Revised Rules On Management Transactions & Ad Hoc Publicity

On 1 February 2024, a revision of SIX Exchange Regulation ("SER") regulations on ad hoc publicity and management transactions will enter into force. The amendments relate mainly to the disclosure of management transactions with related parties and to a change to the ad hoc publicity per se practice.

This Newsflash highlights the most important changes that should be taken into consideration by SIX-listed companies and their boards and executive management when dealing with management transactions and ad hoc publicity aspects.

Management transactions

General Rule: SIX-listed companies have to oblige their members of the board of directors and of the executive committee ("Manager") to notify their company of transactions involving the listed company's equity securities. The deadline for notifying the company is two trading days after the conclusion of the reportable transaction (Verpflichtungsgeschäft). The notified company, in turn, must report the information