The Sanctions Commission and SIX Exchange Regulation publish legally enforceable sanction decisions/sanction notices in anonymized form.
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 Corporate Bonds AG and/or Repo AG and directives are breached.
Pursuant to Section 20 of the Rule Book of SIX Swiss Exchange Ltd and Section 18 of the Rule Book of SIX Corporate Bonds AG or Section 17 of the Rule Book of SIX Repo 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.