If an investor reaches a particular percentage of the voting rights of a listed company, they are required by federal law to notify both the Disclosure Office and the company. The company is, in turn, obliged to publish this information via the Disclosure Office.
INTENT AND PURPOSE
Disclosing shareholdings provides transparency regarding the amount of control that particular shareholders have over a listed company. Significant changes in ownership and voting rights can affect stock price development. Our publicly available overview of significant shareholders reflects the situation as regards significant shareholdings in listed companies.
INVESTOR NOTIFICATION OBLIGATION
Investors who reach, exceed or fall below the threshold of 3, 5, 10, 15, 20, 25, 33⅓, 50 or 66⅔ percent of voting rights in a listed company are subject to a notification obligation. The investor – whether an individual, group or fund – must notify the listed company and the Disclosure Office within four trading days.
COMPANY NOTIFICATION OBLIGATION
The company is involved in the two-step notification process: it is required to publish the disclosure notification received from the investor via the online platform within two trading days.
Regulations
Rules for the Disclosure Office of SIX Swiss Exchange
Rules for the Disclosure Office of SIX Swiss Exchange
Disclosure Office Notice I/18
Notification Duty of Person with Discretionary Power to Exercise Voting Rights Pursuant to Art. 120, para. 3 FMIA
Disclosure Office Notice III/13
Fulfilling Disclosure Obligations when forming Groups, in Case of Changes in the Composition of the Group, and upon the Dissolution of Groups
Further regulations
Publications
23.04.2024
Jahresbericht 2023 der Offenlegungsstelle von SIX Exchange Regulation AG
In ihren Jahresberichten gibt die Offenlegungsstelle von SIX Exchange Regulation AG in kurzer Form einen Überblick über ihre wichtigsten Tätigkeiten und die Entwicklung der Praxis im Offenlegungsrecht.
Further publications