CapLaw-2025-66

  • The Demise of Staggered Ad Hoc Disclosure: The “More Likely Than Not”-Test and Issuer Discretion in Evolving Factual Situations

    On 28 February 2025, the arbitral tribunal of the Court of Arbitration of SIX Group Ltd. issued the final award in X. AG v. SIX Exchange Regulation AG (SER). The case revolved around the timeliness of an ad hoc announcement issued in connection with a complex internal investigation into X. AG‘s financial reporting practices. The arbitral tribunal found that the announcement had been made in a timely manner. The tribunal also provided important guidance on ad hoc disclosure obligations in the context of internal investigations and other complex or evolving factual situations.

    By

    Frank Gerhard

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    Mariella Orelli

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    Micha Fankhauser

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    Richard G. Allemann

    Reference:
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