Sanction Commission
The Sanction Commission can impose sanctions on natural and legal persons who/which are subject
to the Rule Book of SIX Swiss Exchange, respectively
Scoach Switzerland ,
the Listing Rules and the Additional Rules. It is
composed of between five and eleven members. The Chairman of the Sanction Commission and half of its
members are elected by the Regulatory Board,
with the remaining members appointed by the
Board of Directors of SIX Group Ltd.
The Sanction Commission rules on appeals against sanction decisions made by the investigative bodies. It
may refer the matter back to the responsible investigative body for regular sanction proceedings, or
instruct that body to examine the matter further.
Decisions on the suspension and exclusion of participants and traders, as well as on the suspension of
trading and delisting, may be referred to the Appeals Board. Appeals against other decisions may be
taken directly to the Board of Arbitration.
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Description
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Members of the Sanction Commission
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The Sanction Commission's actions are governed by the
Rules of Procedure.
Independent Appeals Board
The Stock Exchange Act[pdf] (Art. 9 SESTA)
requires the establishment of an independent appeals board to handle appeals against decisions on the
admission, suspension and exclusion of participants, as well as appeals against the admission and suspension
of traders and the revocation of trader registration. The Appeals Board also rules on appeals against
decisions concerning listing, the suspension of trading, and delisting.
Should its appeal be rejected, the appellant may then take the matter to the Board of Arbitration.
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Description
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Members of the Appeals Board
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The composition and actions of the Appeals Board are governed by the
Appeals Board Rules.
Board of Arbitration
The legal regulations governing listing, as well as the
Rule Book of SIX Swiss Exchange and of
Scoach Switzerland,
provide for a multi-tiered appeals procedure. For example, an appeal against
or
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a dispute between participants and the SIX Swiss Exchange,
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a dispute between participants,
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an imposed contractual penalty
is lodged initially with the Appeals Board or the Sanction Commission. Once a decision has been made by
the lower-level body, a complaint may ultimately be taken to the SIX Swiss Exchange Board of Arbitration. The
latter's decision is final and conclusive.
The Board of Arbitration is based in Zurich and comprises one chairman and two arbitrators, one appointed
by each of the parties in the individual case in question. The chairman and his deputy are appointed by
the President of the Swiss Federal Supreme Board for a four-year term of office.
The chairman may conduct verbal conciliation proceedings. The intercantonal concordat on arbitral jurisdiction
applies in all other respects.
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