The SWX Swiss Exchange has launched a formal investigation into a possible breach of rules on the disclosure of executive stock sales by Swiss banking systems vendor Temenos.
In a statement SWX says it is investigating the possibility that Temenos breached Article 74a of the Listing Rules (disclosure of management transactions) after the vendor failed to report straightaway that a member of its management team had sold 10,000 shares in the company.
Temenos has admitted that the sale of the 10,000 shares took place on 15 March 2006 but was only reported to the SWX on 3 April 2006 instead of 17 March 2006.
SWX says preliminary enquiries found that rules may have been infringed with regard to compliance with reporting deadlines.
The vendor says since the incident it has reviewed and strengthened its internal processes for reporting transactions in stock in accordance with Article 74a to ensure timely reporting and compliance.
SWX says investigatory proceedings will continue for an indefinite period.