AHPdigital replaces Connexor Reporting: SIX says no new obligations. We found one

From 15 November 2026, every issuer of primary-listed shares on SIX Swiss Exchange transmits its ad hoc announcements to SIX Exchange Regulation through AHPdigital instead of Connexor Reporting. SIX Exchange Regulation published the decision on 1 October 2026: Regulatory Board Communiqué No. 2/2026, a revised Directive on Ad hoc Publicity dated 16 September 2026, and a 33-page manual. We have read all three. Our view: the communiqué is right that nothing changes in what you have to publish. But the same communiqué adds a duty that is easy to miss. It sits in the fallback rule, and it only bites on the day the platform is down.

What SIX decided:

The communiqué puts it in three sentences: "As part of the technological modernisation in the area of ad hoc publicity, SIX Swiss Exchange is replacing the Connexor Reporting platform with AHPdigital. AHPdigital offers the same functionalities as the previous platform; no new obligations are being introduced. However, a new technical connectivity option ('machine-to-machine') will be available."

The legal change is small. Art. 12a para. 1 of the Directive on Ad hoc Publicity no longer names Connexor Reporting and speaks of "the online platform" instead; Art. 23 para. 6 records the revision, decided by the Issuers Committee on 16 September 2026, in force on 15 November 2026. Margin number 16 of Issuers Committee Circular No. 1 is amended the same way.

What stays:

Everything that governs the announcement itself. The transmission to SIX Exchange Regulation is still due at the latest when the announcement is made available to the public (Art. 12 para. 1 DAH). The recipients under Art. 7, the email subscription under Art. 8, the three-year directory on your website under Art. 9 and the 90-minute rule under Art. 11 read as before. Issuers of derivatives, bonds, conversion rights, collective investment schemes and secondary-listed equity securities keep sending their announcements by email (Art. 12a para. 2).

Each transmission still carries the five items of Art. 12a para. 3: the issuer's name, the reporting person with telephone number and email address, the date and time of publication, the announcement as a PDF in every language version, and a confirmation that the distribution under Art. 7 and the articles that follow it has taken place.

What the platform looks like:

By SIX's own account only one thing is new, the machine-to-machine channel. The rest carries over from Connexor Reporting. Since most teams set that up years ago, here is what the manual of 1 October 2026 says, in five points.

The manual also covers corrections, a flag for annual and interim reports, and a portal for third parties acting for several issuers. Announcements submitted through Connexor Reporting appear in the new platform with the status "Migrated", so earlier submissions stay visible. The machine-to-machine channel is the part we have been waiting for: our integration is built for it, and it is what turns the transmission from a separate login into a step inside the release.

The one new duty:

If AHPdigital is unavailable for technical reasons, you send the announcement to SIX Exchange Regulation by email, as before. New is the third sentence of Art. 12a para. 1: "Once the online platform is available again, the ad hoc announcement transmitted pursuant to the second sentence must subsequently be filed via the online platform."

The manual gives the address, adhoc@six-group.com, and the mechanism: the announcement goes in again as an AD HOC event with the field "Subsequent submission" set to yes. Under Connexor Reporting, the email closed the case. From 15 November it does not. An issuer that emails during an outage and moves on has an open obligation.

Registration, and why you want more than one user:

Access is per user, not per company. A user registers through the form on ser-ag.com, SIX Exchange Regulation reviews the application and asks the issuer's designated contact person for ad hoc publicity to confirm the new user by email. Only then is the account opened and an initial password sent. The manual recommends registering several users, and under the four-eye principle two are the minimum. We would put it more bluntly: the login needs the Futurae app on a phone, so an ad hoc announcement that depends on one colleague being at their desk with that phone is a plan B waiting to be needed.

A Member Test registration form exists for the test phase announced in April; it is returned by email to ser-platforms@six-group.com. Technical questions after go-live go to ahpdigital-support@six-group.com.

What Connexor Reporting still does:

Ad hoc announcements only move. Connexor Reporting remains the channel for regular reporting obligations under the Directive on Regular Reporting Obligations, and SIX has said it will introduce a new interface for that side in the second half of 2027. So for a while you run two platforms: AHPdigital for ad hoc, Connexor Reporting for everything else you report to SIX Exchange Regulation.

Questions and answers

What is AHPdigital?
AHPdigital is the online platform operated by SIX Swiss Exchange AG through which issuers of primary-listed shares submit their ad hoc announcements to SIX Exchange Regulation. It replaces Connexor Reporting for this purpose from 15 November 2026 (Regulatory Board Communiqué No. 2/2026 of 1 October 2026).

Does AHPdigital change what an issuer has to publish?
No. The communiqué states that no new obligations are being introduced. The recipients, the timing, the flagging and the website duties under the Directive on Ad hoc Publicity are unchanged; only Art. 12a, which names the transmission channel, was revised.

What happens if AHPdigital is unavailable on the day of an announcement?
The issuer transmits the announcement to SIX Exchange Regulation by email with the five items required by Art. 12a para. 3 DAH. Once the platform is available again, the same announcement must be filed through AHPdigital as a subsequent submission (Art. 12a para. 1 DAH as revised).

Can a service provider submit on behalf of the issuer?
Yes. A provider can act as the issuer's authorised representative, and with the machine-to-machine channel its system can submit to AHPdigital directly through a technical user. Either way the issuer issues a power of attorney, which the provider uploads when it registers. The issuer remains responsible for the transmission (Art. 10 DAH).

Is Connexor Reporting switched off on 15 November 2026?
Not for regular reporting. From that date ad hoc announcements go through AHPdigital; regular reporting obligations continue on Connexor Reporting. SIX has announced a new user interface for regular reporting for the second half of 2027.

Summing it up:

AHPdigital changes the pipe and adds one duty: file again after an outage. Register more than one user before 15 November, make sure whoever runs your releases knows that an outage email now needs a second step, and use the move to put the transmission into the same release as the flagging, the distribution and the website upload. That is how our ad hoc publicity service is built, with the transmission to SIX Exchange Regulation included, see our ad hoc publicity page. If you want to talk through what the change means for your setup, put a 15-minute slot directly into my calendar.

Regulatory basis: Regulatory Board Communiqué No. 2/2026 of SIX Exchange Regulation dated 1 October 2026; Directive on Ad hoc Publicity dated 16 September 2026, in force 15 November 2026, Art. 12 and 12a, Art. 23 para. 6; AHPdigital manual, version 1.0, 1 October 2026; Issuers Committee Circular No. 1, margin number 16; SIX issuer event presentation of 29 April 2026 for the roll-out plan and the 2027 outlook. The current versions on ser-ag.com prevail. This is a practitioner's reading, not legal advice.