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.
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
Parties wishing to appeal decisions regarding:
- suspension of trading (except for sanction decisions pursuant to Art. 61(3) LR)
- cancellation of listing (except for sanction decisions pursuant to Art. 61(4) LR)
- appointment as an auditing firm pursuant to Art. 13 LR or
- admission as a recognized representative pursuant to Art. 43 LR
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.
Reglement Beschwerdeinstanz (revidiert), German
Reglement für die Beschwerdeinstanz der Handelsplätze von SIX
Appeals Board Rules
Rules for the Appeals Board of the trading venues of SIX
Rules of Procedure
Rules of Procedure