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Fine imposed on ABN AMRO Clearing Bank N.V., Amsterdam

As a participant of SIX Swiss Exchange and Scoach Switzerland, ABN AMRO Clearing Bank N.V., Amsterdam has violated the provisions governing the audit of participants. The Sanction Commission of SIX Swiss Exchange / Scoach Switzerland has imposed a fine in the amount of CHF 50,000 on ABN AMRO Clearing Bank N.V., Amsterdam, and ordered publication of the sanction decision. In addition, the costs of the proceedings were imposed on the participant.

Pursuant to SIX Swiss Exchange and Scoach Switzerland’s rules and regulations, participants of SIX Swiss Exchange and Scoach Switzerland are required to submit to SIX Exchange Regulation an annual audit report conducted by external auditors regarding compliance with selected provisions of the rules and regulations of SIX Swiss Exchange and Scoach Switzerland.

The participant, ABN AMRO Clearing Bank N.V., Amsterdam, respectively its internal Compliance department, wrote the audit report for the 2009 calendar year itself and did not, as clearly required by SIX Swiss Exchange and Scoach Switzerland’s rules and regulations, commission external auditors to conduct the audit. SIX Exchange Regulation specifically brought this requirement to the attention of the participant shortly after the participant commenced trading.

SIX Exchange Regulation’s function is to enforce the provisions of SIX Swiss Exchange and Scoach Switzerland’s rules and regulations. If a participant violates these provisions, the Sanction Commission of SIX Swiss Exchange / Scoach Switzerland will, at the proposal of SIX Exchange Regulation, impose a sanction, taking into account the severity of the breach and degree of fault. In the present case, the Sanction Commission of SIX Swiss Exchange / Scoach Switzerland classified the degree of fault on the part of participant, ABN AMRO Clearing Bank N.V., Amsterdam, as being significant, and imposed a fine of CHF 50,000 on the participant. In addition, the Sanction Commission ordered publication of the sanction decision and imposed the costs of the proceedings in the amount of CHF 10,000 on the participant.