensitive facts. Selective notification of market participants constitutes a violation of the principle of equal treatment.
At the very least, ad hoc notices must be distributed to the following:
- SIX Exchange Regulation (90 minutes ahead of time if published during trading hours);
- at least two electronic information systems widely used by professional market participants (e.g. Bloomberg, Reuters, Telekurs);
- at least two Swiss newspapers of national importance;
- all interested parties upon request (Art. 8 below).
1 The issuer must provide a service on its Website that allows interested parties to receive, via e-mail distribution, free and timely notification of potentially price-sensitive facts (push system).
2 The link for registering with this e-mail distribution service must be communicated to SIX Exchange Regulation so it can publish the link on its Website.
1 When a published ad hoc notice is distributed, it must simultaneously be made available on the issuer’s Website pursuant to Art. 7 and remain available there for a period of two years (pull system).
2 The path to the directory containing ad hoc notices must be communicated to SIX Exchange Regulation so it can publish the path on its Website.
1 The issuer may decide at its own discretion whether to fulfil its disclosure obligations itself or instruct a third party to do so.
2 In either case, the issuer is responsible for the proper fulfilment of its obligations. In particular, it must ensure simultaneous distribution to all addressees.
Critical trading hours
Whenever possible, a notice containing potentially price-sensitive information should be published 90 minutes before the start of trading or after the close of trading.
1 The notice must be forwarded to SIX Exchange Regulation at the latest when it is made available to the public.
2 If, in exceptional cases, publication during trading hours or less than 90 minutes before the start of trading is unavoidable, the notice intended for publication must be sent to SIX Exchange Regulation at least 90 minutes prior to the scheduled time of publication.
Role of SIX Exchange Regulation
SIX Exchange Regulation uses the notice exclusively for purposes of monitoring the market.
The ad hoc notice must be written in at least one of the following languages: German, French or English.