ZURICH (Reuters) - Swiss stock exchange SIX has fined UBS
"The company was not authorised to postpone the announcement while awaiting the decision of its board of directors, i.e. until the morning of 30 October 2012, because a potentially price-sensitive fact already existed prior to the board's decision and the conditions for a postponement of disclosure were no longer given," SIX said on Wednesday.
The Swiss Federal Supreme Court's decision not to hear UBS's appeal request meant a ruling handed down by the bourse's Court of Arbitration on March 22, 2016 became final.
"UBS continues to believe that it was and is appropriate to issue an ad hoc announcement only after a final approval of the strategy by the Board of Directors," UBS, Switzerland's biggest bank, said in a statement.
($1 = 0.9973 Swiss francs)
(Reporting by Brenna Hughes Neghaiwi and Joshua Franklin. Editing by Jane Merriman)
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