Principle and Organisation

Swiss law requires that stock exchanges issue, monitor and enforce these regulations for their issuers and participants.

SIX, which is the umbrella organization for the stock exchange SIX Swiss Exchange Ltd and trading facility SIX Repo Ltd, endeavors to keep regulatory functions and operational business strictly separate. As part of its regulatory tasks under stock exchange law, it also maintains a distinction between rule making, rule enforcement and adjudication. Three specific regulatory bodies have been created for this purpose: the Regulatory Board; the Sanctions Commission, Appeals Board and Board of Arbitration as judicial bodies; and SIX Exchange Regulation Ltd.

While the Regulatory Board handles rule-making for issuers and participants (incl. traders), and adjudication is a matter for the three judicial bodies mentioned above, as an independent subsidiary of the Group, SIX Exchange Regulation is responsible for enforcing rules.  

Schematic overview of regulatory bodies

Overview of regulatory bodies

Overview of regulatory bodies