If there are suf­fi­cient in­dic­a­tions that a per­son has not met the no­ti­fic­a­tion duty in ac­cord­ance with Art­icles 120 and 121, FINMA may, un­til the no­ti­fic­a­tion duty has been cla­ri­fied and, as ap­pro­pri­ate, the no­ti­fic­a­tion duty has been ful­filled:

a.

sus­pend the vot­ing rights and as­so­ci­ated rights of this per­son; and

b.

pro­hib­it this per­son from ac­quir­ing fur­ther shares or ac­quis­i­tion or sale rights re­lat­ing to shares of the com­pany in ques­tion, be it dir­ectly, in­dir­ectly or act­ing in con­cert with third parties.

The su­per­vis­ory in­stru­ments de­tailed in Art­icle 29 para­graphs 1, 30, 32, 34 and 35 FIN­MASA⁶⁹ ap­ply to all per­sons who con­tra­vene Art­icles 120, 121, 124, 142 or 143 of this Act.

Per­sons sub­ject to a no­ti­fic­a­tion duty in ac­cord­ance with Art­icle 134, as well as per­sons who in ac­cord­ance with Art­icle 139 para­graphs 2 and 3 can have the status of party, must provide all in­form­a­tion and sur­render any doc­u­ments to FINMA which the lat­ter re­quires to per­form its tasks.

¹ A cus­todi­al sen­tence not ex­ceed­ing three years or a mon­et­ary pen­alty shall be im­posed on any per­son who wil­fully:

a.

dis­closes a secret en­trus­ted to them in their ca­pa­city as a dir­ect­or or of­ficer, em­ploy­ee, agent or li­quid­at­or of a fin­an­cial mar­ket in­fra­struc­ture or of which they have be­come aware in said ca­pa­city;

b.

at­tempts to in­duce a vi­ol­a­tion of pro­fes­sion­al secrecy;

c.

dis­closes to oth­er per­sons a secret dis­closed to them in vi­ol­a­tion of let­ter a or ex­ploits such a secret for their own be­ne­fit or for the be­ne­fit of oth­ers.

² A cus­todi­al sen­tence not ex­ceed­ing five years or a mon­et­ary pen­alty shall be im­posed on any per­son who ob­tains a pe­cu­ni­ary ad­vant­age for them­selves or an­oth­er per­son through an ac­tion as de­tailed in para­graph 1 let­ter a or c.

³ A fine not ex­ceed­ing 250,000 francs shall be im­posed on any per­son who com­mits the fore­go­ing acts through neg­li­gence.⁷⁰

⁴ Any per­son who vi­ol­ates pro­fes­sion­al secrecy re­mains li­able to pro­sec­u­tion after ter­min­a­tion of the of­fi­cial or em­ploy­ment re­la­tion­ship or ex­er­cise of the pro­fes­sion.

⁵ The fed­er­al and can­ton­al pro­vi­sions re­lat­ing to the duty to testi­fy and the duty to provide in­form­a­tion to the au­thor­it­ies are re­served.

A fine not ex­ceed­ing CHF 500,000 shall be im­posed on any per­son who wil­fully:

a.

vi­ol­ates the pro­vi­sion on pro­tec­tion against con­fu­sion and de­cep­tion (Art. 16);

b.

fails to provide the su­per­vis­ory au­thor­it­ies with the pre­scribed no­ti­fic­a­tions in ac­cord­ance with Art­icles 9 and 17, or does so in­cor­rectly or too late.

A fine not ex­ceed­ing CHF 500,000 shall be im­posed on any per­son who wil­fully:

a.

vi­ol­ates the re­cord-keep­ing duty set out in Art­icle 38;

b.

vi­ol­ates the dis­clos­ure duty in ac­cord­ance with Art­icle 39.

A fine not ex­ceed­ing CHF 100,000 shall be im­posed on any per­son who wil­fully:

a.

vi­ol­ates the clear­ing duty set out in Art­icle 97;

b.

vi­ol­ates the re­port­ing duty cited in Art­icle 104;

c.

vi­ol­ates the risk mit­ig­a­tion du­ties cited in Art­icles 107 to 110;

d.

vi­ol­ates the duty cited in Art­icle 112.

¹ A fine not ex­ceed­ing CHF 10 mil­lion shall be im­posed on any per­son who wil­fully:

a.

vi­ol­ates the no­ti­fic­a­tion duty cited in Art­icle 120 or 121;

b.

as the own­er of a qual­i­fied par­ti­cip­a­tion in a tar­get com­pany, fails to dis­close the ac­quis­i­tion or sale of equity se­cur­it­ies of that com­pany (Art. 134).

² A fine not ex­ceed­ing CHF 100,000 shall be im­posed on any per­son who com­mit the fore­go­ing acts through neg­li­gence.

A fine not ex­ceed­ing CHF 10 mil­lion shall be im­posed on any per­son who wil­fully fails to com­ply with a leg­ally bind­ing duty to make an of­fer (Art. 135).

¹ A fine not ex­ceed­ing CHF 500,000 shall be im­posed on any per­son who wil­fully provides un­true or in­com­plete in­form­a­tion in the pro­spect­us or an­nounce­ment of the of­fer (Art. 127 and 131 let. a).

² A fine not ex­ceed­ing CHF 150,000 shall be im­posed on any per­son who com­mits the fore­go­ing act through neg­li­gence.

¹ A fine not ex­ceed­ing CHF 500,000 shall be im­posed on any per­son who wil­fully:

a.

fails to sub­mit the man­dat­ory re­port to the hold­ers of equity se­cur­ity set­ting out his or her po­s­i­tion in re­la­tion to the of­fer or fails to pub­lish such a re­port (Art. 132 para. 1);

b.

in­cludes un­true or in­com­plete in­form­a­tion in such re­port (Art. 132 para. 1).

² A fine not ex­ceed­ing CHF 150,000 shall be im­posed on any per­son who com­mits the fore­go­ing act through neg­li­gence.

¹ A cus­todi­al sen­tence not ex­ceed­ing three years or a mon­et­ary pen­alty shall be im­posed on any per­son who as a body or a mem­ber of a man­aging or su­per­vis­ory body of an is­suer or of a com­pany con­trolling or con­trolled by them, or as a per­son who due to their hold­ing or activ­ity has le­git­im­ate ac­cess to in­sider in­form­a­tion, if they gain a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er with in­sider in­form­a­tion by:

a.⁷²

ex­ploit­ing it to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or to use de­riv­at­ives of such se­cur­it­ies;

b.

dis­clos­ing it to an­oth­er;

c.⁷³

ex­ploit­ing it to re­com­mend that an­oth­er ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or to use de­riv­at­ives of such se­cur­it­ies.

² Any per­son who through an act set out in para­graph 1 gains a pe­cu­ni­ary ad­vant­age ex­ceed­ing one mil­lion francs shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing five years or a mon­et­ary pen­alty.

³ Any per­son who gains a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er by ex­ploit­ing in­sider in­form­a­tion or a re­com­mend­a­tion based on in­sider in­form­a­tion dis­closed or giv­en to them by a per­son re­ferred to in para­graph 1 or ac­quired through a felony or mis­de­mean­our in or­der to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or in or­der to use de­riv­at­ives of such se­cur­it­ies shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing one year or to a mon­et­ary pen­alty.⁷⁴

⁴ Any per­son who is not a per­son re­ferred to in para­graphs 1 to 3 and yet who gains a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er by ex­ploit­ing in­sider in­form­a­tion or a re­com­mend­a­tion based on in­sider in­form­a­tion in or­der to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land or to use de­riv­at­ives of such se­cur­it­ies shall be li­able to a fine.⁷⁵

¹ A cus­todi­al sen­tence not ex­ceed­ing three years or a mon­et­ary pen­alty shall be im­posed on any per­son who, with the in­ten­tion of gain­ing a pe­cu­ni­ary ad­vant­age for them­selves or for an­oth­er, sub­stan­tially in­flu­ences the price of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue or DLT trad­ing fa­cil­ity which has its re­gistered of­fice in Switzer­land in that they:⁷⁶

a.

dis­sem­in­ate false or mis­lead­ing in­form­a­tion against their bet­ter know­ledge;

b.

ef­fect ac­quis­i­tions and sales of such se­cur­it­ies dir­ectly or in­dir­ectly for the be­ne­fit of the same per­son or per­sons con­nec­ted for this pur­pose.

² Any per­son who through activ­it­ies set out in para­graph 1 gains a pe­cu­ni­ary ad­vant­age of more than one mil­lion francs shall be li­able to a cus­todi­al sen­tence not ex­ceed­ing five years or a mon­et­ary pen­alty.

¹ Pro­sec­u­tion and ad­ju­dic­a­tion of acts un­der Art­icles 154 and 155 are sub­ject to fed­er­al jur­is­dic­tion. It is not per­mit­ted to trans­fer jur­is­dic­tion for pro­sec­u­tion and ad­ju­dic­a­tion to the can­ton­al au­thor­it­ies.

² The can­tons are re­spons­ible for the pro­sec­u­tion and ad­ju­dic­a­tion of acts un­der Art­icle 147.

¹ The Fed­er­al Coun­cil is re­spons­ible for im­ple­ment­a­tion of this Act.

² It shall is­sue the im­ple­ment­ing pro­vi­sions.

The amend­ment of oth­er le­gis­lat­ive in­stru­ments is set out in the An­nex.

¹ Fin­an­cial mar­ket in­fra­struc­tures with au­thor­isa­tion or re­cog­ni­tion at the time this Act comes in­to force must sub­mit a new re­quest for au­thor­isa­tion or re­cog­ni­tion with­in one year of this Act com­ing in­to force. The au­thor­isa­tion or re­cog­ni­tion pro­ced­ure shall be lim­ited to ex­am­in­a­tion of the new re­quire­ments. The fin­an­cial mar­ket in­fra­struc­tures may con­tin­ue their activ­ity un­til the de­cision on their re­quest is is­sued.

² Fin­an­cial mar­ket in­fra­struc­tures which are now sub­ject to this Act shall re­port to FINMA with­in six months of this Act com­ing in­to force. With­in one year of its com­ing in­to force, they must sat­is­fy the re­quire­ments of this Act and sub­mit an au­thor­isa­tion or re­cog­ni­tion re­quest to FINMA. They may con­tin­ue their activ­ity un­til the au­thor­isa­tion or re­cog­ni­tion de­cision is is­sued.

³ In spe­cial cases, FINMA may ex­tend the dead­lines set out in para­graphs 1 and 2.

For­eign par­ti­cipants on a trad­ing ven­ue which at the time of this Act com­ing in­to force have FINMA au­thor­isa­tion as a for­eign stock ex­change mem­ber do not re­quire new au­thor­isa­tion. They must meet the re­quire­ments of this Act with­in one year of its com­ing in­to force.

In­ter­op­er­ab­il­ity agree­ments ex­ist­ing at the time this Act comes in­to force do not re­quire re-ap­prov­al by FINMA.

The Fed­er­al Coun­cil shall de­term­ine which de­riv­at­ives trans­ac­tions still out­stand­ing at the time this Act comes in­to force shall be sub­ject to the no­ti­fic­a­tion and risk mit­ig­a­tion du­ties.

¹ Any­one who, on 1 Feb­ru­ary 1997, dir­ectly, in­dir­ectly or act­ing in con­cert with third parties held se­cur­it­ies which gran­ted him or her more than 33⅓% but less than 50% of the vot­ing rights of a tar­get com­pany must make an of­fer for all lis­ted equity se­cur­it­ies of the com­pany if he or she ac­quires equity se­cur­it­ies and thereby ex­ceeds the threshold of 50% of the vot­ing rights.

² Para­graph 1 also ap­plies to hold­ings which were covered by the pro­vi­sions on pub­lic takeover of­fers for the first time on 1 May 2013.

For­eign trad­ing ven­ues that have been re­cog­nised by FINMA in ac­cord­ance with the Or­din­ance of 30 Novem­ber 2018⁷⁸ on the Re­cog­ni­tion of For­eign Trad­ing Ven­ues for the Trad­ing of Equity Se­cur­it­ies of Com­pan­ies with Re­gistered Of­fice in Switzer­land when the amend­ment of 17 March 2023 comes in­to force do not re­quire new re­cog­ni­tion un­der Art­icle 41a.

¹ This Act is sub­ject to an op­tion­al ref­er­en­dum.

² The Fed­er­al Coun­cil shall de­term­ine the com­mence­ment date, sub­ject to para­graph 3.

³ It shall bring Art­icles 112 to 115 (duty to trade via a trad­ing ven­ue or or­gan­ised trad­ing fa­cil­ity) in­to force only if and when in­ter­na­tion­al de­vel­op­ments so re­quire.

Com­mence­ment date: 1 Janu­ary 2016⁷⁹
Art. 112–115: 1 Au­gust 2017⁸⁰