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Third-party leads regarding issuers' possible violation of the financial reporting requirements

  1. How can I pass on information to SIX Exchange Regulation about possible breaches of financial reporting requirements by issuers?
  2. Can I talk to someone at SIX Exchange Regulation and provide information verbally?
  3. What types of suspected breach are relevant to SIX Exchange Regulation?
  4. Do I need to be a shareholder in the company in order to provide information?
  5. Will my name be disclosed to the company or to any other party?
  6. What does SIX Exchange Regulation do when it receives this information?
  7. How can I find out what happened after I provided my information? Will I be kept informed of progress and any official proceedings? Where can I find out the consequences of my providing information?
  8. What can I do to speed up the process?

1. How can I pass on information to SIX Exchange Regulation about possible breaches of financial reporting requirements by issuers?

  • SIX Exchange Regulation is pleased to receive information. It is best reported to SIX Exchange Regulation's Financial Reporting team using the contact form.
  • It is important that you formulate this information clearly and comprehensibly. Ideally, you should be as specific as possible about which financial reporting requirements have been infringed.
  • More information about monitoring compliance with financial reporting requirements and the related enforcement activities on financial reporting can be found at "Financial Reporting".
  • SIX Exchange Regulation states explicitly that the opportunity to provide SIX Exchange Regulation with information on possible breaches of financial reporting requirements does not constitute an incitement to contravene any laws or contractual agreements.

2. Can I talk to someone at SIX Exchange Regulation and provide information verbally?

Yes. However, it is better to contact SIX Exchange Regulation in writing with information about possible breaches of financial reporting by issuers, to ensure that all of the facts are set out clearly.

3. What types of suspected breach are relevant to SIX Exchange Regulation?

  • Significant shortcomings in the application of financial reporting standards (particularly IFRS, US GAAP and Swiss GAAP FER) in the annual and interim financial statements of companies that issue equity securities and have their primary listing on the SIX Swiss Exchange. Please also refer to Directive Financial Reporting Arts. 6 ff.

4. Do I need to be a shareholder in the company in order to provide information?

No. Anyone can pass information about breaches of financial reporting regulations by listed companies to SIX Exchange Regulation.

5. Will my name be disclosed to the company or to any other party?

SIX Exchange Regulation will treat your information in the strictest confidence within the applicable legal order.

6. What does SIX Exchange Regulation do when it receives this information?

Information received is reviewed by SIX Exchange Regulation's Financial Reporting team. Where there are significant grounds to suspect that financial reporting does not comply with the applicable financial reporting standards, the issuer's reporting is examined in greater detail and preliminary investigations are made. If indications of a breach of regulations continue to exist even after the issuer has submitted its response to the preliminary investigations, SIX Exchange Regulation will open an investigation against the issuer. This investigation concludes with a comment letter to the issuer, a settlement or sanction proceeding. The process is explained schematically.

7. How can I find out what happened after I provided my information? Will I be kept informed of progress and any official proceedings? Where can I find out the consequences of my providing information?

Information on proceedings that are ongoing is confidential and therefore cannot be released. Settlements and legally binding sanction decisions are communicated in media releases. The sanctions and agreements published as part of the enforcement of financial reporting requirements can be found in summary form among the media releases. In addition, the Sanctions Commission and SIX Exchange Regulation publish the full text of decisions that have entered legal force in anonymised form.

8. What can I do to speed up the process?

Describe the case as clearly as possible and state why you believe there has been a significant breach of the applicable financial reporting requirements. The information you give must, as a minimum, include the issuer concerned, the reporting period and a description of the facts. Ideally, you should give the precise provision of the financial reporting standard you believe has been infringed (e.g. IAS 19p29). At the very least, you should state whether the breach concerns provisions relating to allocation, valuation, presentation and/or disclosure. It is also helpful if you give us your telephone number so that we can contact you if we have any further questions.