The 2004 interim financial report of BT&T TIMELIFE AG (BT&T) was not prepared in full conformity with the Listing Rules, under which an investment company must, in addition to the information required by the applicable accounting standards, provide an inventory of the company’s assets (portfolio) with details about initial and end inventories as well as their changes on the basis of fair values. BT&T’s 2004 interim financial report failed to disclose the required inventory of its individual investments.
Moreover, BT&T did not publish its 2004 interim report within the required two-month time period subsequent to the close of the first half of the financial year. The publication was made only after a delay of approximately one month.
The company’s incomplete disclosure in its 2004 interim financial report, as well as its breach of the reporting obligations, represents a violation of the provisions of the Listing Rules. The Executive Committee of the SWX Admission Board has therefore issued a reprimand with related publication against BT&T.
Periodic financial reporting in compliance with applicable accounting standards represents an integral part of the information that contributes to transparent trading as stipulated by the Stock Exchange Act and the Listing Rules. One of the regulatory tasks of SWX is to ensure enforcement of the transparency rules imposed on issuers.
Information on accounting standards can be accessed at: http://www.swx.com/admission/being_public/accounting_en.html
Previous sanctions issued by SWX with regard to accounting matters can be accessed at: http://www.swx.com/admission/being_public/sanctions/accounting_en.html
