On 1 January 2016, the new Financial Market Infrastructure Act (FMIA) entered into force. Apart from supervisory provisions for the operation of financial market infrastructures and rules concerning derivatives trading, the FMIA also contains provisions on the disclosure of shareholdings in companies that are listed in Switzerland, and also rules on public takeover offers regarding such companies.
The FMIA and the implementing ordinances leave the previous rules on the disclosure of shareholdings and public takeover offers largely unchanged. However, there are certain important amendments to these provisions that are summarized in this article.
Revised disclosure rules
Disclosure obligation of persons exercising voting rights of their own discretion. Under Swiss law, persons reaching or crossing a threshold of 3%, 5%, 10%, 15%, 20%, 25%, 100/3, 50% or 200/3 of the voting rights of companies whose equity securities are listed in Switzerland have to notify the stock exchange and the issuer.
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