Clariant AG’s arbitration claim largely upheld

The Court of Arbitration of SIX Group AG has largely overturned a decision of the Sanctions Commission dated 11 May 2023. It held that Clariant AG disseminated the ad hoc announcement in connection with the investigation concerning the accounting matters 2021/22 in a timely manner. Concerning the negligent violation of the ad hoc regulation in connection with the distribution of the 2021 Annual Report, determined by the Sanctions Commission, the Court of Arbitration imposed a fine of CHF 100’000.

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In its decision of 11 May 2023, the SIX Group AG Sanctions Commission ruled that Clariant AG had violated the provisions on ad hoc publicity by publishing the ad hoc announcement of 14 February 2022, concerning the ongoing investigation in winter 2021/22 in connection with accounting matters, too late and by not publishing the 2021 Annual Report by means of an ad hoc announcement. The Sanctions Commission imposed a total fine of CHF 500’000 on Clariant AG.

Subsequently, Clariant AG filed a complaint with the Court of Arbitration of SIX Group AG against the accusation of having violated ad hoc reporting requirements in connection with the investigation of accounting issues ongoing in winter 2021/22 and against the amount of the fine imposed for the established negligent violation of ad hoc regulations in connection with the distribution of the 2021 Annual Report. In its arbitral award dated 28 February 2025, the Court of Arbitration found that, contrary to the decision of the SIX Group AG Sanctions Commission, the ad hoc announcement of 14 February 2022 in connection with the accounting investigation in progress in the winter of 2021/22 was published in a timely manner and cancelled the corresponding fine. For the negligent violation of the ad hoc regulation in connection with the publication of the 2021 Annual Report established by the Sanctions Commission, the arbitral tribunal imposed a fine of CHF 100’000 on Clariant AG.

The arbitral award is legally binding.

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

Clariant AG’s arbitration claim largely upheld