ZURICH, April 19 (Reuters) - Swiss bourse SIX has fined UBS 2 million Swiss francs ($2.01 million) for releasing price-sensitive information too late after Switzerland’s highest court said it would not consider an appeal by the bank.
SIX said the fine related to UBS’s announcement of a strategy change in October 2012, following related reports in the media.
“The company was not authorized to postpone the announcement while awaiting the decision of its Board of Directors, i.e. until the morning of 30 October 2012, because a potentially price-sensitive fact already existed prior to the Board’s decision and the conditions for a postponement of disclosure were no longer given,” SIX said.
Listed companies must immediately make an ad hoc announcement following the leak of price-sensitive information to the public, SIX said, and UBS should have made a statement no later than October 29.
The Swiss Federal Supreme Court’s decision not to hear UBS’s appeal request meant a ruling handed down by the bourse’s Court of Arbitration on March 22, 2016 became final. ($1 = 0.9973 Swiss francs) (Reporting by Brenna Hughes Neghaiwi)