Agreement
Under the Rules of Procedure, SIX Exchange Regulation has the authority
to conclude a sanction proceeding by means of an agreement. Agreements are permissible if, among other things,
they would allow the public to be informed more rapidly or more fully than it would be the case with
sanction proceedings concluded in the regular manner. If the given issuer has already been sanctioned
within the past three years, or if a severe breach is involved, no possibility for an
agreement exists. All such
agreements have to
be published.
Sanction notice / Decision of the Sanction Commission
If an agreement is not possible, SIX Exchange Regulation may issue a reprimand or a fine within
the framework of a sanction notice. The
sanction notice
will be published once it becomes legally effective.
If in the case of a breach of the financial
reporting requirements that justifies a sanction, an agreement or sanction decision is not possible,
SIX Exchange Regulation will lodge a sanction request with the
Sanction Commission. In order to protect the
issuer's right to a legal hearing, this request will be forwarded to the issuer together with a
deadline for the submission of a statement of its position. Any such statement by the issuer
will be attached to the sanction request and presented without further comment to the independent
Sanction Commission for adjudication. The Sanction Commission has at its disposal a comprehensive
catalogue of sanction measures. All legally effective
decisions have to be
published.
Publication
Proceedings related to financial reporting are communicated to the public according to
Art. 4 DFR only after a sanction
notice is sent to the issuer or after a sanction request is submitted to the Sanction Commission.
Every agreement and all legally effective decisions are published by SIX Exchange Regulation in condensed form by
means of a media release. As a part of this, the release is actively disseminated as well as posted for a
three-year period under Media Releases on the SIX Exchange Regulation website. In addition, the
full version of decisions
and sanction notices will be published in anonymized form on the same website.
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