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Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FinMIO)
Art.124Blackout 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.