Ad hoc publicity for SIX-listed companies
What Art. 53 LR and the ad hoc directive require – and how to satisfy them in one release.
Ad hoc publicity is the duty of a SIX-listed issuer to disclose price-sensitive facts as soon as it knows the main points. One release has to reach SIX Exchange Regulation through AHPdigital, the electronic information systems, Swiss media, your email subscribers and your own website, and stay in a dated archive for at least three years. Our platform covers all of that in a single workflow.
SIX Exchange Regulation, via AHPdigital
Electronic information systems such as Bloomberg and Reuters
Swiss media of national significance
Your email subscribers and your own website
All simultaneously.
AHPdigital transmission
CHF 8'550 and 50’000 emails per year
No per-line or per-distribution surcharge
What ad hoc publicity requires
Ad hoc publicity is the duty of issuers of listed financial instruments to disclose potentially price-sensitive facts arising in their own sphere of activity as soon as they become aware of them. Article 53 of the SIX Swiss Exchange Listing Rules sets out the principle; the Directive on Ad hoc Publicity governs the modalities – content, flagging, recipients and timing of the announcement.
The duty applies to every issuer whose equity securities are listed on SIX. It is not limited to results announcements: it is triggered by any fact not yet publicly known that is capable of materially affecting the share price – a takeover, a change in senior management, a profit warning.
Four obligations, one workflow
Each ad hoc announcement must be flagged and distributed to the mandated recipients. Alongside that, issuers must maintain a free email subscription option and a chronological archive on their website – standing capabilities, not per-announcement actions. All four are supervised by SIX Exchange Regulation, and on our platform, all four run in a single workflow.
Flagging
The announcement must be labelled as an ad hoc announcement pursuant to Art. 53 LR, using the correct language-specific wording for each version. Using the wrong-language label prompts a notice from SIX Exchange Regulation; it has not historically resulted in a fine.
Distribution
Simultaneously
- Transmission to SIX Exchange Regulation via AHPdigital
- Transmission to electronic information systems, and to Swiss media of national significance
- Publication to your email subscribers
- Publication to your website
Subscription
Interested parties must be able to subscribe to and unsubscribe from ad hoc announcements by email, free of charge.
Archive
Announcements must remain available on the website in a chronological, easy-to-find directory for three years.
AHPdigital – the path to SIX
Primary-listed issuers transmit their ad hoc announcements to SIX Exchange Regulation via AHPdigital, the new SIX platform currently known as Connexor Reporting. This transmission is part of the disclosure duty. Publishing the announcement on your own website or sending it by email does not replace it.
In practice: distributing and publishing an announcement does not discharge the obligation. The path to SIX is its own channel – and a frequent point of failure when approval, distribution and transmission live in separate systems.
SIX is retiring the Connexor name with the move to the AHPdigital platform – the transmission duty stays the same, only the platform and the name change. The transmission API goes live with that move, and our integration is built for it.
Up to CHF 1 million (for negligence)
The maximum fine SIX Exchange Regulation can impose where the form, timing or recipients of an ad hoc announcement are not observed through negligence.
Median fine 2019 to 2026: CHF 75'000
The median of SIX Exchange Regulation's published ad hoc publicity fines from September 2019 to July 2026, based on publicly available sanction decisions.
Built so a system outage isn't your problem
A missed transmission window is not an excuse SIX Exchange Regulation accepts. Our infrastructure runs active-active across Swiss data centers, with failover mechanisms for email distribution. If the AHPdigital API is unavailable, we submit your announcement to SIX Exchange Regulation by email – the exact fallback SIX Exchange Regulation's own rules provide for when AHPdigital is technically unavailable (Art. 12a DAH).
One release, every recipient
Our platform combines flagging, distribution, subscription and archive into a single workflow – no separate login, no re-uploading content. You prepare your release per language as usual. The ad hoc flag is set once, at the news item level, and applies to every language version – whether added before or after the flag is set – with the correct ad hoc distribution list attached automatically per language, and no separate list selection step. Sign-up and unsubscribe for your subscriber list are self-service for recipients.
- Ad-hoc distribution list – automatically attached to every ad hoc-flagged announcement, covering the mandated electronic information systems and Swiss media of national significance recipients
- Transmission to SIX via AHPdigital API
- Simultaneous publication and archiving on your website
That covers the regulatory minimum.
Most issuers go further: our AWP feed broadens reach into terminals such as Bloomberg, LSEG/Refinitiv and Factset and the newsrooms and pages of newspapers like FuW – not required by the Directive, but close to standard among institutional issuers and included in all subscriptions.
Draft
Approve
Distribute
Step 3 reaches all recipients at once: SIX via AHPdigital, electronic information systems, Swiss media, subscribers and your website.
A predictable rate, not a per-line invoice
Our model is an annual fee set by your volume band. The lowest band is CHF 8'550/year, covering unlimited announcements up to 50'000 emails sent per year, including the AWP feed, the email sign-up form and AHPdigital transmission. No price per line, no surcharge per language, no surprise at year end.
Volume-based annual fee
CHF 8'550/year for the lowest volume band – unlimited announcements, up to 50'000 emails sent per year, AWP feed, email sign-up form and AHPdigital transmission included. Higher bands scale with email volume above that.
No language surcharge
German, French and English are included.
No per-line pricing
The length of your announcement does not change the invoice.
Newsroom is optional
Homepage integration (newsroom) is a separate module – add it if you need it, skip it if you don't.
You already use another solution
Many SIX-listed companies distribute their ad hoc announcements through EQS Cockpit or Notified today. Switching is possible at any point: we migrate your existing archive, set up the distribution lists, and accompany the first announcement. Talk to us and we will find a solution.
Reaching press and media beyond the mandated recipients
Our ad-hoc distribution list covers the regulatory minimum, and AWP broadens that reach further into terminals and portals – but neither extends to the US. If your communications team also needs international press reach, including the US via Newsfile, billed per distribution, see here what can be covered additionally.
Frequently asked questions
How do I distribute an ad hoc announcement as a SIX-listed company? +
The announcement must be flagged and distributed simultaneously to SIX Exchange Regulation (via AHPdigital), to electronic information systems such as Bloomberg or Reuters, to Swiss media of national significance, and to your own website. In addition, a free email subscription must be offered and the announcement kept in a chronological archive on the website.
What is the difference between the push and the pull obligation? +
The push obligation requires that interested parties can subscribe to ad hoc announcements by email, free of charge. The pull obligation requires that announcements remain retrievable on the issuer's website in a chronological, easy-to-find directory.
Do I have to transmit ad hoc announcements to SIX via AHPdigital? +
Yes. Primary-listed issuers transmit their ad hoc announcements to SIX Exchange Regulation via AHPdigital. Publishing on your own website does not replace this transmission.
Is AHPdigital transmission live already? +
We have been testing our integration on SIX's sandbox platform for several months. SIX Exchange regulation will go live on 15 November and so will we. Onboarding can be kicked off already.
What is AHPdigital? +
AHPdigital is the new SIX platform that Connexor Reporting is moving to. The transmission duty for ad hoc announcements stays exactly the same – only the platform and the name change. The transmission API becomes available with that move; our integration connects to it, so announcements transmit to SIX Exchange Regulation automatically once AHPdigital is live.
How must an ad hoc announcement be flagged? +
It must be labelled as an ad hoc announcement pursuant to Art. 53 of the Listing Rules, so that recipients and information systems can identify it unambiguously as a regulatory announcement.
What fines apply to a late ad hoc announcement? +
SIX Exchange Regulation can impose fines of up to CHF 1 million for negligent breaches of form, timing or recipients. The median fine actually imposed since September 2019 is around CHF 75'000.
Which providers distribute ad hoc announcements in Switzerland? +
Providers active in this market include EQS Group with EQS Cockpit, Notified, and Interaction Partners. Interaction Partners has a direct AWP integration and transmits to SIX via AHPdigital.