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)

of 3 December 2015 (Status as of 1 February 2023)


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Art. 12 Acting in concert or as an organised group

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

1 Any party who co­ordin­ates their con­duct re­gard­ing the ac­quis­i­tion or dis­pos­al of share­hold­ings or the ex­er­cising of vot­ing rights with third parties by con­tract, oth­er or­gan­ised ar­range­ment or by law, is act­ing in con­cert or as an or­gan­ised group.

2 Ac­quis­i­tions and dis­pos­als between per­sons who are act­ing in con­cert or as an or­gan­ised group and have dis­closed their total share­hold­ing are ex­empt from the no­ti­fic­a­tion duty.

3 Changes in the com­pos­i­tion of the group and the nature of the ar­range­ment or of the group must be re­por­ted.

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