Ad Hoc Publicity

Ad hoc publicity requires listed companies to disclose price-sensitive facts in a clear and timely manner by means of an ad hoc announcement. This promotes market transparency and ensures equal treatment of market participants.

Price-sensitive facts are events arising within the listed company’s sphere of activity which, when made public, could be capable of triggering a significant change in stock market price.

Annual and interim reports of listed companies with primary listed equity securities must always be distributed with an ad hoc announcement. Apart from this, there is no exhaustive list of price-sensitive facts. The responsibility for assessing whether a fact may be price-sensitive lies exclusively with the listed company. It must make this assessment on a case-by-case basis prior to disclosure (ex ante) and at its own discretion, taking into account the company’s internal division of responsibilities.

An ad hoc announcement must be published as soon as the listed company becomes aware of the main points of the price-sensitive fact. As a rule, distribution must take place outside the critical trading hours.

For companies with primary listed equity securities (equity issuers), the critical trading hours begin 90 minutes before the start of trading (i.e. 07:30 CET) and end after the close of trading (i.e. 17:40 CET) (see figure).

The listed company must distribute the ad hoc announcement simultaneously to at least the following prescribed recipients:

1.  SIX Exchange Regulation AG (90 minutes in advance if published during trading hours);
2.  at least two electronic information systems widely used by professional market participants (e.g. Bloomberg, Reuters);
3.  at least two Swiss media (printed or electronic) of national importance;
4.  any interested party upon request.

In addition, the ad hoc announcement must be published on the listed company’s website in a dedicated directory for ad hoc announcements simultaneously with its distribution.

If, in exceptional cases, the ad hoc announcement must be distributed during critical trading hours or during trading hours respectively, SIX Exchange Regulation AG must be contacted immediately. Depending on the circumstances, trading in the affected securities may be temporarily suspended (procedure see below).

The ad hoc announcement must also comply with the following requirements:

• The information contained in the ad hoc announcement must be factual, clear and complete.
• The ad hoc announcement must begin with the classification “Ad hoc announcement pursuant to Art. 53 LR” (so called “flagging”).
• The listed company may have third parties to fulfil its obligations in connection with ad hoc publicity obligations; in all cases, the responsibility remains always with the listed company.