Updated SER website

intuitive & efficient - reach your destination faster

We Regulate the Swiss Stock Exchange

SIX Exchange Regulation (SER) ensures the integrity and transparency of the Swiss stock market. As an independent authority, we regulate and supervise listings, disclosure and reporting obligations, as well as trading activities.

SER is an independent, autonomous unit within the SIX Group reporting directly to the Chairman of the Board of Directors. Under the supervision of FINMA and in accordance with applicable laws and regulations, SER oversees and regulates trading, issuers and market participants on the Swiss stock exchanges. Rules are issued by the Regulatory Board itself.

Our Objectives

We promote trust, security and stability in the Swiss capital market by:

  • ensuring legal certainty, consistency, and reliability
  • safeguarding fairness and transparency for investors
  • supporting market stability and efficiency

Our Responsibilities

We review prospectuses and approve listings, monitor fulfilment of reporting obligations, and ensure that trading complies with the rules. Reporting obligations of listed companies include corporate reporting, ad hoc publicity disclosure of management transactions and significant shareholdings. When we identify breaches of the rules, we initiate appropriate proceedings and sanctions.

Our Organisation

SIX Exchange Regulation (SER) is an independent organisational unit within the SIX Group, clearly separated from the operational business of the exchange. This structural and functional separation ensures that regulation, supervision, and enforcement are conducted independently, objectively, and free of conflicts of interest – a central principle of independence and the separation of powers.

SER is structured into two core divisions: Listing & Enforcement and Surveillance & Enforcement:

  • Listing & Enforcement is responsible for the admission of companies and securities to trading, as well as the enforcement of disclosure and reporting obligations.
  • Surveillance & Enforcement continuously monitors trading on the SIX Swiss Exchange and examines potential breaches of market conduct rules.
org chart

Both divisions work closely together to safeguard the integrity, transparency and fairness of the Swiss capital market.

Sanctions and Use of Fines

The SIX Sanctions Commission can impose measures on listed companies and other market participants, including traders and reporting agents – ranging from warnings and suspensions to fines of up to CHF 10 million. Decisions may be appealed to the independent Appeals Board and to the SIX Arbitration Court, which issues final rulings.

Fines do not benefit SIX; they are fully allocated to research projects in the Swiss financial centre and to certified charitable organisations.