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 exchanges SIX Swiss Exchange and SIX Structured Products Exchange and the organization similar to an exchange SIX Corporate Bonds AG, 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 the SIX Exchange Regulation division.

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 a unit within the Group, SIX Exchange Regulation is responsible for enforcing rules.  

Schematic overview of regulatory bodies

Overview of regulatory bodies