19 Sanctions

¹ The following sanctions may be imposed:

1. against a participant: reprimand, suspension or exclusion; fine and/or contractual penalty of up to CHF 10 million;
2. against a trader: reprimand, suspension or revoking of registration.

² Decisions on the imposing of sanctions shall take into account the gravity of the violation, the degree of fault, and any previous sanctions imposed on the participant or trader.

³ The sanctions imposed on participants or traders, as well as the underlying violations, may be disclosed to the public and other participants.