Fine against Burkhalter Holding AG as legal successor of Poenina Holding AG

The Court of Arbitration of SIX Group AG has dismissed the appeal filed by Burkhalter Holding AG (as legal successor of Poenina Holding AG). The preceding decision of the Sanctions Commission, including the fine of CHF 150’000, has been fully upheld.

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In a decision dated 31 March 2023, the Sanctions Commission of SIX Group AG held that Poenina Holding AG intentionally violated the rules on ad hoc publicity pursuant to Art. 53 LR in conjunction with Art. 5 DAH by failing to timely inform via ad hoc announcement about the criminal conviction against its delegate of the board and CEO. The fine of CHF 150’000 has been imposed on Burkhalter Holding AG as legal successor of Poenina Holding AG.

Subsequently, Burkhalter Holding AG filed an appeal against the decision with the Court of Arbitration of SIX Group AG. In its arbitral award of 26 August 2024, the Court of Arbitration of SIX Group AG dismissed the appeal, imposed a fine of CHF 150’000 on Burkhalter Holding AG, and ordered it to bear all costs of the proceedings before both the Sanctions Commission and the Court of Arbitration.

After Burkhalter Holding AG waived the right to further appeal, the arbitral award is legally binding.

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.
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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.
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Media Release

Fine against Burkhalter Holding AG as legal successor of Poenina Holding AG

The Court of Arbitration of SIX Group AG has dismissed the appeal filed by Burkhalter Holding AG (as legal successor of Poenina Holding AG). The preceding decision of the Sanctions Commission, including the fine of CHF 150’000, has been fully upheld.