Ordinance
on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading
(Financial Market Infrastructure Ordinance, FinMIO)

Art. 124 Blackout periods

(Art. 142 para. 2 and 143 para. 2 Fin­MIA)

1 Art­icle 123 para­graphs 1 and 2 shall not ap­ply to the buy­back of own equity se­cur­it­ies if the buy­back pro­gramme is an­nounced or the buy­back of own equity se­cur­it­ies oc­curs:

a.
while the is­suer post­pones the an­nounce­ment of a price-rel­ev­ant fact in keep­ing with stock ex­change pro­vi­sions;
b.
dur­ing the ten trad­ing days pri­or to the pub­lic an­nounce­ment of fin­an­cial res­ults; or
c.
more than nine months after the ref­er­ence date of the last pub­lished con­sol­id­ated clos­ing ac­counts.

2 The buy­back at mar­ket price re­mains re­served if this is un­der­taken by:

a.
a se­cur­it­ies firm that was com­mis­sioned pri­or to the start of the buy­back pro­gramme, and the se­cur­ity firm's de­cisions are made with­in the para­met­ers ori­gin­ally pre­scribed by the is­suer without the lat­ter hav­ing any fur­ther in­flu­ence;
b.
a trad­ing unit that is se­greg­ated with in­form­a­tion bar­ri­ers, in­so­far the is­suer it­self is a se­cur­it­ies firm.

3 The para­met­ers un­der para­graph 2 let­ter a must have been set pri­or to pub­lic­a­tion of the buy­back of­fer and may be ad­jus­ted once a month for the dur­a­tion of the buy­back pro­gramme. If the para­met­ers are set or ad­jus­ted with­in one of the peri­ods set out in para­graph 1, the buy­back may be per­formed only after a wait­ing peri­od of 90 days.

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