I - Background

On 30 April 2021, the Regulatory Board announced the revision of certain provisions in the areas of ad hoc publicity and corporate governance (see Communiqué No. 3/2021). The revised provisions entered into force on 1 July 2021.

In its Communiqué dated 30 April 2021, the Regulatory Board also announced that, for security and confidentiality reasons, the Issuers Committee of the Regulatory Board has resolved that for the future issuers of primary-listed equity securities have to exclusively use the online platform CONNEXOR® Reporting for the transmission of ad hoc announcements to SIX Exchange Regulation AG.

The revision has an impact on the Directive on Ad hoc Publicity (DAH) and on the “Directive on the Use of the Electronic Reporting Platform to Fulfil Reporting Obligations Under Art. 9 of the Directive on Regular Reporting Obligations (DRPRO)”.

II - Amendments

The newly introduced Art. 12a DAH defines the form and content of the transmission to SIX Exchange Regulation AG. Issuers of primary-listed equity securities must now use the online platform CONNEXOR® Reporting for transmission of their ad hoc announcements to SIX Exchange Regulation AG. If CONNEXOR® Reporting is unavailable for technical reasons, the issuer may exceptionally transmit ad hoc announcements to SIX Exchange Regulation AG by e-mail.

Issuers of derivatives, bonds, conversion rights, collective investment schemes and secondary-listed equity securities can continue to submit ad hoc announcements to SIX Exchange Regulation AG by e-mail.

The amendment relates exclusively to the transmission of the ad hoc announcement to SIX Exchange Regulation AG. SIX Exchange Regulation AG does not publish ad hoc announcements for issuers. The other addressees in accordance with Art. 7 et seqq. DAH must continue to be served as before. Further, the distribution of ad hoc announcements to all addressees must continue to take place simultaneously (Art. 10 para. 2 DAH).

In addition to the DAH, the “Directive on the Use of the Electronic Reporting Platform to Fulfil Reporting Obligations Under Art. 9 of the Directive on Regular Reporting Obligations (DRPRO)” has also been selectively amended to reflect the transmission of ad hoc announcements via CONNEXOR® Reporting. 

III - Entry into force and transition period

The revised provisions will enter into force on 1 October 2021. As of this date, it will be possible to register users for CONNEXOR® Reporting for the transmission of ad hoc announcements. Issuers of primary-listed equity securities will have time until 31 December 2021 register themselves and to adjust their internal requirements and processes. During the three-month transition period, issuers of primary-listed equity securities may continue to submit ad hoc announcements to SIX Exchange Regulation AG by e-mail. As of 1 January 2022, all issuers of primary-listed equity securities will be obliged to transmit ad hoc announcements via CONNEXOR® Reporting to SIX Exchange Regulation AG.

IV - Outlook

SIX Exchange Regulation AG will soon provide information on the registration process for CONNEXOR® Reporting for the transmission of ad hoc announcements, which will start on 1 October 2021. Detailed instructions regarding the registration and use of CONNEXOR® Reporting for the transmission of ad hoc announcements to SIX Exchange Regulation AG will be provided.