(Adds comment from UBS)
ZURICH, April 19 Swiss stock exchange SIX has
fined UBS 2 million Swiss francs 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 to scale back further in
investment banking, which followed related reports in the media.
"The company was not authorised 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 on Wednesday.
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 Oct. 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.
In an emailed statement, UBS said the Supreme Court "did
apparently not recognise the significance of this case and for
formal reasons did not see the necessity to establish legal
"UBS continues to believe that it was and is appropriate to
issue an ad hoc announcement only after a final approval of the
strategy by the Board of Directors," UBS, Switzerland's biggest
bank, said in a statement.
($1 = 0.9973 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi and Joshua Franklin.
Editing by Jane Merriman)