Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading

¹Any per­son who has in­sider in­form­a­tion and who knows or should know that it is in­sider in­form­a­tion or who has a re­com­mend­a­tion that he or she knows or should know is based on in­sider in­form­a­tion shall be­have in­ad­miss­ibly when he or she:

a.

ex­ploits it to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use fin­an­cial in­stru­ments de­rived from such se­cur­it­ies;

b.

dis­closes it to an­oth­er;

c.

ex­ploits it to re­com­mend to an­oth­er to ac­quire or dis­pose of se­cur­it­ies ad­mit­ted to trad­ing on a trad­ing ven­ue in Switzer­land or to use fin­an­cial in­stru­ments de­rived from such se­cur­it­ies.

²The Fed­er­al Coun­cil shall is­sue pro­vi­sions re­gard­ing the ad­miss­ible use of in­sider in­form­a­tion, in par­tic­u­lar in con­nec­tion with:

a.

se­cur­it­ies trans­ac­tions in pre­par­a­tion of a pub­lic takeover of­fer;

b.

a spe­cial leg­al status on the part of the re­cip­i­ent of the in­form­a­tion.