Fine against IGEA Pharma N.V.

The Sanctions Commission of SIX Group AG has sanctioned IGEA Pharma N.V. with a fine of CHF 100’000 for a possible wilful breach of the listing rules.

Menu Schliessen

SIX Exchange Regulation AG (SER) which is responsible for monitoring and enforcing stock exchange regulations concerning listed companies, opened an investigation against IGEA Pharma N.V. on 2 September 2022. The reason hereof was the failure to publish the annual report 2021 within the regulatory and repeatedly extended deadline. Having completed the investigation, SER submitted a sanction proposal to the Sanctions Commission of SIX Group AG. The Sanctions Commission of SIX Group AG sanctioned IGEA Pharma N.V. by decision dated 31 January 2023 with a fine in the amount of CHF 100’000.

The Sanctions Commission of SIX Group AG largely concurred with SER’s sanction proposal regarding the alleged violations of the Listing Rules (LR), the Directive Regular Reporting Obligations and the Directive Financial Reporting. It held that, IGEA Pharma N.V. has failed to publish and file the Annual Report 2021 with SER within the deadline set out in the regulations and extended several times, the last of which ended on 31 August 2022. IGEA Pharma N.V. published and filed the Annual Report 2021 on 20 October 2022, in violation of the Listing Rules (Art. 49 para. 1 Listing Rules in conjunction with Art. 9 para. 2.01 (1) Directive Regular Reporting Obligations and Annex 1 para. 2.01 (1) Directive Regular Reporting Obligations and Art. 10. para. 1 Directive Financial Reporting).

In determining the sanction, the Sanctions Commission of SIX Group AG took into account the degree of fault, the severity of the breach and the sensitivity to a sanction. The decision of the Sanctions Commission of SIX Group AG became legally binding after IGEA Pharma N.V. chose not to appeal.

If you have any questions, please contact
Hrvoje Tkalcec, Head Communications & Media Relations.
Phone: +41 58 399 2267
Email: ser_media@six-group.com

SIX Exchange Regulation AG is a legally independent company of SIX Group and of one the Regulatory bodies of the SIX trading venues. It performs the functions assigned under Swiss federal law and enforces the rules laid down by the Regulatory Board, and monitors compliance with legal and regulatory requirements. As part of its diverse remit, SIX Exchange Regulation AG submits proposals for sanctions to the Sanctions Commission or can enact sanction notices. SIX Exchange Regulation AG consists of the divisions Listing & Enforcement, responsible for regulating issuers, and Surveillance & Enforcement, which monitors trading.
www.ser-ag.com

SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
www.six-group.com

Media Release

Fine against IGEA Pharma N.V.

The Sanctions Commission of SIX Group AG has sanctioned IGEA Pharma N.V. with a fine of CHF 100’000 for a possible wilful breach of the listing rules.