Fine against Youngtimers AG

The Sanctions Commission of SIX Group AG has sanctioned Youngtimers AG with a fine of CHF 200’000 for breaching the provisions on financial reporting intentionally.

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SIX Exchange Regulation AG (SER) which is responsible for monitoring and enforcing stock exchange regulations concerning listed companies, opened an investigation against Youngtimers AG after having conducted a preliminary inquiry. The reason thereof was a failure to prepare consolidated financial statements for the year 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 followed the sanction proposal and sanctioned Youngtimers AG by decision of 13 March 2024 with a fine in the amount of CHF 200’000. The decision of the Sanctions Commission of SIX Group AG became legally binding after Youngtimers AG chose not to appeal.

Youngtimers AG failed to present consolidated financial statement für the year 2022 and incorrectly restated the prior period 2021 to a non-consolidated presentation. This led to multiple consequential errors. As a consequence, Youngtimers AG violated the applicable financial reporting standard Swiss GAAP FER and thereby its obligations pursuant to Art. 51 of the Listing Rules in combination with Art. 6 of the Directive Financial Reporting.

The degree of fault has been qualified as intentional, the severity of the breach as severe. In determining the level of fines, the Sanctions Commission of SIX Group AG considered the impact of the sanction on the party concerned and the behaviour in previous years.

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 Youngtimers AG

The Sanctions Commission of SIX Group AG has sanctioned Youngtimers AG with a fine of CHF 200’000 for breaching the provisions on financial reporting intentionally.