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SIX Exchange Regulation fines Leclanché SA

(PresseBox) (Zürich, ) SIX Exchange Regulation has issued a sanction notice imposing a fine of CHF 5,000 on Leclanché SA for violating the rules on ad-hoc publicity and a regular reporting obligation.

Leclanché SA (Leclanché) violated the rules on ad-hoc publicity on several occasions in connection with changes to its management board and board of directors.

Contrary to the rules, it did not announce the resignation of its CFO in December 2007 as soon as it was established but instead waited until April 2008 to announce it together with the new CFO. The announcement of the new CFO was also late.

Furthermore, in summer 2009 Leclanché failed to publish an ad hoc notice of the resignation of a member of the board of directors who represented a majority shareholder. The company also failed to publish an ad hoc notice of the said director's replacement, who was nominated and elected at the Annual General Meeting on 26 June 2009.

Finally, as a secondary issue, SIX Exchange Regulation criticized Leclanché for violating a regular reporting obligation by reporting the resolutions passed by the 2009 Annual General Meeting late.

In considering the sanction, SIX Exchange Regulation has taken into account the gravity of the breach, the degree of fault and the issuer's sensitivity to a penalty.

SIX Exchange Regulation obligates issuers to inform the market of any potentially price-sensitive facts that have arisen in the issuer's sphere of activity and are not yet known to the public, as per Art. 53 of the Listing Rules. Price-sensitive facts are facts that are capable of triggering a significant change in market prices. The related announcement is to be made in a way that ensures the equal treatment of all market participants. Such announcements must be truthful, comprehensible and complete.

Further information on ad hoc publicity can be found at:

Further information on reporting obligations can be found at:

This sanction decision will be put on the website of SIX Exchange Regulation shortly. Previous sanctions pronounced in connection with ad hoc publicity and regular reporting obligations can be found at:

SIX Exchange Regulation

SIX Exchange Regulation performs the functions assigned under Swiss federal law and enforces and monitors compliance with the rules laid down by the Regulatory Board. SIX Exchange Regulation imposes sanctions in so far as it is authorised to do so by the regulations, or submits sanction requests to SIX Swiss Exchange's Sanction Commission.

SIX Exchange Regulation's independence from SIX Swiss Exchange's operating business is guaranteed by its direct subordination to the Chairman of the Board of Directors of SIX Group. SIX Exchange Regulation consists of the divisions Listing & Enforcement, responsible for regulating issuers, and Surveillance & Enforcement monitoring trading.

Sanction notice

SIX Exchange Regulation can penalise violations of the provisions laid down in the Listing Rules through the issuance of a sanction notice if such a sanction takes the form of a warning, reprimand or fine. The affected party may appeal a sanction notice to the Sanction Commission.

Regulatory Board

Within the framework of the self-regulatory obligations prescribed under Swiss federal law, the Regulatory Board is the supreme rule-making body for issuers and participants. It consists of no more than 17 members, six of whom are elected by economiesuisse and nine, as well as its presidium, by the Board of Directors of SIX Group.