SIX Sanctions Commission Fines Swissquote for Breaching Rules on Ad Hoc Publicity

The Sanctions Commission of SIX Group AG has sanctioned Swissquote Group Holding SA with a fine of CHF 75,000 for a breach of the provisions on ad hoc publicity.

SIX Exchange Regulation AG (SER) which is responsible for monitoring and enforcing stock exchange regulations concerning listed companies, opened an investigation against Swissquote Group Holding SA on 2 June 2022 after having conducted a preliminary inquiry. The reason was the ad hoc announcement published on 16 June 2021 "Thanks to outstanding growth, Swissquote expects record half-year results".

The Sanctions Commission of SIX Group AG held that, mainly due to a technical issue and human error, the distribution of the ad hoc announcement dated 16 June 2021 was not compliant. The delayed operation of the Push System, approximately three hours after the distribution of the ad hoc announcement and during trading hours, violates several provisions.

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 Swissquote Group Holding SA by decision dated 29 November 2022 with a fine in the amount of CHF 75,000. The decision of the Sanctions Commission of SIX Group AG became legally binding after Swissquote Group Holding SA chose not to appeal.

In determining the sanction, the Sanctions Commission of SIX Group AG took into account the degree of fault, the severity of the breach, which was qualified as "serious but not as severe" and the sensitivity to a sanction.