Ordinance
of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(FINMA Financial Market Infrastructure Ordinance, FinMIO-FINMA)

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

¹ The be­ne­fi­cial own­ers of equity se­cur­it­ies un­der Art­icle 120 para­graph 1 Fin­MIA 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.

² If the vot­ing rights are not ex­er­cised dir­ectly or in­dir­ectly by the be­ne­fi­cial own­er, any per­son who has full dis­cre­tion­ary powers to ex­er­cise the vot­ing rights is also sub­ject to the no­ti­fic­a­tion duty in ac­cord­ance with Art­icle 120 para. 3 Fin­MIA. 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. In such case, the con­trolling per­son is con­sidered to be sub­ject to the no­ti­fic­a­tion duty.¹⁹

³ There is no no­ti­fic­a­tion duty, if:

a.

no­ti­fic­a­tion of reach­ing a threshold was provided and that threshold is ex­ceeded, without the sub­sequent threshold be­ing reached or ex­ceeded;

b.

no­ti­fic­a­tion of reach­ing or ex­ceed­ing a threshold was provided and that threshold is met again, without hav­ing reached or ex­ceeded the sub­sequent threshold;

c.

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