8.1 Relevant Regulators
Swiss legislation demands from stock exchanges that they issue, monitor, and enforce rules for issuers and stock market participants.
SIX, which includes the exchanges SIX Swiss Exchange AG and SDX Trading AG as well as the multilateral trading system SIX Repo AG, pursues a consistent policy of separating regulatory functions from the operating business, while in its regulatory remit under stock exchange law it also maintains a firm distinction between rule making, rule enforcement and jurisdiction.
Special Regulatory Bodies Have Been Created for This Purpose:
- Regulatory Board
Defines the rules for issuers and participants (including traders) in the regulations; the rules issued by the Regulatory Board must be submitted to the Eidgenössische Finanzmarktaufsicht FINMA (Swiss Financial Market Supervisory Authority) for approval. - Three Judicial Bodies
The Sanctions Commission, Appeals Board, and Court of Arbitration issue decisions concerning breaches of the regulations if the proceedings are not concluded by means of a sanction notice by SIX Exchange Regulation AG. - SIX Exchange Regulation AG
SIX Exchange Regulation AG regulates and supervises exchange participants and issuers within the scope of self-regulation. Its tasks also include the listing of securities on the stock exchange of SIX. SIX Exchange Regulation AG issues sanction notices, if the rules grant it this competence, or submits proposals for sanctions.
Organization and Governance within the SIX Group
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