Where the regulations are breached, sanctions may be imposed by both departments of SIX Exchange Regulation, Listing & Enforcement and Surveillance & Enforcement (SVE), and by the Sanctions Commission.
Listing & Enforcement and the Sanctions Commission may impose sanctions on issuers, guarantors and recognized representatives if the provisions of the Listing Rules and their implementing provisions are infringed.
Sanctions may be imposed in the following cases in particular:
- ad hoc publicity
- financial reporting
- regular reporting obligations
- corporate governance
- management transactions
Pursuant to Art. 61(1) LR the following sanctions may be imposed:
- fine of up to CHF 1 million (in cases of negligence) or CHF 10 million (in cases of wrongful intent)
- suspension of trading
- delisting or reallocation to a different regulatory standard
- exclusion from further listings
- withdrawal of recognition
The above-mentioned sanctions may be imposed on a cumulative basis.
The Sanctions Commission may impose sanctions on participants and the trading surveillance department Surveillance & Enforcement (SVE) may impose sanctions on traders if the provisions of the Rule Book of SIX Swiss Exchange Ltd, SIX Structured Products Exchange Ltd and/or SIX Corporate Bonds AG and directives are breached.
Pursuant to Section 19 of the Rule Book of SIX Swiss Exchange Ltd, Section 18 of the Rule Book of SIX Structured Products Exchange Ltd and Section 19 of the Rule Book of SIX Corporate Bonds AG, the following sanctions may be imposed:
- fines and/or contractual penalties of up to CHF 10 million
- revocation of registration
Rule Book - SIX Corporate Bonds AG
The Rule Book aims to ensure equal treatment of investors and participants, as well as the transparency and proper functioning of securities trading on SIX Corporate Bonds.