SIX announces fine against Blacksone Resources AG as FINMA investigates manipulation

SIX Group AG has rendered a decision in the proceedings against Blackstone Resources AG for breaches of IFRS accounting standards. The exchange group’s Sanctions Commission has decided to fine the Swiss holding company based in Zug.

The fine has not come into effect as Blackstone Resources AG filed an appeal against the decision.

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SIX went public to ensure transparency

SIX Exchange Regulation AG (SER) submitted a proposal for sanctions on 2 February 2022, claiming that Blackstone Resources AG had incorrectly recognized the acquisition of the subsidiary South America Invest Ltd. and the resulting goodwill as well as disclosed incorrect information in connection with this acquisition in the 2019 interim IFRS financial statements and in the 2019 annual financial statements.

The complaint also alleged deficiencies in the consolidation of the subsidiary Troi Gobi LLC and the accounting for the sale of this subsidiary in the 2018 annual IFRS financial statements, 2019 interim IFRS financial statements and 2019 annual IFRS financial statements.

The enforcement team substantially upheld the proposal for sanctions of SER concerning the alleged breaches of IFRS rules, which led to the imposition of a fine against Blackstone Resources AG.

SIX Group came forward to inform the public about the sanctions decision regardless of its legal force in order to ensure transparency.

Blackstone Resources AG’s appeal proceedings against the decision and the market manipulation and violations of disclosure obligations meanwhile discovered at Blackstone Resources AG by FINMA – also subject to appeal – are expected to take their time.

SIX’s digital asset division eyes equity tokenization

The digital asset division of SIX Group has been quite busy as of late, having recently partnered with Swiss equity tokenization platform daura to enrich the exchange’s digital issuers ecosystem. Companies on daura will be able to issue digital equity securities seamlessly in SDX’s regulated Central Securities Depository (CSD).

The world’s first fully regulated FMI digital asset exchange provides issuers with the tools to support their funding journey from start-up to maturity as companies can and do stay private far longer than ever before.

By partnership with SDX, daura expands the market for tokenized assets and enables its partner SMEs to issue private bankable securities in SDX’s centralized depository and access secondary liquidity, while managing their share registry and cap table via consolidated workflow.

SDX will offer companies enhanced investor visibility, and reduced time to market thanks to the irreversible nature of records on blockchain.

Raising capital through digital shares on daura gives enterprises greater control of their cap table and related corporate activities, including organizing digital shareholders meetings and sharing confidential information in a secure environment.