[Non-binding translation of the Swiss Confederation]
Extract from the Ordinance of the Swiss Financial Market
Supervisory Authority on Financial Market Infrastructures
and Market Conduct in Securities and Derivatives Trading
(FINMA Financial Market Infrastructure Ordinance, FMIO-FINMA)
of 3 December 2015 (Status as of 1 January 2016)
Chapter 5: Disclosure of Shareholdings
Section 1: Notification Duty
Art. 10 Principles
Art. 11 Indirect acquisition and indirect sale
Art. 12 Trading in concert or as an organised group
Art. 13 Emergence of the notification duty
Art. 14 Calculation of the positions requiring notification
Art. 15 Equity derivatives
Art. 16 Other facts requiring notification
Art. 17 Securities lending and similar transactions
Art. 18 Collective investment schemes
Art. 19 Banks and securities dealers
Art. 20 Takeover procedure
Art. 21 Preliminary ruling
Section 2: Notification and Publication
Art. 22 Contents of the notification
Art. 23 Supplementary details
Art. 24 Notification periods
Art. 25 Publication
Art. 26 Exemptions and easing provisions
Section 3: Monitoring
Art. 27 Disclosure office
Art. 28 Procedure
Art. 29 Investigations
Chapter 6: Duty to make an Offer
Seciton 1:
Art. 30 Applicable provisions
Art. 31 Principle
Art. 32 Indirect acquisition
Art. 33 Trading in concert or as an organised group
Art. 34 Calculation of the threshold
Art. 35 Definition of the duty to make an offer
Art. 36 Transfer of the duty to make an offer to the acquiring person
Art. 37 Return of the duty to make an offer
Art. 38 Duty to make an offer and conditions
Art. 39 Period
Section 2: Exceptions to the Duty to make an Offer
Art. 40 General exceptions
Art. 41 Particular exceptions
Section 3: Determining the Offer Price
Art. 42 Stock exchange price
Art. 43 Price of the previous acquisition
Art. 44 Indirect prior acquisition
Art. 45 Settlement of the offer price
Art. 46 Evaluation of securities
Art. 47 Exceptions
Chapter 7: Cooperation between FINMA, the Takeover Board and Stock Exchanges
Art. 48
Chapter 8: Final Provisions
Art. 49 Repeal and amendment of other legislation
Art. 50 Transitional provision on the disclosure of shareholdings
Art. 50a1 Transitional Provision to the Amendment of 26 January 2017
Art. 51 Commencement
Praxis zu Art. 39 Abs. 1 FinfraV-FINMA (vormals Art. 37 Abs. 1 BEHV-FINMA)
Ausnahme von der Pflicht zur Unterbreitung eines Angebots
2-Monatsfrist gilt auch für ein (nachträgliches) Ausnahmegesuch
Aus Art. 39 Abs. 1 FinfraV-FINMA folgt e contrario, dass eine (nachträgliche) Ausnahme von der Unterbreitung eines Pflichtangebots ebenfalls innerhalb der 2-Monatsfrist nach Überschreiten des Grenzwerts eingeholt werden muss.
Unter bestimmten Voraussetzungen keine Massnahmen trotz Verpassen der Frist
Wenn im Zusammenhang mit Umstrukturierungen innerhalb einer beherrschenden Aktionärsgruppe einer Gesellschaft innert Frist keine Ausnahme von der Unterbreitung eines Pflichtangebots eingeholt wird, kann die Übernahmekommission dennoch von Massnahmen absehen, wenn den Minderheitsaktionären dadurch keine Nachteile entstanden sind und der Markt über die gruppeninternen Verschiebungen direkt oder indirekt informiert wurde.
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