CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Swisscom Slammed By SWX

Swisscom Slammed By SWX

by Ulrika Lomas, for LawAndTax-News.com, Brussels

03 October 2006


The Swiss Stock Exchange (SWX) last week issued a reprimand against Swisscom AG for violation of the provisions of the Listing Rules.

This SWX reprimand pertained to the failure by Swisscom to meet reporting deadlines for the disclosure of management transactions as prescribed in Article 74a of the Listing Rules.

Under the Article in question, the issuer must, within two trading days after receipt of the relevant notification, report to SWX those transactions in the issuer’s securities that have been concluded by members of its board of directors or senior management if the amount exceeds a threshold value of CHF100,000 in any given calendar month.

Individuals who are subject to this disclosure obligation (members of the issuer’s board of directors or general management) must report their transactions to the issuer no later than the second trading day after conclusion of the relevant contract. Hence a total of four trading days at most may pass between the date of the transaction and the submission of the related information to SWX.

The purpose of the disclosure of management transactions is to provide market participants as rapidly as possible with information on transactions executed by the management of listed companies.

In the case in question, a non-executive board member of Swisscom AG on 21 November 2005 purchased 131 put options on Swisscom registered shares with a market value of the underlying securities in the amount of CHF 548,890.00. That individual subsequently reported the trade to Swisscom AG only after a delay of 55 trading days.

For its part, Swisscom AG submitted the related notification to the SWX Swiss Exchange with an additional delay of at least 8 trading days.

Commenting on the transaction last week, SWX announced that:

"In view of the type and size of the transaction as well as the length of the reporting delay, the Executive Committee of the Admission Board does not consider this a mere minor violation; however, it deems that the infraction was not committed intentionally. For these reasons, the Executive Committee of the Admission Board has issued a reprimand with related publication against Swisscom AG."

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »