Judicial bodies

The judicial bodies of SIX enforce the rules and decisions of the regulatory bodies if the procedure is not resolved by means of a sanction decision or concluded by SIX Exchange Regulation Ltd.

Sanctions Commission

The Sanctions Commission can impose sanctions on natural and legal persons who/which are subject to the Rule Books of SIX Swiss Exchange Ltd and/or SIX Repo AG, the Listing Rules and the Additional Rules. It is composed of between five and eleven members. The Chairman of the Sanctions Commission and half of its members are elected by the Regulatory Board; the remaining members are appointed by the Board of Directors of SIX.

The Sanctions Commission rules on appeals against sanction decisions made by SIX Exchange Regulation Ltd. It may refer the matter back to the responsible investigative body for regular sanction proceedings, or instruct that body to examine the matter further. 

Decisions on the suspension and exclusion of participants and traders, as well as on the suspension of trading and delisting, may be referred to the Appeals Board. Appeals against other decisions may be taken directly to the Board of Arbitration. 

The Sanctions Commission's actions are governed by the Rules of Procedure.

Members of the Sanctions Commission

Independent Appeals Board

The Financial Market Infrastructure Act (Art. 37 FMIA) requires the establishment of an independent appeals board to handle appeals against decisions on the admission and exclusion of participants, as well as appeals against the admission of traders and the revocation of trader registration. The Appeals Board also rules on appeals against decisions concerning listing, the suspension of trading and delisting.

Should its appeal be rejected, the appellant may then take the matter to the Board of Arbitration. 

The composition and actions of the Appeals Board are governed by the Appeals Board Rules.

Members of the Appeals Board

Board of Arbitration

The legal regulations governing listing, as well as the Rule Books of SIX Swiss Exchange Ltd provide for a multi-tiered appeals procedure. For example, an appeal against


  • disputes between participants and SIX Swiss Exchange
  • disputes between participants
  • contractual penalties imposed

is lodged initially with the Appeals Board or the Sanctions Commission. Once a decision has been made by the lower-level body, a complaint may ultimately be taken to the SIX Swiss Exchange Board of Arbitration. The latter's decision is final and conclusive.

The Board of Arbitration is based in Zurich and comprises one chairman and two arbitrators, one appointed by each of the parties in the individual case in question. The chairman and his deputy are appointed by the President of the Swiss Federal Supreme Court for a four-year term of office.

The chairman may conduct an oral procedure for reconciliation. The Swiss Federal Code of Civil Procedure (Schweizerische Zivilprozessordnung) is applicable to the arbitration proceedings.


Entry into force date: BEHG

Börsengesetz, German

Bundesgesetz vom 24. März 1995 über die Börsen und den Effektenhandel (Börsengesetz, BEHG)

Entry into force date: FMIA

Financial Market Infrastructure Act

Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Act, FMIA)