SIX Exchange Regulation AG does not provide legal advice on the implementation of the revised provisions.
Disclosure requirement applicable to ad hoc announcements pursuant to Art. 53 Listing Rules (LR):
When will it be necessary to flag ad hoc announcements?
As of 1 July 2021, an ad hoc announcement must be classified as such (“flagging”).
How are ad hoc announcements to be flagged?
When the ad hoc announcement is published, it must be flagged with the preface of “Ad hoc announcement pursuant to Art. 53 LR”. The Regulatory Board has not specified how this flagging is to be carried out in concrete terms (i.e. visually), and this is at the discretion of the issuer. The flagging must however be clearly recognisable as such.
New directory for ad hoc announcements: How should the directory be designed?
As of 1 July 2021, future ad hoc announcements pursuant to the revised Art. 9 para. 1 Directive Ad hoc Publicity (DAH) must be posted in a corresponding directory on the issuer's website.
- The directory must be easy to find on the issuer’s website.
- Each published ad hoc announcement must be made available, together with the date of distribution, in the directory.
- The published ad hoc announcements must be listed in the directory in chronological order.
- The directory may also include other announcements not classified as ad hoc, provided there is an option for displaying the ad hoc announcements only using a filter function.
- Ad hoc announcements published before 1 July 2021 do not have to be moved to the new directory or marked for the filter function.
When ad hoc announcements are published in the directory, appropriate reference must be made to their classification as “Ad hoc announcements pursuant to Art. 53 LR”, or to the filter function.
Each ad hoc announcement must be available in the directory for ad hoc announcements for three years after publication.
Quiet periods (Annex clause 10 Directive Corporate Governance (DCG)):
From which financial year onwards must information on general quiet periods (“blackout periods”) be provided in the annual report?
According to Art. 8 Directive Corporate Governance (DCG), the conditions on the balance sheet date constitute the deciding factor in terms of the information that must be disclosed. Important changes occurring between the balance sheet date and the copy deadline for the annual report should be indicated in an appropriate form.
The online platform Connexor Reporting as a new transmission tool for ad hoc announcements to SIX Exchange Regulation AG:
By which issuers and when are ad hoc announcements to be transmitted to SIX Exchange Regulation AG via Connexor Reporting?
As of 1 October 2021, issuers of primary-listed equity securities will be required to use the online platform Connexor Reporting to submit their ad hoc announcements to SIX Exchange Regulation AG. Issuers of derivatives, bonds, conversion rights, collective investment schemes and secondary-listed equity securities may continue to submit ad hoc announcements to SIX Exchange Regulation AG by e-mail.
Why was Connexor Reporting introduced as a tool for transmission to SIX Exchange Regulation AG?
For security and confidentiality reasons, the Issuers Committee of the Regulatory Board has resolved that issuers of primary-listed equity securities must in future use the online platform Connexor Reporting exclusively for the transmission of ad hoc announcements to SIX Exchange Regulation AG. The (unencrypted) e-mails previously used to transmit ad hoc announcements to SIX Exchange Regulation AG no longer meet the required security and confidentiality standards.
Will Connexor Reporting replace the reporting obligation to other addressees?
No, Connexor Reporting will not replace the reporting obligation to other addressees. Connexor Reporting will serve only to ensure secure and confidential transmission of ad hoc announcements to SIX Exchange Regulation AG. The ad hoc announcements will not be forwarded internally or externally, or published, by SIX Exchange Regulation AG. The distribution of ad hoc announcements must continue to comply with the provisions of Art. 7 et seqq. Directive Ad hoc Publicity (DAH).
Will information be provided regarding the introduction of Connexor Reporting for the transmission of ad hoc announcements to SIX Exchange Regulation AG?
Yes, further details on the introduction and implementation, including an appropriate transition period, will be communicated in good time via a press release and posted on the SIX Exchange Regulation AG website.
Applicability of the provisions: Will the revised provisions be applicable retroactively?
The Regulatory Board has not commented on the question of retroactivity. It is to be assumed that the new provisions and adjustments introduced with the revision will not have any retroactive effect.
Revision of the commentary on the Directive on Ad hoc Publicity:
Will the commentary be revised and if so, when will the new version be available?
Yes, the commentary on the Directive on Ad hoc Publicity will be revised by the end of 2021. The timetable for the revision has not yet been defined. The revised version will be posted on the SIX Exchange Regulation AG website.
Where can I find more information about the current revision of the stock exchange regulations?
Further information can be found in the Regulatory Board Communiqué No. 3/2021 of 30 April 2021 and the Issuers Committee Circular No. 1 of 30 April 2021.
How can I contact SIX Exchange Regulation AG individually in connection with ad hoc publicity?
Details of how to contact SIX Exchange Regulation AG on an individual basis can be found on our website.