3.2 Surveillance & Enforcement proceedings

¹ In the context of a preliminary investigation, Surveillance & Enforcement will examine whether or not sufficient indications exist to conduct a formal investigation.

² If there are sufficient indications of a violation of rules and regulations as described in Point 1.1 para. 1 lit. a, an investigation will be initiated. The Parties Concerned (i.e. the participant and in some cases also its traders) will be informed in writing that an investigation has been initiated. No appeal may be lodged against the initiation of an investigation.

³ During the investigation, Surveillance & Enforcement will ascertain the facts of the matter to the extent necessary to justify a sanction notice or a proposal to the Sanction Commission. The Parties Concerned (the participant and in some cases also its traders) will have the opportunity during the investigation to state its/their position in writing.

⁴ The supervisory authority will be notified of the commencement and conclusion of investigations.