Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

¹Se­cur­it­ies deal­ers¹ un­der SESTA and par­ti­cipants² in an ap­proved trad­ing ven­ue note the or­ders and trans­ac­tions which must be re­cor­ded un­der Art­icle 30 SESTO and Art­icle 36 FMIO in a ledger or journ­als, re­gard­less of wheth­er the se­cur­it­ies or de­riv­at­ives are traded at the trad­ing ven­ue.

²The fol­low­ing shall be re­cor­ded in the ledger for all re­ceived or­ders:

a.

the name of the se­cur­it­ies and de­riv­at­ives;

b.

the time the or­der was re­ceived;

c.

the name of the per­son pla­cing the or­der;

d.

the name of the trans­ac­tion and or­der type;

e.

the scope of the or­der.

³The fol­low­ing shall be re­cor­ded in the ledger for com­pleted trans­ac­tions:

a.

the time of ex­e­cu­tion;

b.

the scope of the ex­e­cu­tion;

c.

the at­tained or al­loc­ated price;

d.

the place of ex­e­cu­tion;

e.

the name of the coun­ter­party;

f.

the value date.

⁴The re­ceived or­ders and com­pleted trans­ac­tions, re­gard­less of wheth­er they are sub­ject to the re­port­ing duty out­lined in Chapter 2, are to be des­ig­nated in a stand­ard­ised format, so that the in­form­a­tion can be de­livered to FINMA promptly and in its en­tirety on re­quest.

The se­cur­it­ies deal­ers un­der SESTA and par­ti­cipants ad­mit­ted to a trad­ing ven­ue must re­port all trans­ac­tions un­der Art­icle 31 SESTA and Art­icle 37 FMIO to the ad­dress­ee un­der Art­icle 5.

The re­port made shall con­tain the fol­low­ing de­tails:

a.

the name of the se­cur­it­ies deal­er tasked with for­ward­ing the re­port un­der SESTA or the par­ti­cipant ad­mit­ted to a trad­ing ven­ue;

b.

the trans­ac­tion type (buy/sell);

c.

the ex­act name of the se­cur­it­ies or de­riv­at­ives in ques­tion;

d.

the scope of the trans­ac­tion as fol­lows: nom­in­al amount for bonds, units or con­tracts for oth­er se­cur­it­ies and de­riv­at­ives;

e.

the price;

f.

the date and time of ex­e­cu­tion;

g.

the value date;

h.

wheth­er it is a pro­pri­et­ary or cli­ent trans­ac­tion;

i.

the name of the coun­ter­party as a stock ex­change mem­ber, oth­er se­cur­it­ies trader, cus­tom­er; for for­ward­ing or­ders: the prin­cip­al;

j.

the name of the trad­ing ven­ue where the se­cur­it­ies or de­riv­at­ive were traded, or no­ti­fic­a­tion that the trans­ac­tion was made out­side a trad­ing ven­ue;

k.

for cli­ent trans­ac­tions: a stand­ard ref­er­ence en­abling iden­ti­fic­a­tion of the be­ne­fi­cial own­er of the trans­ac­tion (Art. 37 para. 1 let. d FMIO and Art. 31 para. 1 let. d SESTO).

Trans­ac­tions are to be re­por­ted with­in the peri­ods out­lined in the reg­u­la­tions of the trad­ing ven­ue to which the re­port is ad­dressed.

¹Se­cur­it­ies trans­ac­tions must be re­por­ted to the trad­ing ven­ue where the se­cur­it­ies are ad­mit­ted for trad­ing.

²If a se­cur­ity is ad­mit­ted for trad­ing at more than one trad­ing ven­ue in Switzer­land li­censed by FINMA, the re­port­ing parties may choose at which trad­ing ven­ue to ful­fil their re­port­ing ob­lig­a­tions.

³The de­riv­at­ives trans­ac­tions un­der Art­icle 31 para­graph 2 SESTO and Art­icle 37 para­graph 2 FMIO must be re­por­ted at the trad­ing ven­ue where the un­der­ly­ing is ad­mit­ted for trad­ing. If the de­riv­at­ive has a num­ber of se­cur­it­ies as un­der­ly­ings, the re­port may be provided to the trad­ing ven­ue where one of the un­der­ly­ings is ad­mit­ted for trad­ing.

⁴Trad­ing ven­ues have a ded­ic­ated of­fice (dis­clos­ure of­fice) in their or­gan­isa­tion for re­ceiv­ing and pro­cessing re­ports.

⁵The dis­clos­ure of­fice has reg­u­la­tions. It may re­quest ad­equate com­pens­a­tion for any du­ties com­mis­sioned by FINMA. The prices are provided to FINMA for ap­prov­al.

¹The de­riv­at­ives cat­egor­ies cleared via a cent­ral coun­ter­party are lis­ted in An­nex 1.

²The de­cision wheth­er to list a de­riv­at­ives cat­egory in An­nex 1 is based on wheth­er:

a.

the con­tract con­di­tions con­tain the usu­al leg­al doc­u­ments for the sec­tor with the usu­al con­tract spe­cific­a­tions lis­ted by coun­ter­parties;

b.

the op­er­a­tion­al pro­cesses are sub­ject to auto­mated post-trade pro­cessing and there are stand­ard li­fe­cycle events man­aged ac­cord­ing to a gen­er­ally agreed sched­ule;

c.

the mar­gin or fin­an­cial re­quire­ments of the cent­ral coun­ter­party are ad­equately pro­por­tion­ate to the risk be­ing mit­ig­ated by the ob­lig­at­ory clear­ing;

d.

the size and depth of the mar­ket are stable over the long term re­l­at­ive to the product;

e.

if a par­ti­cipant in a cent­ral coun­ter­party de­faults, the mar­ket seg­ment­a­tion re­mains suf­fi­cient;

f.

the num­ber and value of the pre­vi­ously con­cluded trans­ac­tions are suf­fi­ciently high;

g.

the in­form­a­tion re­quired to define the price is read­ily avail­able un­der nor­mal trad­ing con­di­tions;

h.

there is a heightened sys­tem­ic risk that coun­ter­parties may be un­able to meet their pay­ment and de­liv­ery ob­lig­a­tions to each oth­er if there are strong in­ter­de­pend­en­cies between them.

¹When li­cens­ing a Swiss cent­ral coun­ter­party or re­cog­nising a for­eign cent­ral coun­ter­party, FINMA de­term­ines which of the de­riv­at­ives cleared by the cent­ral coun­ter­party are man­dated for clear­ing. The cent­ral coun­ter­party shall take in­to con­sid­er­a­tion the cri­ter­ia un­der Art­icle 6 para­graph 2 and in­ter­na­tion­al stand­ards when de­term­in­ing its clear­ing duty.

²If the cent­ral coun­ter­party clears ad­di­tion­al de­riv­at­ives cat­egor­ies sub­sequently to ob­tain­ing a li­cence or re­cog­ni­tion, it shall in­form FINMA ac­cord­ingly.

³It must de­liv­er all in­form­a­tion to FINMA re­quired to de­term­ine the de­riv­at­ives cat­egor­ies for clear­ing on re­quest.

(Art. 123 para. 1, 139 para. 5 FMIA)

¹No­ti­fic­a­tions and sub­mis­sions sent by fax or e-mail per­tain­ing to the dis­clos­ure of share­hold­ings and takeovers are ad­mit­ted through cor­res­pond­ence out­side the scope of ad­min­is­trat­ive pro­ceed­ings and re­cog­nised for the pur­pose of ad­her­ing to dead­lines.

²Re­com­mend­a­tions by the dis­clos­ure of­fices are nor­mally made to the parties, ap­plic­ants and FINMA by fax or e-mail.

³The or­din­ance of 18 June 2010¹ gov­ern­ing elec­tron­ic trans­mis­sion with­in the ad­min­is­trat­ive pro­cess ap­plies to elec­tron­ic sub­mis­sions as part of the ad­min­is­trat­ive pro­cess. Sub­mis­sions to the Takeover Board may also be made by fax.

(Art. 123 para. 1 FMIA)

¹Any time frame cal­cu­lated by trad­ing days starts on the first trad­ing day fol­low­ing the trig­ger event.

²Any time frame cal­cu­lated by weeks ends in the last week on the same day as the day on which the trig­ger event took place. If this day is not a trad­ing day, the dead­line is on the next trad­ing day.

³Any time frame cal­cu­lated by months ends in the last month on the same date as the date on which the trig­ger event took place. If this date does not fall dur­ing that month, the dead­line ends on the last day of the last month; if the day is not a trad­ing day, the dead­line ends on the next trad­ing day.

⁴Trad­ing days are those days on which the rel­ev­ant stock ex­change in Switzer­land is open for trad­ing ac­cord­ing to its trad­ing cal­en­dar.

(Art. 120 paras. 1 and 3, 123 para. 1 FMIA)

¹The be­ne­fi­cial own­ers of equity se­cur­it­ies un­der Art­icle 120 para­graph 1 FMIA are sub­ject to the no­ti­fic­a­tion duty. A be­ne­fi­cial own­er is the party con­trolling the vot­ing rights stem­ming from a share­hold­ing and bear­ing the as­so­ci­ated eco­nom­ic risk.

²If the vot­ing rights are not ex­er­cised dir­ectly or in­dir­ectly by the be­ne­fi­cial own­er, any­one who has full dis­cre­tion­ary powers to ex­er­cise vot­ing rights is sub­ject to no­ti­fic­a­tion duty in ac­cord­ance with Art­icle 120 para. 3 FMIA. If the per­son who has full dis­cre­tion­ary powers to ex­er­cise vot­ing rights is dir­ectly or in­dir­ectly con­trolled, their no­ti­fic­a­tion duty is met where the con­trolling per­son re­ports on a con­sol­id­ated basis. The con­trolling per­son is then con­sidered to be sub­ject to no­ti­fic­a­tion duty.¹

³There is no no­ti­fic­a­tion duty, if:

a.

no­ti­fic­a­tion has been provided of reach­ing a threshold and that value is ex­ceeded, without the next threshold hav­ing been reached or ex­ceeded;

b.

no­ti­fic­a­tion has been provided of a threshold hav­ing been reached or ex­ceeded, the value then falls back down to again reach the threshold, without the next threshold above hav­ing been reached or ex­ceeded;

c.

a threshold is tem­por­ar­ily achieved, ex­ceeded or fallen be­low dur­ing a trad­ing day.

(Art. 120 para. 5, 123 para. 1 FMIA)

The fol­low­ing qual­i­fy as an in­dir­ect ac­quis­i­tion or in­dir­ect sale of a share­hold­ing:

a.

the ac­quis­i­tion and sale via a third party act­ing un­der its own name and trad­ing for the ac­count of the be­ne­fi­cial own­er;

b.

the ac­quis­i­tion and sale through dir­ectly or in­dir­ectly con­trolled leg­al en­tit­ies;

c.

the ac­quis­i­tion and sale of a share­hold­ing which dir­ectly or in­dir­ectly trans­fers own­er­ship of a leg­al en­tity which also has dir­ect or in­dir­ect own­er­ship of equity se­cur­it­ies.

(Art. 120 para. 1, 121, 123 para. 1 FMIA)

¹Any party whose con­duct re­gard­ing the ac­quis­i­tion or sale of share­hold­ings or ex­er­cising of vot­ing rights with third parties by con­tract or oth­er or­gan­ised pro­ced­ure or by law, is act­ing in con­cert or as an or­gan­ised group.

²Pur­chas­ing and selling between per­sons who are con­nec­ted with each oth­er and have re­por­ted their full share­hold­ing, are ex­empt from the no­ti­fic­a­tion duty.

³Changes in the com­pos­i­tion of the group and the nature of the ar­range­ment or group, on the oth­er hand, must be re­por­ted.

(Art. 120 paras. 1, 3 and 4, 123 para. 1 FMIA)

¹The no­ti­fic­a­tion duty un­der Art­icle 120 para­graph 1 FMIA arises with the jus­ti­fic­a­tion of the claim to ac­quire or sell equity se­cur­it­ies (bind­ing trans­ac­tion), ir­re­spect­ive of wheth­er this claim is con­di­tion­al. The in­dic­a­tion of an in­ten­ded pur­chase or sale does not en­tail any no­ti­fic­a­tion re­quire­ment, provided there are no leg­al ob­lig­a­tions in­volved.

²The oc­cur­rence of a re­port­ing ob­lig­a­tion at the time of the bind­ing trans­ac­tion un­der para­graph 1 and the as­so­ci­ated loss of be­ne­fi­cial own­er status and vot­ing en­ti­tle­ment, do not en­tail a sep­ar­ate re­port­ing ob­lig­a­tion un­der Art­icle 120 para­graph 3 FMIA either for the buy­er or seller.

³There is a re­port­ing ob­lig­a­tion in­cum­bent on com­pan­ies with a re­gistered of­fice in Switzer­land in­clud­ing a no­tice in the Swiss Of­fi­cial Gaz­ette of Com­merce on reach­ing, ex­ceed­ing or fall­ing short of a threshold fol­low­ing an in­crease, de­crease or re­struc­tur­ing of its share cap­it­al. Com­pan­ies with a re­gistered of­fice out­side Switzer­land whose equity se­cur­it­ies are lis­ted in whole or in part in Switzer­land are sub­ject to the no­ti­fic­a­tion duty at the time of pub­lic­a­tion un­der Art­icle 115 para­graph 3 FMIO.

(Art. 120 paras. 1 and 3, 123 para. 1 FMIA)

¹Who­ever reaches, ex­ceeds or falls short of a threshold in one or both of the po­s­i­tions be­low, must cal­cu­late the po­s­i­tions in­di­vidu­ally and sep­ar­ately of each oth­er and re­port them both sim­ul­tan­eously:

a.

pur­chas­ing po­s­i­tions:

1.

equit­ies and equity-re­lated units and vot­ing rights un­der Art­icle 120 para­graph 3 FMIA,

2.

con­ver­sion and ac­quis­i­tion rights (Art. 15 para. 2 let. a),

3.

gran­ted (writ­ten) sales rights (Art. 15 para. 2 let. b),

4.

oth­er equity de­riv­at­ives (Art. 15 para. 2);

b.

sale po­s­i­tions:

1.

sales rights (Art. 15 para. 2 let. a),

2.

gran­ted (writ­ten) con­ver­sion and ac­quis­i­tion rights (Art. 15 para. 2 let. b),

3.

oth­er equity de­riv­at­ives (Art. 15 para. 2).

²The po­s­i­tions re­quir­ing no­ti­fic­a­tion are to be cal­cu­lated for com­pan­ies with a re­gistered of­fice in Switzer­land based on the total num­ber of vot­ing rights in ac­cord­ance with the entry in the com­mer­cial re­gister. The cal­cu­la­tion of the po­s­i­tions re­quir­ing no­ti­fic­a­tion for com­pan­ies hav­ing their re­gistered of­fice abroad is reg­u­lated by Art­icle 115 para­graph 3 FMIO.

(Art. 120 paras. 1, 4 and 5, 123 para. 1 FMIA)

¹Equity de­riv­at­ives for the pur­pose of this Or­din­ance are in­stru­ments whose value is de­rived, at least par­tially, from the value or per­form­ance of equity se­cur­it­ies of com­pan­ies un­der Art­icle 120 para. 1 FMIA.

²The fol­low­ing need to be re­por­ted:

a.

the pur­chase or sale of con­vert­ible and ac­quis­i­tion rights, par­tic­u­larly call op­tions, and of sale rights, par­tic­u­larly put op­tions which are de­signed for or per­mit ac­tu­al de­liv­ery;

b.

the grant­ing (writ­ing) of con­vert­ible and ac­quis­i­tion rights, par­tic­u­larly call op­tions, and of sale rights, par­tic­u­larly put op­tions which are de­signed for or per­mit ac­tu­al de­liv­ery; and

c.

equity de­riv­at­ives de­signed for or per­mit­ting cash set­tle­ment as well as oth­er dif­fer­ence trans­ac­tions in­clud­ing con­tracts for dif­fer­ence, fin­an­cial fu­tures.

³The ex­er­cise or non-ex­er­cise of equity de­riv­at­ives re­por­ted un­der para­graph 2 must be re­por­ted again if it leads to one of the thresholds un­der Art­icle 120 para­graph 1 FMIA be­ing reached, ex­ceeded or un­der­shot.

(Art. 120 paras. 1 and 4, 123 para. 1 FMIA)

¹A re­port­ing re­quire­ment ap­plies in par­tic­u­lar when one of the thresholds un­der Art­icle 120 para­graph 1 FMIA is achieved, ex­ceeded or un­der­shot:

a.

due to an in­crease, de­crease or re­struc­tur­ing of share cap­it­al;

b.

for the ac­quis­i­tion or sale of pro­pri­et­ary equity se­cur­it­ies through a com­pany;

c.

for the ac­quis­i­tion and sale of equity se­cur­it­ies for in-house funds in ac­cord­ance with Art­icle 4 of the Col­lect­ive In­vest­ment Schemes Act (CISA) of 23 June 2006¹;

d.

through the pro­por­tion of vot­ing rights in the ac­quis­i­tion po­s­i­tions in ac­cord­ance with Art­icle 14 para­graph 1 let­ter a 1, alone, wheth­er ex­er­cis­able or not and re­gard­less of wheth­er the total vot­ing share reaches, ex­ceeds or un­der­shoots a threshold tak­ing in­to ac­count the equity de­riv­at­ives un­der Art­icle 15;

e.

when trans­fer­ring equity se­cur­it­ies for leg­al reas­ons or fol­low­ing a court or au­thor­ity rul­ing.

²Changes in in­form­a­tion un­der Art­icle 22 para­graphs 1 let­ters d and e, 2 let­ters c, d and f and 3 now also en­tail ob­lig­at­ory no­ti­fic­a­tion.

(Art. 120 para. 1, 123 para. 1 FMIA)

¹Lend­ing trans­ac­tions and sim­il­ar trans­ac­tions, par­tic­u­larly the sale of repo trans­ac­tions or se­cur­ity trans­fers in­clud­ing trans­fer of own­er­ship must be re­por­ted.

²The re­port­ing ob­lig­a­tion is only in­cum­bent on the con­tract­ing party ac­quir­ing tem­por­ary own­er­ship of the se­cur­it­ies through such trans­ac­tions:

a.

for lend­ing trans­ac­tions: the bor­row­er;

b.

for repo trans­ac­tions: the buy­er; and

c.

for se­cur­ity trans­fers: the ac­quirer of the se­cur­ity.

³On ex­piry of the trans­ac­tion, the re­turn­ing con­tract­ing party un­der para­graph 2 is again sub­ject to a no­ti­fic­a­tion duty on reach­ing or fall­ing be­low a threshold un­der Art­icle 120 para­graph 1 FMIA.

⁴Lend­ing and repo trans­ac­tions do not need to be re­por­ted if they are pro­cessed in stand­ard format via trad­ing plat­forms for li­quid­ity man­age­ment.

(Art. 120 para. 1, 121, 123 para. 1 FMIA)

¹The re­port­ing ob­lig­a­tions un­der Art­icle 120 para­graph 1 FMIA ap­ply for share­hold­ings in ap­proved col­lect­ive in­vest­ment schemes un­der CISA¹ and must be met by the li­cence hold­er² (Art. 13 para. 2 let. a–d CISA and Art. 15 in con­junc­tion with Art. 120 para. 1 CISA).

²Ful­filling the re­port­ing re­quire­ment in­volves:

a.

Re­port­ing re­quire­ments for more than one col­lect­ive in­vest­ment scheme of the same li­cence hold­er are to be ful­filled com­pre­hens­ively (i.e. in­clud­ing all in­vest­ment schemes) and for each col­lect­ive in­vest­ment if they in­di­vidu­ally reach, ex­ceed or fall be­low thresholds.

b.

There is no ob­lig­at­ory con­sol­id­a­tion with the group for fund man­age­ment com­pan­ies with­in a group.

c.

The fund man­age­ment com­pany is ob­liged to meet re­port­ing re­quire­ments for in­vest­ment com­pan­ies with vari­able cap­it­al (SICAV).

d.

Each sub-fund of an open-ended col­lect­ive cap­it­al in­vest­ment with sub-funds qual­i­fies as an in­di­vidu­al col­lect­ive cap­it­al in­vest­ment with­in the mean­ing of para­graph 1.

³For for­eign col­lect­ive cap­it­al in­vest­ment schemes not ap­proved for sale which do not de­pend on a group, the re­port­ing re­quire­ments in Art­icle 120 para­graph 1 FMIA are to be met by the fund man­age­ment com­pany or com­pany. Para­graph 2 ap­plies to ful­filling the re­port­ing re­quire­ment.

⁴For for­eign col­lect­ive cap­it­al in­vest­ment schemes not ap­proved for sale which de­pend on a group, the re­port­ing re­quire­ments in Art­icle 120 para­graph 1 FMIA are met by the group.

⁵The in­de­pend­ence of the fund man­age­ment com­pany or com­pany is con­tin­gent on the fol­low­ing:

a.

per­son­al in­de­pend­ence: Per­sons con­trolling the ex­er­cising of the vot­ing right for the fund man­age­ment com­pany or com­pany act in­de­pend­ently of the group par­ent com­pany and those com­pan­ies un­der its con­trol;

b.

or­gan­isa­tion­al in­de­pend­ence: The group en­sures the fol­low­ing through its or­gan­isa­tion­al struc­tures:

1.

the group par­ent com­pany and oth­er com­pan­ies un­der its con­trol have no in­flu­ence over the fund man­age­ment com­pany or com­pany's vot­ing rights either through reg­u­la­tion or by any oth­er meth­od, and

2.

no in­form­a­tion is ex­changed or dis­sem­in­ated between the fund man­age­ment com­pany or com­pany and group par­ent com­pany or oth­er com­pan­ies un­der its con­trol which could in­flu­ence the ex­er­cising of the vot­ing rights.

⁶The group must provide the rel­ev­ant dis­clos­ure of­fice with the fol­low­ing doc­u­ments for those cases un­der para­graph 3:

a.

a list with the names of the fund man­age­ment com­pan­ies or com­pan­ies;

b.

an ex­plan­a­tion as to how the in­de­pend­ence re­quire­ments in para­graphs 3 and 5 are ful­filled and main­tained.

⁷The group must provide the rel­ev­ant dis­clos­ure of­fice with de­tails of every change to the list un­der para­graph 6 let­ter a.

⁸For those cases un­der para­graph 3, the rel­ev­ant dis­clos­ure of­fice may re­quest fur­ther doc­u­ment­a­tion sup­port­ing the ful­fil­ment and main­ten­ance of the in­de­pend­ence con­di­tions at any time.

⁹De­tails of the in­vestor's iden­tity are not re­quired.

(Art. 123 para. 2 FMIA)

¹When cal­cu­lat­ing their ac­quis­i­tion po­s­i­tions (Art. 14 para. 1 let. a) and sale po­s­i­tions (Art. 14 para. 1 let. b) banks and se­cur­it­ies deal­ers may not, un­der SESTA, factor in equity se­cur­it­ies and equity de­riv­at­ives which they hold:

a.

in their trad­ing port­fo­lio, provided their share does not reach 5% of vot­ing rights;

b.

as part of se­cur­ity loans, se­cur­ity trans­fers or repo trans­ac­tions provided their share does not reach 5% of vot­ing rights;

c.

only for up to two trad­ing days and ex­clus­ively for in­voicing or pro­cessing trans­ac­tions.

²The cal­cu­la­tion un­der para­graph 1 is only au­thor­ised provided there is no in­ten­tion to ex­er­cise the vot­ing rights for these units or to in­flu­ence the is­suer's¹ busi­ness con­duct in any oth­er way, and the vot­ing share does not ex­ceed 10% of the vot­ing rights.

³ Equity se­cur­it­ies for in-house funds un­der Art­icle 4 CISA² are to be coun­ted with the bank's or se­cur­ity deal­er's pro­pri­et­ary hold­ings.

(Art. 123 para. 1 FMIA)

¹The re­port­ing ob­lig­a­tions of the Takeover Board based on Art­icle 134 para­graph 5 FMIA ap­ply ex­clus­ively to the fol­low­ing per­sons from the pub­lish­ing of the pri­or no­tice on the takeover of­fer or the pro­spect­us for this of­fer (of­fer pro­spect­us) to the end of the ex­ten­sion peri­od:

a.

the pro­vider¹;

b.

per­sons act­ing in con­cert or as an or­gan­ised group with the pro­vider;

c.

per­sons un­der Art­icle 134 para­graph 1 FMIA hold­ing at least 3% of vot­ing rights dir­ectly, in­dir­ectly or in con­cert with third parties, wheth­er ex­er­cis­able or not, in the tar­get com­pany or, if ap­plic­able, in an­oth­er com­pany whose equity se­cur­it­ies are be­ing offered in ex­change;

d.

per­sons named by the Takeover Board in ac­cord­ance with Art­icle 134 para­graph 3 FMIA.

²Cases re­quir­ing no­ti­fic­a­tion which oc­curred dur­ing the takeover pro­cess must be re­por­ted after ex­piry of the ex­ten­sion peri­od in ac­cord­ance with the pro­vi­sions of this Or­din­ance.

³Para­graphs 1 and 2 are not rel­ev­ant to the re­pur­chase of pro­pri­et­ary equity se­cur­it­ies.

(Art. 123 paras. 1 and 3 FMIA)

¹Re­quests for a pre­lim­in­ary rul­ing re­gard­ing the ap­plic­ab­il­ity or oth­er­wise of a re­port­ing re­quire­ment must be sub­mit­ted to the rel­ev­ant dis­clos­ure of­fice pri­or to per­form­ance of the trans­ac­tion.

²The dis­clos­ure of­fice may in­ter­vene in re­quests for con­cluded trans­ac­tions as an ex­cep­tion.

(Art. 123 para. 1 FMIA)

¹The no­ti­fic­a­tion con­tains the fol­low­ing de­tails:

a.

the share of vot­ing rights, type and num­ber of all equity se­cur­it­ies held by the per­sons in­volved or equity de­riv­at­ives un­der Art­icle 15 and the as­so­ci­ated vot­ing rights. If the share falls be­low the 3% threshold, the no­ti­fic­a­tion to that ef­fect may be giv­en without spe­cify­ing the ac­tu­al vot­ing share;

b.

duty to provide no­ti­fic­a­tion of the un­der­ly­ing cir­cum­stances, for ex­ample:

1.

ac­quis­i­tion,

2.

sale,

3.

trans­fer of vot­ing rights with full dis­cre­tion­ary power (Art. 120 para. 3 FMIA),

4.

ex­er­cising or non-ex­er­cising of equity de­riv­at­ives un­der Art­icle 15,

5.

se­cur­it­ies lend­ing and sim­il­ar trans­ac­tions un­der Art­icle 17,

6.

change in share cap­it­al,

7.

court or au­thor­ity rul­ing,

8.

es­tab­lish­ing of a joint ar­range­ment,

9.

change in the com­pos­i­tion of a group, or

10.

change in re­gistered de­tails;

c.

emer­gence date of no­ti­fic­a­tion duty;

d.

trans­fer date of the equity se­cur­it­ies, if dif­fer­ent to the no­ti­fic­a­tion duty emer­gence date;

e.

last name, first name and place of res­id­ence or com­pany and re­gistered of­fice of the ac­quir­ing, selling or as­so­ci­ated per­sons.

²The in­form­a­tion in para­graph 1 is to be giv­en with the de­tails be­low in the fol­low­ing in­stances:

a.¹

in the cases out­lined in Art­icle 120 para­graph 3 FMIA:

1.

the pro­por­tion of vot­ing rights ves­ted in the no­ti­fic­a­tion re­gard­ing the per­son with full dis­cre­tion­ary powers over the ex­er­cise of the vot­ing rights,

2.

any in­dic­a­tion where the no­ti­fic­a­tion duty is not ex­er­cised by the per­son with full dis­cre­tion­ary powers to ex­er­cise vot­ing rights, rather the per­son who dir­ectly or in­dir­ectly con­trols the per­son with full dis­cre­tion­ary powers to ex­er­cise vot­ing rights (case of con­sol­id­ated re­port­ing);

b.

when act­ing in con­cert or as an or­gan­ised group un­der Art­icle 12: the de­tails un­der Art­icle 121 FMIA and Art­icle 12 para­graph 3 of this Or­din­ance;

c.

for equity de­riv­at­ives un­der Art­icle 15 with an In­ter­na­tion­al Se­cur­it­ies Iden­ti­fic­a­tion Num­ber (ISIN): this num­ber;

d.

for equity de­riv­at­ives un­der Art­icle 15, without an ISIN: the ba­sic de­tails, in­clud­ing:

1.

the iden­tity of the is­suer,

2.

the un­der­ly­ing value,

3.

the sub­scrip­tion ra­tio,

4.

the strike price,

5.

the ex­er­cise peri­od,

6.

the ex­er­cise type;

e.

for col­lect­ive in­vest­ments un­der Art­icle 18 para­graph 3: con­firm­a­tion that the re­quire­ments un­der Art­icle 18 para­graph 4 have been met;

f.

for leg­al trans­ac­tions un­der Art­icle 17:

1.

the vot­ing share, type and num­ber of trans­ferred equity se­cur­it­ies or equity de­riv­at­ives un­der Art­icle 15 and the as­so­ci­ated vot­ing rights,

2.

the nature of the leg­al trans­ac­tion,

3.

the agreed time of re­turn or, if a vot­ing right has been gran­ted for this pur­pose, wheth­er it is al­loc­ated to the con­tract­ing party bear­ing the duty of no­ti­fic­a­tion un­der Art­icle 17 para­graph 2 or the coun­ter­party.

³In the event of the in­dir­ect ac­quis­i­tion or in­dir­ect sale (Art. 11) the no­ti­fic­a­tion must con­tain the full de­tails of both the per­son mak­ing the dir­ect ac­quis­i­tion or sale and of the be­ne­fi­cial own­er.

(Art. 123 para. 1 FMIA)

Every no­ti­fic­a­tion to the dis­clos­ure of­fice and com­pany must in­clude de­tails of a con­tact per­son in­clud­ing their last name, first name, ad­dress, tele­phone num­ber and e-mail.

(Art. 123 para. 1 FMIA)

¹The no­ti­fic­a­tion must be re­ceived by the com­pany and rel­ev­ant dis­clos­ure of­fice with­in four trad­ing days fol­low­ing the emer­gence of the no­ti­fic­a­tion duty. The dis­clos­ure of­fice shall sup­ply the re­quis­ite forms.

²In the event of ac­quis­i­tion through in­her­it­ance, the peri­od un­der para­graph 1 is twenty trad­ing days.

³The com­pany must dis­close the no­ti­fic­a­tion with­in two trad­ing days of re­ceiv­ing it.

⁴For trans­ac­tions in pro­pri­et­ary se­cur­it­ies, the com­pany must provide no­ti­fic­a­tion to the rel­ev­ant dis­clos­ure of­fice and pub­lish the no­ti­fic­a­tion with­in four trad­ing days fol­low­ing the emer­gence of the no­ti­fic­a­tion duty.

(Art. 123 para. 1, 124 FMIA)

¹The com­pany pub­lishes the no­ti­fic­a­tion in ac­cord­ance with Art­icle 22 via the elec­tron­ic pub­lish­ing plat­form of the rel­ev­ant dis­clos­ure of­fice. It must also refer to the pre­vi­ous dis­clos­ure by the same per­son with re­spons­ib­il­ity to provide no­ti­fic­a­tion.

²If a com­pany fails to provide no­ti­fic­a­tion or if it provides in­com­plete or er­ro­neous no­ti­fic­a­tion, the dis­clos­ure of­fices may still pro­ceed with pub­lic­a­tion of the ne­ces­sary in­form­a­tion and in­voice the com­pany for the costs in­curred through the sub­sti­tute meas­ure. The dis­clos­ure of­fices may pub­lish the reas­ons for the sub­sti­tute meas­ure. The com­pany must be in­formed in ad­vance.

(Art. 123 paras. 1 and 2, 124 FMIA)

¹Ex­emp­tions or eas­ing pro­vi­sions to the duty of no­ti­fic­a­tion and dis­clos­ure may be gran­ted, provided there is good cause for do­ing so, and par­tic­u­larly if the trans­ac­tions are:

a.

short-term in nature;

b.

do not en­tail any in­ten­tion to ex­er­cise the vot­ing right; or

c.

come with con­di­tions.

²Re­quests to this ef­fect must be made to the rel­ev­ant dis­clos­ure of­fice pri­or to the trans­ac­tion in ques­tion.

³Re­quests for com­pleted trans­ac­tions shall only be gran­ted by the rel­ev­ant dis­clos­ure of­fice as an ex­cep­tion and in ex­traordin­ary cir­cum­stances.

(Art. 123, 124 FMIA)

¹Stock ex­changes have a ded­ic­ated of­fice (dis­clos­ure of­fice) for mon­it­or­ing the duty of no­ti­fic­a­tion and dis­clos­ure. The dis­clos­ure of­fice also pro­cesses re­quests for a pre­lim­in­ary rul­ing (Art. 21) and for ex­cep­tions and eas­ing pro­vi­sions (Art. 26).

²If the es­tab­lish­ment of such an of­fice proves ex­cess­ive, this role may be trans­ferred to an­oth­er stock ex­change; the reg­u­la­tions gov­ern­ing the co­oper­a­tion must be sub­mit­ted to FINMA for ap­prov­al.

³The dis­clos­ure of­fices keep the pub­lic in­formed of their activ­it­ies. They may is­sue an­nounce­ments and reg­u­la­tions and pub­lish in­form­a­tion re­quired to ful­fil their busi­ness pur­pose in an ap­pro­pri­ate format. As a rule, re­com­mend­a­tions are pub­lished in an­onym­ous form.

⁴The dis­clos­ure of­fices may re­quest ad­equate com­pens­a­tion for any du­ties com­mis­sioned by FINMA and for pro­cessing re­quests. The prices must be provided to FINMA for ap­prov­al.

(Art. 123, 124 FMIA)

¹Re­quests for a pre­lim­in­ary rul­ing (Art. 21) and for ex­emp­tions or eas­ing pro­vi­sions (Art. 26) must con­tain a state­ment of the facts, an ap­plic­a­tion and jus­ti­fic­a­tion. The state­ment of the facts must be ac­com­pan­ied by the ap­pro­pri­ate doc­u­ment­a­tion and in­clude all the de­tails out­lined un­der Art­icle 22.

²The dis­clos­ure of­fice is­sues re­com­mend­a­tions for ap­plic­ants; these must be jus­ti­fied and com­mu­nic­ated to FINMA.

³The dis­clos­ure of­fice may is­sue its re­com­mend­a­tions to the com­pany. Fun­da­ment­al in­terests of the ap­plic­ant, i.e. busi­ness secrets are re­served.

⁴FINMA is­sues a de­cision, when:

a.

it wishes to rule on the mat­ter it­self;

b.

the ap­plic­ant re­jects or fails to ob­serve the re­com­mend­a­tion; or

c.

the dis­clos­ure of­fice ap­proaches it for a de­cision.

⁵If FINMA wishes to de­cide on the mat­ter it­self, it shall make its in­ten­tions known with­in five trad­ing days.

⁶A re­jec­ted re­com­mend­a­tion must be jus­ti­fied by the ap­plic­ant in a sub­mis­sion to FINMA with­in five trad­ing days. FINMA may ex­tend this dead­line on re­quest.

⁷For those cases un­der para­graph 4, FINMA shall im­me­di­ately ini­ti­ate pro­ceed­ings and in­form the dis­clos­ure of­fice and parties to that ef­fect. It shall also in­struct the dis­clos­ure of­fice to sub­mit its files.

(Art. 8, 31, 123 para. 1 FMIA)

FINMA may in­struct the dis­clos­ure of­fices to con­duct in­vest­ig­a­tions.

(Art. 135 para. 4 FMIA)

In ad­di­tion to Art. 135 FMIA and the fol­low­ing pro­vi­sions, Art­icles 125–134, 136–141, 152 and 163 FMIA and the im­ple­ment­ing pro­vi­sions of the Fed­er­al Coun­cil and Takeover Board per­tain­ing to pub­lic takeover of­fers ap­ply to the duty to make an of­fer.

(Art. 135 paras. 1 and 4 FMIA)

The duty to make an of­fer is in­cum­bent on any­one who ac­quires equity se­cur­it­ies dir­ectly or in­dir­ectly and, by do­ing so, ex­ceeds the leg­al or stat­utory threshold un­der Art­icle 135 para­graph 1 FMIA (threshold).

(Art. 135 paras. 1 and 4 FMIA)

Art­icle 120 para­graph 5 FMIA and Art­icle 11 of this Or­din­ance ap­ply by ana­logy to those par­ti­cip­a­tions of the tar­get com­pany re­quir­ing an of­fer when mak­ing an in­dir­ect ac­quis­i­tion.

(Art. 135 paras. 1 and 4, 136 para. 2 FMIA)

Art­icle 12 para­graph 1 ap­plies to per­sons act­ing in con­cert or as an or­gan­ised group to ac­quire par­ti­cip­a­tions re­quir­ing an of­fer in the tar­get com­pany with a view to tak­ing over the tar­get com­pany.

(Art. 135 paras. 1 and 4 FMIA)

¹The threshold is based on the total num­ber of vot­ing rights in ac­cord­ance with the entry in the com­mer­cial re­gister.

²When de­term­in­ing wheth­er the threshold has been ex­ceeded, all equity se­cur­it­ies are taken in­to ac­count which are owned by the ac­quir­ing per­son or whose vot­ing rights have been trans­ferred to the ac­quir­ing per­son in an­oth­er way, re­gard­less of wheth­er the vot­ing rights may be ex­er­cised.

³Vot­ing rights re­stric­ted to power of rep­res­ent­a­tion at a Gen­er­al Meet­ing are ex­cluded from the cal­cu­la­tion.

(Art. 135 paras. 1 and 4 FMIA)

¹The duty to make an of­fer must be ex­ten­ded to all types of lis­ted equity se­cur­it­ies of the tar­get com­pany.

²It must also in­clude new equity se­cur­it­ies cre­ated through equity de­riv­at­ives, if the as­so­ci­ated rights are ex­er­cised pri­or to ex­piry of the ex­ten­sion un­der Art­icle 130 para­graph 2 FMIA.

(Art. 135 para. 4, 136 para. 2, 163 FMIA)

If the per­son who pre­vi­ously had the rights to the equity se­cur­it­ies un­der the trans­ition­al reg­u­la­tion of Art­icle 163 FMIA, was sub­ject to the duty to make an of­fer for all equity se­cur­it­ies on ex­ceed­ing the threshold of 50% of vot­ing rights, this duty trans­fers to the per­son ac­quir­ing between 33⅓and 50% of the vot­ing rights, if the per­son is ex­emp­ted from the duty to make an of­fer un­der Art­icle 136 para­graph 2 FMIA.

(Art. 135 para. 4 FMIA)

A per­son who re­duces a pro­pri­et­ary share of 50% or more of the vot­ing rights in a com­pany ac­quired pri­or to 1 Janu­ary 1998 to un­der 50%, must make an of­fer un­der Art­icle 135 FMIA, if said per­son's share sub­sequently re­turns to above 50%.

(Art. 135 paras. 1 and 4, 136 para. 2 FMIA)

¹The duty to make an of­fer can­not be at­tached to con­di­tions un­less there is good cause for do­ing so.

²Good cause ap­plies in par­tic­u­lar if:

a.

of­fi­cial au­thor­isa­tion is re­quired for an ac­quis­i­tion;

b.

the equity se­cur­it­ies in ques­tion do not in­clude any vot­ing en­ti­tle­ment; or

c.

the pro­vider wants the spe­cif­ic nature of the tar­get com­pany's eco­nom­ic sub­stance to re­main un­changed.

(Art. 135 paras. 1 and 4 FMIA)

¹The ob­lig­at­ory of­fer must be made with­in two months of ex­ceed­ing the threshold.

²The Takeover Board may grant an ex­ten­sion if there is good cause for do­ing so.

(Art. 135 para. 4, 136 FMIA)

¹The duty to make an of­fer lapses, if:

a.

the threshold is ex­ceeded dur­ing a re­struc­tur­ing res­ult­ing from a cap­it­al down­grade and prompt cap­it­al in­crease for the pur­pose of off­set­ting a loss;

b.

banks or se­cur­it­ies deal­ers un­der SESTA act­ing in­de­pend­ently or as a syn­dic­ate ac­quire equity se­cur­it­ies as part of an is­sue and un­der­take to sell the share of equity se­cur­it­ies ex­ceed­ing the threshold with­in three months of ex­ceed­ing the threshold and the sale ac­tu­ally takes place with­in this peri­od.

²The claim to an ex­cep­tion un­der para­graph 1 or Art­icle 136 para­graph 2 FMIA needs to be no­ti­fied to the Takeover Board. The Takeover Board shall ini­ti­ate an ad­min­is­trat­ive pro­ced­ure with­in five trad­ing days if it has reas­on to sus­pect that the con­di­tions in para­graph 1 have not been met.

³The Takeover Board may ex­tend the peri­od un­der para­graph 1 let­ter b on re­quest if there is ad­equate jus­ti­fic­a­tion for do­ing so.

(Art. 135, 136 para. 1 FMIA)

¹In the in­stances out­lined un­der Art­icle 136 para­graph 1 FMIA and in oth­er jus­ti­fied cases, a per­son ob­liged to make an of­fer may be ex­emp­ted from the duty to make an of­fer if there is good cause for do­ing so.

²Fur­ther jus­ti­fied cases un­der Art­icle 136 para­graph 1 FMIA are par­tic­u­larly those cases where:

a.

the ac­quir­ing per­son can­not con­trol the tar­get com­pany, be­cause an­oth­er per­son or group has a high­er vot­ing share;

b.

a mem­ber of an or­gan­ised group un­der Art­icle 136 para­graph 1 let­ter a FMIA ex­ceeds the threshold, either in­di­vidu­ally or not; or

c.

the pre­vi­ous ac­quis­i­tion was made in­dir­ectly (Art. 32), the ac­quis­i­tion is not one of the main aims of the trans­ac­tion and the in­terests of the tar­get com­pany's share­hold­ers re­main pro­tec­ted.

³Con­di­tions may be at­tached when grant­ing ex­cep­tions; in par­tic­u­lar the set­ting of ob­lig­a­tions in­cum­bent on the ac­quir­ing per­son in the fu­ture.

⁴The con­di­tions un­der para­graph 3 trans­fer to a leg­al suc­cessor who ac­quires a share­hold­ing ex­ceed­ing 33⅓%, even if the leg­al suc­cessor is ex­empt from the duty to make an of­fer un­der Art­icle 136 para­graph 2 FMIA.

(Art. 135 paras. 2-4 FMIA)

¹The of­fer price must be at least equal to the stock ex­change price for every type of equity se­cur­ity in the tar­get com­pany.

²The stock ex­change price un­der Art­icle 135 para­graph 2 let­ter a FMIA cor­res­ponds to the volume-weighted av­er­age price of the on-or­der-book trades of the last 60 trad­ing days pri­or to pub­lic­a­tion of the of­fer or the pre­lim­in­ary no­ti­fic­a­tion.

³It must be ad­jus­ted to neg­ate the ef­fects of sig­ni­fic­ant price in­flu­ences triggered by spe­cial events, such as di­vidend dis­tri­bu­tion or cap­it­al trans­ac­tions, which it is sub­ject to dur­ing this peri­od. An audit firm as out­lined un­der Art­icle 128 para­graph 1 FMIA must con­firm the ad­equacy of the ad­just­ment and show the cal­cu­la­tion basis in its re­port.

⁴If the lis­ted equity se­cur­it­ies are not li­quid pri­or to dis­clos­ure of the of­fer or pri­or an­nounce­ment, the audit firm must eval­u­ate the com­pany. The en­su­ing re­port shall out­line the eval­u­ation meth­ods and basis for eval­u­ation and provide an ex­plan­a­tion of wheth­er and, if so, to what ex­tent, the set­ting of the min­im­um price is to de­vi­ate from the stock ex­change price or com­pany value.

(Art. 135 paras. 2-4 FMIA)

¹The price of the pre­vi­ous ac­quis­i­tion un­der Art­icle 135 para­graph 2 let­ter b FMIA cor­res­ponds to the highest price paid by the buy­er for equity se­cur­it­ies in the tar­get com­pany over the past 12 months pri­or to pub­lic­a­tion of the of­fer or pri­or no­ti­fic­a­tion.

²It must be defined sep­ar­ately for each type of equity se­cur­ity. The price of the most ex­pens­ive equity se­cur­ity re­l­at­ive to the nom­in­al value is to form the basis for set­ting the ap­pro­pri­ate ra­tio between the prices of dif­fer­ent types of equity se­cur­ity un­der Art­icle 135 para­graph 3 FMIA.

³The equity se­cur­it­ies in the tar­get com­pany ac­quired through the ex­change of se­cur­it­ies as part of the pre­vi­ous ac­quis­i­tion are to be cal­cu­lated at their value at the time of ex­change.

⁴If the per­son buy­ing or selling has ad­ded oth­er pay­ments in ad­di­tion to the main pay­ments for the pre­vi­ous ac­quis­i­tion, in par­tic­u­lar if the per­son has provided se­cur­it­ies or pay­ment in kind, the price for the pre­vi­ous pur­chase shall be cor­res­pond­ingly re­duced or in­creased.

⁵An audit firm (Art. 128 FMIA) must re­view the valu­ation of the equity se­cur­it­ies un­der Art­icle 3 and the ad­equacy of the in­crease or de­crease un­der Art­icle 4 with ac­com­pa­ny­ing cal­cu­la­tion de­tails in its re­port.

(Art. 135 paras. 2-4 FMIA)

¹If the pri­or ac­quis­i­tion was in­dir­ect with­in the mean­ing of Art­icle 32 in con­junc­tion with Art­icle 11 let­ter c, the party mak­ing the of­fer must dis­close the price paid for its share of the tar­get com­pany's equity se­cur­it­ies in the of­fer pro­spect­us.

²The valu­ation of this share must be audited by an audit firm.

(Art. 135 paras. 2-4 FMIA)

¹The of­fer price may be paid in cash or ex­changed against se­cur­it­ies.

²Set­tle­ment against se­cur­it­ies is per­mit­ted provided full pay­ment in cash is offered as an al­tern­at­ive.

(Art. 135 paras. 2-4 FMIA)

Art­icle 42 para­graphs 2-4 ap­ply to de­term­in­ing the value of the se­cur­it­ies offered in ex­change.

(Art. 135 paras. 2-4 FMIA)

The Takeover Board may grant ex­emp­tions from this sec­tion of the reg­u­la­tions (Art. 40–44) in spe­cif­ic in­stances to the per­son mak­ing the of­fer if there is good cause for do­ing so.

(Arts. 122, 123 para. 1 FMIA; Art. 39 para. 1 FIN­MASA)

¹FINMA, the Takeover Board and the stock ex­change re­gis­tra­tion, dis­clos­ure and mon­it­or­ing of­fices shall provide each oth­er, either vol­un­tar­ily or on re­quest, with all in­form­a­tion and rel­ev­ant doc­u­ment­a­tion re­quired by these au­thor­it­ies and of­fices for per­form­ing their re­spect­ive du­ties. In par­tic­u­lar, they shall in­form each oth­er if they have grounds for sus­pect­ing a vi­ol­a­tion of the law re­quir­ing in­vest­ig­a­tion by the rel­ev­ant au­thor­ity or of­fice.

²In do­ing so, the au­thor­it­ies and of­fices in­volved shall ob­serve of­fi­cial, pro­fes­sion­al and busi­ness secrecy and only use the in­form­a­tion and rel­ev­ant doc­u­ment­a­tion re­ceived for the per­form­ance of their leg­al du­ties.

The re­peal and amend­ment of oth­er le­gis­lat­ive in­stru­ments are reg­u­lated in An­nex 2.

¹Dis­clos­ure no­ti­fic­a­tions made un­der ex­ist­ing law re­tain their valid­ity. Situ­ations which arose pri­or to the FMIA com­ing in­to force and which need to be dis­closed due to that Act and this Or­din­ance must be re­por­ted by 31 March 2016.

²Situ­ations re­quir­ing no­ti­fic­a­tion which arise after this Or­din­ance comes in­to force may ini­tially be re­por­ted and pub­lished un­der the cur­rent law, in­clud­ing a no­tice to that ef­fect, up to 31 March 2016. The no­ti­fic­a­tion un­der the new leg­al re­gime must be sub­mit­ted to the rel­ev­ant dis­clos­ure of­fice and the com­pany by 31 March 2016.

³If a dis­clos­ure of­fice does not have an elec­tron­ic pub­lish­ing plat­form when this Or­din­ance enters in­to force, it has un­til 1 Janu­ary 2017 to have such a plat­form avail­able and in full op­er­a­tion.

⁴Dur­ing the peri­od un­til a func­tion­al elec­tron­ic pub­lish­ing plat­form be­comes avail­able in ac­cord­ance with para­graph 3, the com­pany pub­lishes its dis­clos­ure no­ti­fic­a­tions in the Swiss Of­fi­cial Gaz­ette of Com­merce and in at least one of the prom­in­ent elec­tron­ic me­dia used for dis­sem­in­at­ing stock ex­change in­form­a­tion. The time of the com­mu­nic­a­tion of the dis­clos­ure no­ti­fic­a­tion to the elec­tron­ic me­dia is the de­cis­ive factor in de­term­in­ing com­pli­ance with the dead­line un­der Art­icle 24 para­graph 2. The pub­lished dis­clos­ure no­ti­fic­a­tion must be sent to the dis­clos­ure of­fice at the same time.

The duty to re­port un­der Art­icle 10 para. 2 FMIO-FINMA in its ver­sion amended on 26 Janu­ary 2017 must be met by 31 Au­gust 2017.

This Or­din­ance comes in­to force on 1 Janu­ary 2016.