Fine against Alcon Inc.

The Sanctions Commission of SIX Group AG has sanctioned Alcon Inc. with a fine of CHF 100’000 for breaching the provisions on ad hoc publicity negligently.

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SIX Exchange Regulation AG (SER) which is responsible for monitoring and enforcing stock exchange regulations concerning listed companies, opened an investigation against Alcon Inc. on 27 January 2023 after having conducted a preliminary inquiry. The reason hereof was the ad hoc announcement published on 23 August 2022 “Alcon to Acquire Aerie Pharmaceuticals, Inc., Enhancing its Ophthalmic Pharmaceutical Portfolio”. Having completed a thorough investigation, SER submitted a sanction proposal to the Sanctions Commission of SIX Group AG. Considering the sanctions proposal and the arguments of the Company, the Sanctions Commission sanctioned Alcon Inc. by decision dated 10 August 2023 with a fine in the amount of CHF 100'000. The decision of the Sanctions Commission of SIX Group AG became legally binding after Alcon Inc. chose not to appeal.

The Sanctions Commission of SIX Group AG largely concurred with SER’s sanction proposal regarding the alleged violations of the Listing Rules and the Directive on Ad hoc Publicity (DAH). It held that, due to a human error of an external service provider, for the acts of which Alcon Inc. bears responsibility according to the regulations, the distribution of the ad hoc announcement dated 23 August 2022 was not in full compliance with the regulatory requirements. The delayed operation of the e-mail distribution (push system) at 11.25 am violates Art. 7 DAH in connection with Art. 8 DAH and Art. 10 para. 2 DAH and consequently also Art. 6 DAH.

The degree of fault has been qualified as negligent, the severity of the breach as “serious but not as severe”. In determining the level of fines, the Sanctions Commission of SIX Group AG considered the impact of the sanction on the party concerned.

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 Alcon Inc.

The Sanctions Commission of SIX Group AG has sanctioned Alcon Inc. with a fine of CHF 100’000 for breaching the provisions on ad hoc publicity negligently.