24 Applicable law and arbitration clause

¹ This Rule Book is subject to the substantive laws of Switzerland. It has been issued in the context of self-regulation activities, as described in Articles 3-7 SESTA. This choice of law also applies to all of the legal issues referred to in Art. 2 para. 1 of the Hague Securities Convention.

² Disputes with SIX Swiss Exchange Ltd and the regulatory bodies (currently: these are Regulatory Board, SIX Exchange Regulation, the Sanction Commisssion and the Appeals Board), in particular those concerning sanctions that have been imposed, shall be decided solely and finally by their Zurich-based arbitration court, and only once internal channels of appeal have been exhausted in accordance with the above legal principles. The arbitration court comprises one chairman and one arbitrator appointed for each party for the case at hand. The chairman and his deputy are appointed by the President of the Swiss Federal Supreme Court for a four-year term of office. If several parties are plaintiffs or defendants, they agree on one common arbitrator otherwise the corresponding arbitrator will be appointed by the competent court. The chairman may conduct verbal arbitration proceedings. The third part of the Swiss Federal Code of Civil Procedure (Schweizerische Zivilprozessordnung) is applicable to the arbitration proceedings. In any case a possible arbitration code passed by the Regulatory Board supercedes the Swiss Federal Code of Civil Procedure and Chapter 12 of the Federal Statue on Private International Law (Bundesgesetz über das internationale Privatrecht [IPRG], SR 291) is expressly excluded.