Information on the supervisory authority investigation

The Swiss Financial Market Supervisory Authority FINMA has concluded an enforcement procedure 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. The stock transactions were small and limited and concerned only the last trading day of the year. Following the completion of its enforcement proceedings, FINMA, in accordance with its decision of 31 August 2018, has determined a violation of market conduct rules. In its press release of 13 September 2018 it writes:

"Jungfraubahn Holding AG, at least between 2014 and 2016 - FINMA has only been in charge of general market supervision since 2013 - on the last trading day of each year issued stock market orders for extensive sales of its shares from its own holdings. The goal was to ensure a targeted price decline at the end of each year. The company moved the year-end price of its shares by up to four per cent. FINMA has determined that Jungfraubahn Holding AG has violated the regulatory ban on market manipulation with this behaviour.”

Jungfraubahn Holding AG has cooperated with the authorities and decided on measures to improve the internal processes and controls in connection with the trading of its own shares and has already implemented them.

According to its long-term strategy, as a value stock, the Jungfrau Railway Group considers itself responsible for creating conditions in order to maintain its economic independence and to secure the regional business location. In the difficult tourist environment, it is committed not to be perceived as a speculative object.