In addition, the Commission has fundamentally ruled that SWX shall inform the public of the results of a given proceeding whenever the initiation of an investigation has been previously announced. Consequently, sanction decisions will now also be published if – in minor cases such as that regarding the Graubündner Kantonalbank – publication of the decision has not be decreed as an additional sanction.
On 28 January 2005 between 10:30 and ca. 11:30 am, the Graubündner Kantonalbank presented to attendees of a media conference its annual financial results for 2004. Only between 11:15 and 11:25 am did it proceed to disseminate the same information via e-mail to various media organisations and other addresses.
On 1 June 2005, the Committee of the Admission Board issued a reprimand with related publication for violation of the equal treatment obligation and duty to provide SWX with prior notification within the context of Art. 72 of the Listing Rules. The Graubündner Kantonalbank subsequently lodged an objection to the ruling with the Disciplinary Commission, asserting that the equal treatment rules associated with ad hoc publicity fundamentally do not apply to periodic financial reporting.
On 15 September 2005, the Disciplinary Commission ruled that financial figures are among the most important instruments for enabling investors to gain a sense of the issuer’s actual status. The publication of financial figures places investors and analysts in a position to assess the value of listed securities and, based on their analysis, arrive at qualified investment decisions. The publication of financial figures is of fundamental relevance to the price of those securities. Although in exceptional instances it can be that the publication of financial figures is no longer price sensitive in nature because previous ad hoc announcements have already led to a discounting of the future figures in the present price of the securities. However, the procedure may not be guided by the subjective interpretation of the issuer, but instead must be conducted in a manner that ensures the equal treatment of all market participants.
The Graubündner Kantonalbank’s published financial figures contained no major surprises that would have required particularly sensitive preparation. The fact exists, however, that there were clear rule violations involved in this case. But because they were not severe, the Disciplinary Commission sanctioned the Graubündner Kantonalbank with a mere reprimand. The decision has acquired legal force.