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. 135 para. 4, 136 para. 2, 163 Fin­MIA)

If the per­son pre­vi­ously en­titled to the equity se­cur­it­ies was sub­ject to the duty to make an of­fer for all equity se­cur­it­ies on ex­ceed­ing the threshold of 50% of vot­ing rights pur­su­ant to the trans­ition­al reg­u­la­tion of Art­icle 163 Fin­MIA, this duty passes over to the per­son ac­quir­ing a hold­ing between 33⅓ and 50% of the vot­ing rights, if that per­son is ex­emp­ted from the duty to make an of­fer un­der Art­icle 136 para­graph 2 Fin­MIA.