Ad hoc publicity

The aim of the ad hoc publicity provisions is to ensure that all current and potential market participants have equal opportunity to access potentially price-sensitive information (ad hoc publicity). This should ensure maximum transparency and equal treatment of market participants.

Legal basis and materials

The information that must be provided under ad hoc publicity pursuant to Art. 53 et seq. of the Listing Rules (LR) relates to potentially price-sensitive facts arising in an issuer's business activities.

Facts that are not known publicly and that (from an ex ante perspective) are capable of leading to a significant price change are classified as potentially price-sensitive.

The disclosure obligation pursuant to Art. 53 et seq. LR incumbent on an issuer in the event of the occurrence of a potentially price-sensitive fact is further specified in the Directive on Ad Hoc Publicity (Directive Ad Hoc Publicity, DAH) of 29 October 2008.

In addition, the commentary on the Directive on Ad Hoc Publicity (Commentary DAH) in the version of 1 November 2011 provides further explanations on the practice of the judicial bodies of SIX Swiss Exchange and SIX Exchange Regulations as regards ad hoc publicity.

Examples of potentially price-sensitive facts

As examples of potentially price-sensitive facts that must be disclosed under the ad hoc publicity provisions, if applicable, can be named:

  • financial figures
  • financial reports
  • changes in personnel in the Board of Directors or management
  • mergers
  • takeovers
  • spin-offs
  • restructuring operations
  • changes in capital
  • takeover bids
  • changes in business operations (e.g. new sales partners, new and significant products, withdrawal or recall of a significant product, etc.)
  • information on trading results (e.g. significant changes in earnings such as profit decrease/increase or profit warning, cessation of dividends, etc.)
  • significant changes to shareholder structure
  • financial restructuring

In general, any information that could have a substantial impact on the price falls under the rules governing ad hoc publicity. There is no exhaustive list of facts subject to ad hoc publicity. Issuers must therefore ask themselves in time if a planned or unexpected change could lead to significant price fluctuations on the Exchange.