SIX Exchange Regulation has imposed a fine of CHF 15,000 upon Global Natural Resources AG as part of a sanction notice due to the infringement of the provisions concerning periodical financial reporting and reporting obligations.
Issuers listing their equities primarily on SIX Swiss Exchange are obliged to publish an annual report within four months of their financial year-end. SIX Swiss Exchange must have received the annual report on the date of publication at the very latest.
Global Natural Resources Holding AG applied for an extension to this publication and submission deadline for their 2009 annual report. This was granted by SIX Swiss Exchange's Regulatory Board under certain requirements and conditions. Subsequently, Global Natural Resources AG did not publish the annual report for 2009 within the extended deadline. The company was thus in breach of the provisions concerning periodical financial reporting and regular reporting obligations.
In considering the sanction, SIX Swiss Exchange took into account the gravity of the breach, the degree of fault and the issuer’s sensitivity to a penalty and the fact that the company had already been fined for breaching rules twice in the past three years.
Further information on regular reporting obligations can be found at: http://www.six-exchange-regulation.com/obligations/reporting_en.html
This sanction notice will shortly be published on SIX Exchange Regulation's website. Previous sanctions pronounced in connection with regular reporting obligation can be found at: http://www.six-exchange-regulation.com/enforcement/sanction_decisions_en.html