The Swiss stock exchange fines Swissquote for violating publication regulations
Swissquote has to pay a fine of 75,000 francs.
tsf. The Sanctions Commission of the Swiss stock exchange operator SIX has imposed a fine of CHF 75,000 on the online bank Swissquote. The reason is a negligent violation of publicity regulations. The decision is final. As SIX announced on Friday, Swissquote has not taken any legal action against it.
The case was triggered by an ad hoc announcement published on June 16, 2021 entitled “Swissquote expects record half-year results thanks to extraordinary growth”. The SIX Sanctions Commission confirmed the earlier statement by the stock exchange regulator (SIX Exchange Regulation, SER) that the e-mail distribution list sent the message just under three hours after the ad hoc announcement. In addition, this was done in an illegal manner during trading hours. The reason was technical problems and human error.
As the stock exchange further announced, the sanctions commission took into account the severity of the fault and the severity of the violation when determining the amount of the fine. It was rated as serious but not serious (“serious but not as severe”).