SIX Exchange Regulation, which monitors and enforces the exchange obligations of listed companies, sanctioned Banque Cantonale de Genève (BCGE), Geneva, for violations of the regulations on regular reporting obligations with a fine in the amount of CHF 30,000 in a sanction notice.
In April 2017, BCGE reported dividends to SIX Exchange Regulation late and incorrectly several times. The bank was also late in reporting to SIX Exchange Regulation that the new chairman of the board of directors had taken office.
The violation of the obligation to report dividends was qualified as moderate, and the culpability was regarded as gross negligence. The breach of the regular reporting obligation with respect to the new chairman of the board of directors was qualified as minor, and the culpability was regarded as slight negligence. No sanctions have been imposed on BCGE in the last three years.
In light of the circumstances – also taking into consideration the sensitivity of the company to the penalty – the fine was set by SIX Exchange Regulation at CHF 30,000 by a sanction notice against which BCGE has not lodged an appeal.
SIX Exchange Regulation Ltd performs the functions assigned under Swiss federal law and enforces and monitors compliance with the rules laid down by the Regulatory Board.
SIX Exchange Regulation Ltd imposes sanctions in so far as it is authorized to do so by the regulations, or submits sanction requests to SIX Swiss Exchange's Sanction Commission.
SIX Exchange Regulation Ltd's independence of the operating business of SIX Swiss Exchange Ltd, SIX Corporate Bonds Ltd and SIX Repo Ltd is guaranteed by its direct subordination to the Chairman of the Board of Directors of SIX Group.
SIX operates and develops infrastructure services in the areas of securities, payment transactions and financial information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss financial center.
The company is owned by its users (approximately 130 banks). With a workforce of some 4,000 employees and a presence in 23 countries, it generated operating income in excess of CHF 1.9 billion and group net profit of CHF 207.2 million in 2017.
Source: Company Press Release