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The Sanction Commission of SIX Swiss Exchange has charged SIX Exchange Regulation with the publication of the following release:
Sanction Proposal against Publigroupe Ltd
SIX Exchange Regulation has submitted a sanction proposal against Publigroupe Ltd to the Sanction Commission of SIX Swiss Exchange. After completion of its investigation SIX Exchange Regulation is of the opinion that Publigroupe Ltd violated the applicable accounting standards in the annual financial statements 2011 and the interim financial statements 2012.
The alleged errors relate to the violation of the requirements of IAS 18 (Revenue) as well as to the requirements of the Swiss GAAP FER Framework and of Swiss GAAP FER 12 (Interim Reporting). As of financial year 2012, Publigroupe Ltd changed its accounting standard from IFRS to Swiss GAAP FER. The violations alleged by SIX Exchange Regulation are disputed by Publigroupe Ltd.
The length of the sanction proceedings is not defined. SIX Exchange Regulation will inform the public about the outcome of the sanction proceedings. Until that time no further information will be provided about the ongoing sanction proceedings.
