Self-Regulation by SIX Swiss Exchange
As part of the self-regulatory mandate prescribed under the Stock Exchange Act, SIX regulates stock exchange trading and the admission of securities together with the subsequent obligations that arise.
The Exchange Regulation unit, which is responsible for implementing and enforcing the rules, is separated from the operating business of SIX Swiss Exchange and reports directly to the Chairman of the Board of Directors of SIX. Whereas one team (Surveillance & Enforcement) is responsible for these duties with respect to participants and traders, it is the role of the other team (Listing & Enforcement) to perform this function for issuers.
The Regulatory Board is responsible for setting regulations in this respect. Sanctions and related decisions are announced by the Sanction Commission, the independent Appeal Board and the Board of Arbitration, while sanction notices are issued by Exchange Regulation. The areas responsible for setting regulations, applying regulations and passing judgment on them have equal powers in this respect.
The legal framework is underpinned by the Stock Exchange and Securities Trading Act (SESTA) and ultimate supervisory authority lies with the Swiss Financial Market Supervisory Authority (FINMA).