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, 3 and 4, 123 para. 1 Fin­MIA)

¹ The no­ti­fic­a­tion duty un­der Art­icle 120 para­graph 1 Fin­MIA is triggered by the emer­gence of the claim to ac­quire or dis­pose of equity se­cur­it­ies (bind­ing trans­ac­tion), ir­re­spect­ive of wheth­er this claim is con­di­tion­al. The in­dic­a­tion of an in­ten­ded ac­quis­i­tion or dis­pos­al does not trig­ger a no­ti­fic­a­tion duty, provided there are no leg­al ob­lig­a­tions as­so­ci­ated there­with.

² The trig­ger­ing of the no­ti­fic­a­tion duty at the time of the bind­ing trans­ac­tion un­der para­graph 1 and an as­so­ci­ated dis­con­nec­tion of be­ne­fi­cial own­er status and vot­ing en­ti­tle­ment, do not trig­ger a sep­ar­ate no­ti­fic­a­tion duty un­der Art­icle 120 para­graph 3 Fin­MIA either for the ac­quirer or the per­son dis­pos­ing of the share­hold­ing.

³ If a threshold is reached, ex­ceeded or fallen be­low of as a res­ult of a com­pany with re­gistered of­fice in Switzer­land in­creas­ing, de­creas­ing of re­struc­tur­ing its share cap­it­al, the no­ti­fic­a­tion duty is triggered by the cor­res­pond­ent pub­lic­a­tion in the Swiss Of­fi­cial Gaz­ette of Com­merce. In the case of com­pan­ies with re­gistered of­fice abroad whose equity se­cur­it­ies are mainly lis­ted in whole or in part in Switzer­land the no­ti­fic­a­tion duty is triggered by the pub­lic­a­tion in ac­cord­ance with Art­icle 115 para­graph 3 Fin­MIO.