Swiss stock exchange: Tamedia given a reprimand
Tamedia received a reprimand from the Swiss stock exchange SIX. The Zurich-based media group had breached its duty to disclose management transactions.
The Swiss stock exchange SIX has reprimanded Tamedia. The Zurich-based media group had breached its duty to disclose management transactions. Transactions with a total value of over CHF 250,000 were reported and published late, the stock exchange operator announced on Tuesday. It was organizational deficiencies at Tamedia that led to the late disclosure.
According to SIX, both the person subject to the notification obligation, a non-executive member of the Board of Directors, and the Tamedia employees responsible for the timely publication of the notifications did not have sufficient knowledge of the provisions to be complied with. In addition, Tamedia had failed to urge the person subject to the notification obligation to make the notification in good time, even though the company was aware of the impending transaction.
According to SIX, both the person subject to the notification obligation, a non-executive member of the Board of Directors, and the Tamedia employees responsible for the timely publication of the notifications did not have sufficient knowledge of the provisions to be complied with. In addition, Tamedia had failed to urge the person subject to the notification obligation to make the notification in good time, even though the company was aware of the impending transaction.
