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La condamnation du CEO doit être annoncée – CDBF
<!doctype html> <html lang="fr-FR" class="no-js"> <head> <meta charset="UTF-8"> <title> La condamnation du CEO doit être annoncée – CDBF </title> <meta http-equiv="X-UA-Compatible" content="IE=edge"> <script type="text/javascript"> /* <![CDATA[ */ var gform;gform||(document.addEventListener("gform_main_scripts_loaded",function(){gform.scriptsLoaded=!0}),document.addEventListener("gform/theme/scripts_loaded",function(){gform.themeScriptsLoaded=!0}),window.addEventListener("DOMContentLoaded",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>"function"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn("The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 3.1."),o(),0))},initializeOnLoaded:function(o){gform.callIfLoaded(o)||(document.addEventListener("gform_main_scripts_loaded",()=>{gform.scriptsLoaded=!0,gform.callIfLoaded(o)}),document.addEventListener("gform/theme/scripts_loaded",()=>{gform.themeScriptsLoaded=!0,gform.callIfLoaded(o)}),window.addEventListener("DOMContentLoaded",()=>{gform.domLoaded=!0,gform.callIfLoaded(o)}))},hooks:{action:{},filter:{}},addAction:function(o,r,e,t){gform.addHook("action",o,r,e,t)},addFilter:function(o,r,e,t){gform.addHook("filter",o,r,e,t)},doAction:function(o){gform.doHook("action",o,arguments)},applyFilters:function(o){return gform.doHook("filter",o,arguments)},removeAction:function(o,r){gform.removeHook("action",o,r)},removeFilter:function(o,r,e){gform.removeHook("filter",o,r,e)},addHook:function(o,r,e,t,n){null==gform.hooks[o][r]&&(gform.hooks[o][r]=[]);var d=gform.hooks[o][r];null==n&&(n=r+"_"+d.length),gform.hooks[o][r].push({tag:n,callable:e,priority:t=null==t?10:t})},doHook:function(r,o,e){var t;if(e=Array.prototype.slice.call(e,1),null!=gform.hooks[r][o]&&((o=gform.hooks[r][o]).sort(function(o,r){return o.priority-r.priority}),o.forEach(function(o){"function"!=typeof(t=o.callable)&&(t=window[t]),"action"==r?t.apply(null,e):e[0]=t.apply(null,e)})),"filter"==r)return e[0]},removeHook:function(o,r,t,n){var e;null!=gform.hooks[o][r]&&(e=(e=gform.hooks[o][r]).filter(function(o,r,e){return!!(null!=n&&n!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][r]=e)}}); /* ]]> */ </script> <meta name="viewport" content="width=device-width, initial-scale=1.0, minimum-scale=1.0"> <meta name="theme-color" content="#ea2221"> <link href="https://cdbf.ch/wp-content/themes/cdbf/img/favicon.ico" rel="shortcut icon"> <link href="https://cdbf.ch/wp-content/themes/cdbf/img/apple-touch-icon.png" rel="apple-touch-icon-precomposed"> <meta name='robots' content='index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1' /> <style>img:is([sizes="auto" i], [sizes^="auto," i]) { contain-intrinsic-size: 3000px 1500px }</style> <link rel="alternate" href="https://cdbf.ch/1393/" hreflang="fr" /> <link rel="alternate" href="https://cdbf.ch/de/1393/" hreflang="de" /> <link rel="alternate" href="https://cdbf.ch/en/1393/" hreflang="en" /> <!-- This site is optimized with the Yoast SEO plugin v24.7 - https://yoast.com/wordpress/plugins/seo/ --> <title>La condamnation du CEO doit être annoncée – CDBF</title> <link rel="canonical" href="https://cdbf.ch/1393/" /> <meta property="og:locale" content="fr_FR" /> <meta property="og:locale:alternate" content="de_DE" /> <meta property="og:locale:alternate" content="en_GB" /> <meta property="og:type" content="article" /> <meta property="og:title" content="Publicité événementielle : La condamnation du CEO doit être annoncée - CDBF" /> <meta property="og:description" content="A la suite d’une fusion, la société reprenante peut être condamnée par la SIX pour une violation commise par la société transférante. En outre, la condamnation du CEO doit être annoncée, même s’il s’agit d’actes commis au sein d’une autre entreprise (sentence (définitive) du Tribunal arbitral de la SIX du 26 août 2024). 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Genève : Schulthess, 2018. - p. 395-404 </a> </h6> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" class="text-dark-grey" href="https://cdbf.ch/category/arbitrage/">Arbitrage et médiation</a> </h6> </div> </div> </article> <hr class="mb-4" data-aos="fade-up" /> <article class="item mb-4 " data-aos="fade-up"> <div class="row"> <div class="col-12"> <h4 class="h6 card-subtitle mb-2 font-light"> <a href="https://cdbf.ch/843/" target="_self" class="text-red">Arbitrage en matière bancaire</a> </h4> <h3 class="h5 card-title mb-3"> <a href="https://cdbf.ch/843/" target="_self" class="text-dark font-normal">Portée d'une clause d'arbitrage</a> </h3> <h6 class="nav align-items-center text-uppercase text-grey font-light mb-3"> <a class="bubble" href="https://cdbf.ch/author/aurelieconrad/"> <img alt="Image de profil par défaut" class="img-fluid" src="https://cdbf.ch/wp-content/themes/cdbf/img/default_profile.png"/> </a> <span class="px-1"></span> <a class="text-black" href="https://cdbf.ch/author/aurelieconrad/">Aurélie Conrad Hari</a> — 15 novembre 2012 </h6> <div class="text-left intro mb-2"> </div> <h6 class="nav categories text-red text-uppercase small"> <a rel="category tag" class="text-dark-grey" href="https://cdbf.ch/category/arbitrage/">Arbitrage et médiation</a> </h6> </div> </div> </article> <hr class="mb-4" data-aos="fade-up" /> <a class="btn btn-secondary" href="https://cdbf.ch/category/arbitrage/">Plus d'articles en relation</a> </div> <div class="col-lg-9 order-0 order-lg-1 the_content"> <div class="px-lg-4 px-xl-5 position-relative"> <h2 class="h5 font-light"><span class="text-red">Publicité événementielle </span></h2> <h1> La condamnation du CEO doit être annoncée </h1> <!-- auteur --> <nav class="mobile-only mt-4 d-flex align-items-center"> <a class="bubble bubble-lg mb-2 mr-2" href="https://cdbf.ch/author/celianhirsch/"> <img class="img-fluid" src="https://cdbf.ch/wp-content/uploads/2019/12/191021152736_1450-scaled-150x150.jpg" /> </a> <h6 class="text-uppercase text-black font-light mb-2 mr-4"> <a class="text-black" href="https://cdbf.ch/author/celianhirsch/"> Célian Hirsch</a> </h6> </nav> <!-- /auteur --> <div class="d-flex align-items-center justify-content-start"> <ul class="nav translations-list"> <li class="lang-item lang-item-1423 lang-item-de lang-item-first"><a lang="de-DE" hreflang="de-DE" href="https://cdbf.ch/de/1393/">Deutsch</a></li> <li class="lang-item lang-item-1369 lang-item-en"><a lang="en-GB" hreflang="en-GB" href="https://cdbf.ch/en/1393/">English</a></li> </ul> </div> <div class="lead mt-4"> <p>A la suite d’une fusion, la société reprenante peut être condamnée par la SIX pour une violation commise par la société transférante. En outre, la condamnation du CEO doit être annoncée, même s’il s’agit d’actes commis au sein d’une autre entreprise (<a href="https://www.ser-ag.com/dam/downloads/publication/enforcement/issuers/sanction-decisions/2024/sako-iii2023e.pdf" target="_blank" rel="noopener">sentence (définitive) du Tribunal arbitral de la SIX du 26 août 2024</a>).</p> <p>Un administrateur délégué et CEO d’une société cotée auprès de la SIX est condamné pour des actes d’escroquerie par métier et de gestion déloyale commises au sein d’une autre entreprise. La société cotée fusionne par absorption avec une autre société (société reprenante). La commission de sanction de la SIX condamne la société reprenante à une amende de CHF 150’000.- en raison d’une publication tardive de cet événement au sens de l’art. 53 du <a href="https://www.ser-ag.com/dam/downloads/regulation/listing/listing-rules/lr-fr.pdf" target="_blank" rel="noopener">Règlement de cotation</a> (RC) (publicité événementielle, cf. Bahar, <a href="https://cdbf.ch/1183/" target="_blank" rel="noopener">cdbf.ch/1183</a>/).</p> <p>La société conteste cette amende devant le Tribunal arbitral de la SIX et invoque plusieurs griefs.</p> <p>Premièrement, la société soutient que les obligations de droit public ne seraient reprises à la suite d’une fusion que si cela est prévu expressément par la loi. Or, le RC serait du droit public et la reprise par la société transférante de l’amende imposée par la SIX ne serait pas prévue par la loi.</p> <p>Le Tribunal arbitral ne partage pas cette appréciation. Bien que l’<a href="https://www.fedlex.admin.ch/eli/cc/2004/320/fr#art_22" target="_blank" rel="noopener">art. 22 LFus</a> (effets juridiques de la fusion) ne mentionne que la reprise de « l’ensemble des actifs et passifs de la société transférante », le Message du Conseil fédéral démontre que cela comprend aussi les obligations potentielles ou latentes (<a href="https://www.fedlex.admin.ch/eli/fga/2000/921/fr" target="_blank" rel="noopener">FF 2000 4075</a>). Or tel est le cas de l’amende, qui n’a été prononcée qu’après la fusion. En outre, le Tribunal fédéral n’a pas tranché la question de la nature du RC. Bien que le règlement constitue du droit public délégué, la sanction pour sa violation doit être qualifiée de contractuelle (cf. <a href="https://entscheide.weblaw.ch/cache.php?link=16-02-2021-b-2233-2020&sel_lang=de" target="_blank" rel="noopener">TAF, B-2233/2020 c. 2.4.6.2</a>). En tout état, cette question n’est pas déterminante, car les obligations potentielles ont bel et bien été reprises par la société reprenante.</p> <p>Deuxièmement, la société soutient que l’amende serait une sanction de nature pénale au sens de la CEDH. Le Tribunal arbitral rejette brièvement ce grief, car il considère l’amende comme étant contractuelle.</p> <p>Troisièmement, la société invoque le fait que la condamnation pénale concerne des faits relatifs à une autre entreprise. Or, l’art. 53 al. 1 RC prévoit que « [l]’émetteur informe le marché des faits ayant une influence sur les cours qui sont survenus dans sa sphère d’activité ». En outre, la condamnation n’aurait pas eu d’effet sur son activité, et ne pouvait donc pas être qualifiée comme exerçant une influence sur son cours.</p> <p>Le Tribunal arbitral souligne que la condition « dans sa sphère d’activité » concerne les événements qui ont des effets au sein de l’émetteur. Or, tel est manifestement le cas de la condamnation pénale d’un organe en raison d’infractions patrimoniales commises contre son employeur, d’autant plus qu’il s’agit du fondateur, administrateur délégué et CEO de la société transférante. En outre, l’annonce de la condamnation pénale d’un dirigeant est objectivement susceptible de porter atteinte à la confiance des investisseurs dans la société. La condamnation aurait ainsi dû être annoncée au plus tard lors de son entrée en force.</p> <p>Par ailleurs, la société soutient que la protection des données et de la personnalité du CEO l’empêchait de procéder à une annonce. Le Tribunal arbitral retient au contraire qu’il existe des intérêts publics prépondérants à une telle annonce, qui l’emportent sur le besoin de protection de la personne condamnée.</p> <p>Quatrièmement, la société invoque que la peine conventionnelle n’aurait pas été valablement conclue, car son montant n’a été convenu ni de manière déterminée ni de manière déterminable.</p> <p>Le Tribunal arbitral considère que le mécanisme convenu par les parties, à savoir la fixation d’une amende par la commission des sanctions au regard de la violation, correspond à une détermination valable de la peine conventionnelle. Il admet que le Règlement de cotation est du « <em>take it or leave it</em> », mais la société n’était pas forcée d’être cotée auprès de la SIX et elle pouvait aussi librement coter ses actions auprès d’une autre bourse (suisse ou étrangère).</p> <p>Enfin, malgré divers griefs de la société, le Tribunal arbitral confirme le montant tant de l’amende que des frais de la procédure.</p> <p>Le régime juridique de l’annonce événementielle pourrait être révisé à l’avenir. En effet, le Conseil fédéral <a href="https://www.admin.ch/gov/fr/accueil/documentation/communiques.msg-id-101490.html" target="_blank" rel="noopener">a proposé</a> en juin 2024 de modifier la LIMF afin que l’obligation d’annonce événementielle soit désormais prévue dans la loi (<a href="https://www.newsd.admin.ch/newsd/message/attachments/88249.pdf" target="_blank" rel="noopener">art. 37<em>b </em>AP-LIMF</a>). La FINMA serait compétente pour surveiller son respect et pourrait prononcer des mesures en cas de violation (<a href="https://www.newsd.admin.ch/newsd/message/attachments/88249.pdf" target="_blank" rel="noopener">art. 145 AP-LIMF</a>). En outre, le DFF pourrait prononcer une amende de nature pénale (<a href="https://www.newsd.admin.ch/newsd/message/attachments/88249.pdf" target="_blank" rel="noopener">art. 149<em>a </em>AP-LIMF</a>), ce qui impliquerait à notre avis l’application des garanties prévues par l’<a href="https://www.fedlex.admin.ch/eli/cc/1974/2151_2151_2151/fr#art_6" target="_blank" rel="noopener">art. 6 CEDH</a>. Les avis sur cette consultation sont disponibles <a href="https://www.fedlex.admin.ch/filestore/fedlex.data.admin.ch/eli/dl/proj/2023/99/cons_1/doc_8/fr/pdf-a/fedlex-data-admin-ch-eli-dl-proj-2023-99-cons_1-doc_8-fr-pdf-a.pdf" target="_blank" rel="noopener">ici</a>.</p> </div> </div> </div> </div> </div> </main> <footer id="footer" class="py-5"> <div class="container"> <div class="row"> <div class="col-lg-2 mb-4 mb-lg-0 text-center text-lg-left"> <img class="img-fluid" alt="Unige" src="https://cdbf.ch/wp-content/themes/cdbf/img/unige.png"> </div> <div class="col-lg-6"> </div> <div class="col-lg-4"> <nav class="nav flex-column align-items-center align-items-lg-end text-right"> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/impressum/">Impressum</a> <a class="nav-link text-white font-sans-serif small" href="mailto:webmaster@cdbf.ch">Webmestre</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/charte-editoriale/">Charte éditoriale</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/politique-dutilisation-des-cookies/">Politique d’utilisation des cookies</a> <a class="nav-link text-white font-sans-serif small" href="https://cdbf.ch/le-centre/contact/">Contact</a> </nav> </div> </div> </div> </footer> <div id="cookiebar" class="fixed-bottom w-100 text-light py-3" style="display:none;"> <div class="container"> <div class="row"> <div class="col-md-10 small"> Ce site utilise des cookies à des fins de statistiques, d’optimisation et de marketing ciblé. 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