Fine against Relief Therapeutics Holding SA

The Sanctions Commission of SIX Group AG has sanctioned Relief Therapeutics Holding SA with a fine of CHF 125’000 for an intentional and a gross negligent breach of the provisions on ad hoc publicity.

Menu Schliessen

SIX Exchange Regulation AG (SER) opened an investigation against Relief Therapeutics Holding SA in June 2021 after having conducted a preliminary inquiry. The subject of the investigation was the timing of the publication of the refusal by the newly elected member and Vice Chairman of the Board of Directors to take over this position. In addition hereto, the timing of publication of several other ad hoc announcements, the content of which had been published in advance by a contractual partner of Relief Therapeutics Holding SA, was investigated. The period investigated extended from March 2020 to July 2022. Having completed a thorough investigation, SER submitted a sanction proposal to the Sanctions Commission of SIX Group AG. The Sanctions Commission of SIX Group AG sanctioned Relief Therapeutics Holding SA by decision dated 31 March 2023 with a fine in the amount of CHF 125’000. The decision of the Sanctions Commission of SIX Group AG became legally binding after Relief Therapeutics Holding SA chose not to appeal.

The Sanctions Commission of SIX Group AG fully concurred with SER’s sanction proposal regarding the alleged violations of the Listing Rules (LR) and the Directive on Ad hoc Publicity. It held that Art. 53 LR in conjunction with Art. 5 et seqq. DAH has been violated intentionally, by awaiting for at least three and a half months from the knowledge about the refusal to accept the election as new member and Vice Chairman of the Board of Directors, before disclosing this fact in a side note of an ad hoc announcement. Further, the Sanctions Commission held, that the repeated late disclosure of price-sensitive facts by one or more days after the contracting party had already published them was grossly negligent and violates Art. 53 LR in conjunction with Art. 6 DAH.

In determining the sanction, the Sanctions Commission of SIX Group AG took into account the degree of fault and the severity of the breach, which was qualified as "very severe" in the case of late notification of the refusal of the election and as "severe" in the cases of multiple late notifications of price-sensitive facts, and the sensitivity of a sanction.

If you have any questions, please contact
Hrvoje Tkalcec, Head Communications & Media Relations.
Phone: +41 58 399 2267
Email: ser_media@six-group.com

SIX Exchange Regulation AG is a legally independent company of SIX Group and of one the Regulatory bodies of the SIX trading venues. It performs the functions assigned under Swiss federal law and enforces the rules laid down by the Regulatory Board, and monitors compliance with legal and regulatory requirements. As part of its diverse remit, SIX Exchange Regulation AG submits proposals for sanctions to the Sanctions Commission or can enact sanction notices. SIX Exchange Regulation AG consists of the divisions Listing & Enforcement, responsible for regulating issuers, and Surveillance & Enforcement, which monitors trading.
www.ser-ag.com

SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
www.six-group.com

Media Release

Fine against Relief Therapeutics Holding SA

The Sanctions Commission of SIX Group AG has sanctioned Relief Therapeutics Holding SA with a fine of CHF 125’000 for an intentional and a gross negligent breach of the provisions on ad hoc publicity.