On Oct. 1, 2026, SWI SIX published Communiqué 2/2026 Amendments to Directive Ad hoc Publicity and Issuers Committee Circular No. 1 following the introduction of the AHPdigital reporting platform, on its modernization in the area of ad hoc publicity.
AHPdigital offers the functionalities of previous platform; no new obligations are being introduced, but a technical connectivity option (machine-to-machine) will be available.
As of Nov. 15, 2026, all issuers of primary-listed equity securities will be required to transmit ad hoc announcements to SWI SIX via new regulatory platform AHPdigital.
With introduction of AHPdigital reporting platform, Art. 12a para. 1 Directive Ad hoc Publicity (DAH), and margin number 16, Committee Circular 1 (IC-CIR1) are amended.
All of the previous references to the use of Connexor Reporting are also now removed.
Also, Art. 12a para. 1 DAH stipulates any ad hoc announcements which could not be transmitted due to a technical issue with new reporting platform must be submitted retrospectively to SIX Exchange Regulation AG via platform, once issue is resolved.
Revised DAH provisions enter force on Nov. 15, 2026 and are published accordingly.
On Jul. 27, SWI SIX issued circular on listing rules, ad hoc publicity.
Revised provisions of listing rules (LR), directive on ad hoc publicity (DAH), directive on information relating to corporate governance (DCG) came into force Jul. 1, 2021.
Circular specifies the revised provisions in the area of ad hoc publicity, and also draws attention to the provision on quiet periods in the area of corporate governance.
Follows SWI SIX Apr. 2021 updated on ad hoc publicity rules' changes, see #104436.
Circular is dated Jun. 28, 2023; received and added to Reg-Track on Jul. 27, 2023.
Price Sensitivity
Term of price sensitivity was formally amended with the revision of Art. 53 para. 1 LR.
The term price-sensitive fact is being used instead of potentially price-sensitive fact.
It had been determined that term potentially price-sensitive was dilution of concept.
Change of term is purely linguistic and is not a modification of the legal meaning.
A fact is considered price-sensitive if its disclosure is capable of triggering a significant change in market prices and this was transferred from the DAH to Art. 53 para. 1 LR.
Term average market participant was replaced by term reasonable market participant.
Under art. 4 para. 2 DAH there are no facts whose disclosure is always price-sensitive.
Issuer must disclose price-sensitive facts to by publishing an ad hoc announcement.
Ad hoc announcements must be clearly flagged as such, as per Jul. 2021 revisions and legal action in case of violations of the flagging obligation may be pursued.
Only price-sensitive facts can be classified, distributed under the provision on ad hoc policy; flagging press releases without price sensitive facts is prohibited, sanctioned.
Mixing price-sensitive facts with pure marketing announcements is also prohibited.
Provision is also made in relation to confidentiality of price-sensitive information.
Nov. 2023 Updates
On Nov. 1, 2023, SWI SIX issued communique 8/2023 on revised provisions in the areas of management transactions and ad hoc publicity, applicable from Feb. 1, 2024.
Regarding management transactions, transactions between persons subject to the reporting obligation and related parties will now be subject to the reporting obligation.
Provisions transferred from the Directive Management Transactions (DMT) to Listing Rules (LR) include report storage on the electronic reporting platform for 4 years.
And issuers responsibility to hold persons subject to the reporting obligation, to their reporting obligation and for taking action against them should they fail to fulfil it.
DMT updates concern the scope of the reporting obligation's applicability, information re the main conditions, the transaction's total value, types of reportable transactions.
As well as the commencement of the reporting obligation, the offering of equity securities as part of a takeover process, and provisions governing corrected reports.
Directive on the Disclosure of Management Transactions (Guideline DMT) was updated.
Re ad hoc publicity, the rule that there are no facts whose disclosure is classified as price-sensitive, was transferred from the Directive Ad hoc Publicity (DAH) to the LR.
The scope of applicability of that provision is now limited to issuers with equity securities with a primary listing; other changes to the DAH were of editorial nature.
Jan. 16, 2024 Reminder Issued
On Jan. 16, 2024, SWI SIX issued communique 1/2024 as reminder of the measures announced in communique 8/2023, on Nov. 1, 2023, entering into force Feb. 1, 2024.
Amendments on disclosure of management transactions relate to reporting obligation for transactions between those subject to reporting obligation, and to related parties.
In area of ad hoc publicity, the existing provision, according to which, with exceptions, must be published with ad hoc announcement that there are no facts whose disclosure must always be classified as price sensitive, was transferred from the DAH onto LR.
Scope of application is limited to all issuers with equity securities with primary listing.
Full details on amendments can be found within communique 8/2023 of SIX Group.
Jan. 31, 2024 Directives in Force
On Jan. 31, 2024, SWI SIX issued updated Directive on ad hoc publicity; Directive on the disclosure of management transactions; and Listing rules, in force Feb. 1, 2024.
Jan. 2025 Distribution Timing
On Jan. 14, 2025, SWI SIX published Communique 1/2025 on reviews of publication activities of issuers to ensure compliance with the Listing Rules (LR) and the Directive on Ad hoc Publicity (DAH), in relation to the SWI SIX Exchange Regulation AG (SER).
Remarks concern selected topics related to case law of Penalties Commission (SaKo) on distribution of annual reports in the context of ad hoc publicity, as based on cases.
Communique focused on definitions of Reasonable short period, and Electronic annual report, as well as issues relating to the Corporate calendar, in the context of reporting.
The Communique included the relevant case numbers for all the applicable decisions, the text of which can be consulted on the relevant SWI SIX webpage in more detail.
Nov. 2025 Revised Directive
On Nov. 7, 2025, SWI SIX published revised Directive Ad hoc Publicity (DAH) issued on Jun. 30, 2025, revising art 7, 11-13, 17, 19, 20; entry into force on Dec. 1, 2025.
Oct. 2026 Revised Directive and Reporting
On Oct. 1, 2026, SWI SIX published Communiqué 2/2026 Amendments to Directive Ad hoc Publicity and Issuers Committee Circular No. 1 following the introduction of the AHPdigital reporting platform, on its modernization in the area of ad hoc publicity.
AHPdigital offers the functionalities of previous platform; no new obligations are being introduced, but a technical connectivity option (machine-to-machine) will be available.
As of Nov. 15, 2026, all issuers of primary-listed equity securities will be required to transmit ad hoc announcements to SWI SIX via new regulatory platform AHPdigital.
With introduction of AHPdigital reporting platform, Art. 12a para. 1 Directive Ad hoc Publicity (DAH), and margin number 16, Committee Circular 1 (IC-CIR1) are amended.
All of the previous references to the use of Connexor Reporting are also now removed.
Also, Art. 12a para. 1 DAH stipulates any ad hoc announcements which could not be transmitted due to a technical issue with new reporting platform must be submitted retrospectively to SIX Exchange Regulation AG via platform, once issue is resolved.
Revised DAH provisions enter force on Nov. 15, 2026 and are published accordingly.
Regulators
SWI SIX
Entity Types
B/D; Corp; Exch; IA
Reference
Com 2/2026, IC-CIR1, RF 10/1/2026; PR 11/7/2025; RF 6/30/2025; Com 1/2025, 1/14/2025; Dir DAH, DMT, LR 2/1/2024; PR 1/31/2024; Com 1/2024, 1/16/2024; Com 8/2023, 11/1/2023; Com 6/2023, Cir IC-CIR1, PR 7/27/2023
