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. 123 para. 2 Fin­MIA)

¹ When cal­cu­lat­ing their ac­quis­i­tion po­s­i­tions (Art. 14 para. 1 let. a) and dis­pos­al po­s­i­tions (Art. 14 para. 1 let. b), banks and se­cur­it­ies firms un­der the Fin­IA may dis­reg­ard equity se­cur­it­ies and equity de­riv­at­ives which they hold:²⁷

a.

in their trad­ing book, provided their share does not reach 5% of vot­ing rights;

b.

as part of se­cur­it­ies loans, col­lat­er­al trans­ac­tions or re­pur­chase agree­ments provided their share does not reach 5% of vot­ing rights;

c.

only for up to two trad­ing days and ex­clus­ively for clear­ing and set­tling pur­poses.

² The cal­cu­la­tion un­der para­graph 1 is only per­mit­ted if there is no in­ten­tion to ex­er­cise the vot­ing rights or to in­ter­vene in the man­age­ment of the is­suer'²⁸ in any oth­er way, and the vot­ing share does not ex­ceed 10% of the vot­ing rights.

³Equity se­cur­it­ies for in-house funds un­der Art­icle 71 FinSA shall be at­trib­uted to the bank's or se­cur­it­ies firm's pro­pri­et­ary hold­ings.²⁹