Rules of Procedure
(RP)
RULES OF PROCEDURE
SIX Exchange Regulation 04/16
4.6 Additional regulatory authority held by the Sanctions Commission
The Sanctions Commission may govern its own organisation and its proceedings to the extent that this is not already covered by other rules and regulations.
5. MEANS OF LEGAL REDRESS
5.1 General principles
1 Appeals are permissible only against the final decisions of the executive bodies. 2 Appeals essentially are accorded suspensive effect. 3 To safeguard the security markets' ability to function properly, to ensure transparency or to safeguard the equal treatment of market participants, the Sanctions Commission may revoke the suspensive effect of any appeal.
5.2 Sanction notices by investigative bodies
1 The Party Concerned may lodge an appeal with the Sanctions Commission against investigative body sanction notices within ten trading days. The appeal must be substantiated. 2 The investigative bodies will be invited to state their position. 3 The appeal may challenge all deficiencies relating to the investigation, to the proceedings themselves or to the sanction notice issued by the investigative bodies. 4 Appeals against sanction notices issued by investigative bodies will be ruled on by the Sanctions Commission, which is accorded full cognisable authority in this regard. The Sanctions Commission may refer the matter back to the responsible investigative body for regular sanction proceedings, or instruct the responsible investigative body to conduct further investigations. If the Sanctions Commission opts to rule on its own, its decision need not be bound by the sanction notice.
5.3 Decisions by the Sanctions Commission
1 Under the terms of Art. 37 FMIA, Parties Concerned may challenge decisions by the Sanctions Commission regarding the exclusion of participants and traders, as well as the delisting or suspension of securities by submitting an appeal to the Appeals Court within 20 trading days of receiving the decision in question. The appeal must be substantiated. 2 Where all other Sanctions Commission decisions are concerned, the Party Concerned may file a complaint with the Court of Arbitration within 20 trading days of receiving the decision in question. The complaint must be substantiated.
10 SIX Exchange Regulation 04/16
6. INFORMATION FOR THE GENERAL PUBLIC
6.1 Information issued by Surveillance & Enforcement
1 Surveillance & Enforcement may publish sanction notices that have acquired legal force. 2 The sanction notice will generally be made available on the SIX Exchange Regulation website in anonymised form.
6.2 Information issued by Listing & Enforcement
1 The public will not be informed of whether or not Listing & Enforcement has initiated preliminary investigations into a particular matter. 2 Listing & Enforcement will inform the public of the initiation of an investigation, unless this is prohibited by some other rule or regulation. The Party Concerned will be informed in advance. 3 In exceptional cases, Listing & Enforcement may refrain from informing the public that an investigation has been opened. 4 The Parties Concerned and the public will be informed if an investigation that has previously been announced publicly is halted. 5 If an investigation is concluded with a legally enforceable sanction notice, the fact will be made public. 6 The sanction notice will generally be made available on the SIX Exchange Regulation website in anonymised form.
6.3 Information issued by the Sanctions Commission
1 The Sanctions Commission will publish sanction decisions that have acquired legal force. 2 To safeguard the security markets’ ability to function properly, to ensure transparency or to safeguard the equal treatment of market participants, Sanctions Commission sanction decisions may be published regardless of whether or not they are legally enforceable. In such cases, however, it must be stated that the Parties Concerned have the option of taking the matter further. 3 As a general rule, the Sanctions Commission will generally make its legally enforceable decisions available on the SIX Exchange Regulation website in anonymised form.
SIX Exchange Regulation 04/16 11
7. CONCLUDING PROVISIONS
7.1 Entry into force
These Rules of Procedure replace the Rules of Procedure dated 25 August 2006 and were approved by the Swiss Financial Market Supervisory Authority on 23 April 2009. They enter into force on 1 July 2009.
7.2 Transitional provision
Proceedings in which investigations into the Parties Concerned were initiated prior to 1 July 2009 are governed by the provisions of the Rules of Procedure dated 25 August 2006.
7.3 Revisions
1 The revision of Point 1.1 and 1.2 that was decreed by the Regulatory Board in its resolution of 21 April 2010 and approved by the Swiss Financial Market Supervisory Authority on 26 April 2010 enters into force on 1 May 2010. 2 The revision of Point 1.1 and 1.2 that was decreed by the Regulatory Board in its resolution of 1 October 2010 and approved by the Swiss Financial Market Supervisory Authority on 7 October 2010 entered into force on 1 November 2010. 3 The revision of Points 1.1 and 1.2 that was decreed by the Regulatory Board in its resolution of 6 May 2015 and approved by the Swiss Financial Market Supervisory Authority on 11 June 2015 enters into force on 1 August 2015. 4 Amendments due to the entry into force of the Financial Market Infrastructure Act and related ordinances in Point 5.3 as of 1 April 2016.