Information regarding the supervisory authority’s investigation

The Swiss Financial Market Supervisory Authority FINMA has concluded enforcement proceedings against Jungfraubahn Holding AG. It has determined a violation of market conduct rules.

Until the end of 2016, Jungfraubahn Holding AG took measures to stabilise its share price each year. The share transactions were small and limited and concerned only the last trading day of the year. Upon completion of its enforcement proceedings, FINMA established that a violation of market conduct rules in accordance with its order of 31 August 2018 had been committed. In its press release from 13 September 2018, it writes:

“From at least 2014 to 2016 – FINMA has only been responsible for general market supervision since 2013 – Jungfraubahn Holding AG placed stock exchange orders for extensive sales of its own shares on the last trading day of each year. It did so with the goal of ensuring a targeted decline in the share price at the end of each year. The company moved the year-end price of its shares in the order of up to 4%. FINMA has determined that Jungfraubahn Holding AG has thus violated the regulatory ban on market manipulation.”

Jungfraubahn Holding AG has cooperated with the authorities and agreed to and already implemented measures to improve internal processes and controls with regard to trading in its own shares.

In accordance with its long-standing strategy, as a value stock the Jungfraubahn Group sees itself responsible for creating the pre-requisites for maintaining economic independence and securing the regional business location. In the difficult tourist environment, it is committed to not being perceived as an object of speculation.