Means of legal redress

Below is an overview of the means of legal redress open to issuers against decisions of SIX Exchange Regulation or the Sanctions Commission.

Sanction decisions of SIX Exchange Regulation may be appealed to the Sanctions Commission within 10 trading days of notification of the decision. Decisions of the Sanctions Commission may in turn be appealed by complaint to SIX Swiss Exchange Board of Arbitration within 20 trading days.

However, if the Sanctions Commission decides upon sanctions within the context of Art. 61(3) and (4) Listing Rules (LR) (suspension of trading and delisting) or the exclusion of participants and revocation of a trader's registration, the decision may be appealed to SIX Swiss Exchange Appeals Board. Appeals must be lodged within 20 trading days after notification of the decision.

Legal redress may be sought only in the case of final decisions. Legal redress generally has suspensive effect. In order to safeguard the securities markets' ability to function properly, as well as to ensure transparency and the equal treatment of all market participants, the Sanctions Commission may revoke the suspensive effect of an appeal.

Other means of legal redress

may lodge an appeal with the Appeals Board within 20 trading days after notification of the decision. If the decision is published, the period for appeal begins at the time of publication. The Appeals Board may grant suspensive effect to the appeal; however, this does not apply to decisions pursuant to Art. 57 LR. Appeals against the decisions of the Appeals Board may, in turn, be lodged with the SIX Swiss Exchange Board of Arbitration within 20 trading days.   

SIX Swiss Exchange regulates the composition and the procedures of this Appeals Board in separate rules.