SIX Exchange Regulation: Addendum To Stock Exchange Act – Reporting Obligation For Shareholdings In Foreign Companies
The amended Stock Exchange Act and amended Stock Exchange Ordinance will come into effect on 1 May 2013. From now on, the provisions outlined in this stock exchange legislation governing the disclosure of shareholdings will also apply to companies domiciled abroad whose equity securities have their main listing at least in part on a Swiss stock exchange.
In the case of companies domiciled in Switzerland, the total number of voting rights as entered in the Commercial Register is used as a basis for calculating whether a threshold value pursuant to Art. 20 para. 1 of the Stock Exchange Act has been reached (Art 12 para. 2 Stock Exchange Ordinance-FINMA). Since companies domiciled abroad are not entered in the Swiss Commercial Register, they themselves must publish the total number of equity securities they currently have in issue and the associated voting rights. The SIX Swiss Exchange Disclosure Office has now issued Notice I/13 providing more details on the ways in which this information must be published.
The Disclosure Office publishes on its website a list of companies domiciled abroad whose equity securities have their main listing in Switzerland according to the Stock Exchange Act. This list also includes direct links to issuers’ websites on which information on the current number of equity securities and associated voting rights are published. The total number of voting rights published on the website of the relevant issuer is used as a basis for calculating the threshold value pursuant to Art. 20 of the Stock Exchange Act.
Amended Stock Exchange Act (SESTA) (in German)
Amended Stock Exchange Ordinance (SESTO) (in German)
Amended FINMA Stock Exchange Ordinance (SESTO-FINMA) (in German)
Notice from the Disclosure Office dated 1 May 2013 (Notice I/13)
http://www.six-exchange-regulation.com/obligations/disclosure/communiques_en.html Companies not domiciled in Switzerland that have their main listing on SIX Swiss Exchange