Fine against Orell Füssli Ltd

The Sanctions Commission of SIX Group AG has sanctioned Orell Füssli Ltd with a fine of CHF 100’000 for several negligent breaches and a gross negligent breach of the provisions on ad hoc publicity.

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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 Orell Füssli Ltd on 17 March 2023 after having conducted a preliminary inquiry. Having completed a thorough investigation, SER submitted a sanction proposal to the Sanctions Commission of SIX Group AG. The Sanctions Commission of SIX Group AG sanctioned Orell Füssli Ltd by decision dated 9 November 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 Orell Füssli Ltd 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 (LR) and the Directive on Ad hoc Publicity. It held that Orell Füssli Ltd violated the provisions on ad hoc publicity by not complying with the flagging obligation and by failing to flag various ad hoc announcements with the wording provided for by Art. 53 para. 2^bis LR. Further the Sanctions Commission of SIX Group AG held that Orell Füssli Ltd violated the provisions in connection with the ad hoc announcement dated 10 March 2022, because the annual report 2021 was accessible for a Webcrawler in advance on 9 March 2022 on an inadequately protected area in the background of the issuer’s website.

In connection with the violation of the flagging obligation, the degree of fault has been qualified as negligent and the breach as clear but not severe. With regard to the premature availability of the annual report 2021, the degree of fault of the responsible third-party provider which was attributed to the issuer has been qualified as gross negligent and the breach as clear and 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 Orell Füssli Ltd

The Sanctions Commission of SIX Group AG has sanctioned Orell Füssli Ltd with a fine of CHF 100’000 for several negligent breaches and a gross negligent breach of the provisions on ad hoc publicity.