Federal Act
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Act, FinMIA)

¹ After con­sult­ing the stock ex­changes, FINMA shall ap­point a board for pub­lic takeover of­fers (Takeover Board). This Board shall con­sist of ex­pert rep­res­ent­at­ives of se­cur­it­ies firms, lis­ted com­pan­ies and in­vestors. The or­gan­isa­tion­al struc­ture and pro­ced­ures of the Takeover Board shall be sub­mit­ted to FINMA for ap­prov­al.

² The pro­vi­sions which are is­sued by the Takeover Board in ac­cord­ance with this Act shall re­quire the ap­prov­al of FINMA.

³ The Takeover Board shall check com­pli­ance with the pro­vi­sions ap­plic­able to pub­lic takeover of­fers in in­di­vidu­al cases.

⁴ It shall re­port to FINMA once a year on its activ­it­ies.

⁵ The Takeover Board may levy fees on the parties in­volved in takeover pro­ceed­ings. The Fed­er­al Coun­cil shall gov­ern the fees. In do­ing so, it shall take ac­count of the value of the trans­ac­tions and the de­gree of dif­fi­culty of the pro­ceed­ings.

⁶ The stock ex­changes shall bear the costs that are not covered by the fees.