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SIX Exchange Regulation, which monitors and enforces issuer obligations on behalf of SIX Swiss Exchange AG, has issued Tamedia AG with a reprimand for violation of the rules governing the disclosure of management transactions.
SIX Exchange Regulation found that Tamedia AG had delayed the reporting and publication of transactions totalling more than CHF 250,000 and was therefore in breach of its duty to disclose management transactions.
SIX Exchange Regulation has concluded that the breach of the requirements on disclosure of management transactions was due to organisational deficiencies at Tamedia AG. Both the individual subject to the reporting obligation, a nonexecutive member of the Board of Directors, as well as the employees at Tamedia AG in charge of publishing the reporting had insufficient knowledge of the requirements that needed to be met. Tamedia AG also failed to ask the individual subject to reporting obligations to report the transactions on time, even though it was aware of the pending transactions.
Due to these breaches of the disclosure requirements in relation to management transactions, SIX Exchange Regulation has issued Tamedia AG with a reprimand.
Disclosure of management transactions improves information flow to investors, thereby promoting market transparency and the equal treatment of market participants. It also discourages insider trading and so helps maintain the integrity of the capital market.
Further information on the disclosure requirements in relation to management transactions can be found at:
http://www.six-exchangeregulation. com/duties/management_transactions_de.html
The published management transactions can be viewed on SIX Exchange Regulation's website at:
http://www.six-exchangeregulation. com/duties/management_transactions/notifications_de.html
