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"https://www.ser-ag.com/en/topics/corporate-disclosure.html", "https://www.loyensloeff.com/legal-500---capma-comparative-guide---swiss-chapter-2025.pdf", "https://www.am-switzerland.ch/en/topics/regulation/financial-market-architecture/finsa-finia", "https://ser-ag.com/en/projects/reports-extensions.html", "https://handbooks.six-group.com/en/investor-relations/ir-massnahmen/geschaefts-und-zwischenberichte" ], "conflict": { "values": [ { "value": [ { "rule": "Public offering of equity and debt governed by FinSA, requiring a prospectus; approval by a FINMA licensed prospectus office (SIX Exchange Regulation Ltd or BX Swiss Ltd)" }, { "exemption": "addressed only to a limited circle of investors; reverse solicitation" }, { "exemption": "offerings to professional clients only; fewer than 500 investors; minimum subscription CHF 100,000; minimum denomination CHF 100,000; total value not exceeding CHF 8 million over 12 months" }, { "admission_exemption": "equity securities less than 20 per cent over 12 months of same category already admitted; already admitted on equivalent foreign venue; segment open exclusively to certain professional investors" }, { "retrospective_approval": "generally 60 calendar days following start of offering period or admission to trading (10 days for term 90–180 days, 5 days for term 30–89 days)" } ], "source_url": "https://www.loyensloeff.com/legal-500---capma-comparative-guide---swiss-chapter-2025.pdf", "quote": "Securities offerings are not subject to the obligation to publish an approved prospectus if addressed only to a limited circle of investors.", "source_date": "15-07-2025" } ], "reason": "review PARTIAL: **PARTIAL**\n\nThe excerpt supports most of the claimed exemptions (limited circle of investors, reverse solicitation, professional clients, fewer than 500 investors, minimum subscription/denomination o", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "product_disclosures", "value": [ { "document": "key information document", "scope": "debt instruments with a derivative component, structured products or collective investment schemes" } ], "read_at": "2026-10-31T01:55:09Z", "pages_checked": [ "https://www.loyensloeff.com/legal-500---capma-comparative-guide---swiss-chapter-2025.pdf", "https://handbooks.six-group.com/en/investor-relations/regulatorisches-umfeld-regelwerk-und-reporting-six/ad-hoc-publizitaet", "https://www.ser-ag.com/en/home.html", "https://www.finma.ch/en/documentation/legal-basis/laws-and-ordinances/finanzdienstleistungen/", "https://www.swissrights.ch/gesetze/FIDLEG-EN", "https://www.six-group.com/en/products-services/the-swiss-stock-exchange/market-data/equity/trading-calendar.html", "https://www.ser-ag.com/en/topics/corporate-disclosure.html", "https://www.am-switzerland.ch/en/topics/regulation/financial-market-architecture/finsa-finia", "https://ser-ag.com/en/projects/reports-extensions.html", "https://handbooks.six-group.com/en/investor-relations/ir-massnahmen/geschaefts-und-zwischenberichte" ], "source_url": "https://www.loyensloeff.com/legal-500---capma-comparative-guide---swiss-chapter-2025.pdf", "source_date": "15-07-2025" }, { "name": "takeover_regime", "value": [ { "rule": "Mandatory offer trigger", "detail": "The purchase of more than 33 ⅓ % of the voting rights, by an individual investor or a group acting in concert, of a company listed on a Swiss stock exchange triggers the obligation to publish a tender offer for all shares of the company." }, { "rule": "Minimum price for mandatory bids", "detail": "the higher of the volume-weighted average price (VWAP) of the last 60 trading days or the highest price that the offeror has paid for equity securities of the company in the preceding twelve months" }, { "rule": "Review authority", "detail": "Public offers for all or part of the shares of a company listed on a Swiss stock exchange are subject to Swiss takeover law and to the review of the TOB, essentially requiring a prospectus of the bidder and a statement of the board of directors of the target." } ], "read_at": "2026-10-31T01:56:33Z", "pages_checked": [ "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf", "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.finma.ch/en/documentation/legal-basis/laws-and-ordinances/finanzdienstleistungen/", "https://www.legal500.com/guides/chapter/switzerland-capital-markets/?export-pdf", "https://www.sec.gov/comments/s7-07-21/s70721-9131713-247288.pdf", "https://cms.law/en/media/local/cms-vep/files/publications/publications/lexology-in-depth-international-capital-markets-international-capital-markets_-switzerland.pdf", "https://www.pwc.ch/en/publications/2019/FIDLEG-FINIG_EN_web.pdf", "https://www.swissrights.ch/gesetze/FIDLEG-EN", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf" ], "source_url": "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "source_date": "25-10-2024" }, { "name": "ownership_reporting", "value": [ { "obligation": "Disclosure of significant shareholdings", "recipients": "disclosure office of the respective stock exchange as well as the company", "thresholds": "3, 5, 10, 15, 20, 25, 33 ⅓, 50, 66 ⅔ % of the voting rights", "scope": "purchase or sale of shares of a company listed on a Swiss stock exchange as well as derivative instruments related to such shares; groups of shareholders acting in concert" } ], "read_at": "2026-10-31T01:56:33Z", "pages_checked": [ "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf", "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.finma.ch/en/documentation/legal-basis/laws-and-ordinances/finanzdienstleistungen/", "https://www.legal500.com/guides/chapter/switzerland-capital-markets/?export-pdf", "https://www.sec.gov/comments/s7-07-21/s70721-9131713-247288.pdf", "https://cms.law/en/media/local/cms-vep/files/publications/publications/lexology-in-depth-international-capital-markets-international-capital-markets_-switzerland.pdf", "https://www.pwc.ch/en/publications/2019/FIDLEG-FINIG_EN_web.pdf", "https://www.swissrights.ch/gesetze/FIDLEG-EN", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf" ], "source_url": "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "source_date": "25-10-2024" }, { "name": "short_selling", "value": "not_found", "read_at": "2026-10-31T01:56:33Z", "pages_checked": [ "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf", "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.finma.ch/en/documentation/legal-basis/laws-and-ordinances/finanzdienstleistungen/", "https://www.legal500.com/guides/chapter/switzerland-capital-markets/?export-pdf", "https://www.sec.gov/comments/s7-07-21/s70721-9131713-247288.pdf", "https://cms.law/en/media/local/cms-vep/files/publications/publications/lexology-in-depth-international-capital-markets-international-capital-markets_-switzerland.pdf", "https://www.pwc.ch/en/publications/2019/FIDLEG-FINIG_EN_web.pdf", "https://www.swissrights.ch/gesetze/FIDLEG-EN", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf" ], "conflict": { "values": [ { "value": [ { "restriction": "Short selling with the financial instruments of retail clients is not permitted.", "legal_basis": "FinSA Art. 19 para. 3" } ], "source_url": "https://www.sec.gov/comments/s7-07-21/s70721-9131713-247288.pdf", "quote": "Short selling with the financial instruments of retail clients is not permitted.", "source_date": "Status as of 1 January 2020" } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt explicitly states: *\"Short selling with the financial instruments of retail clients is not permitted\"* (matching the claimed quote), and it cites **FinSA Art. 19 para. 3** as the ", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "market_abuse", "value": [ { "regime": "Insider dealing", "detail": "prohibits (i) the use of inside information, defined as non-public material price-sensitive information with respect to securities which are listed on a Swiss trading venue, for trading in such securities or related derivative instruments, (ii) the transfer of inside information as well as (iii) tipping", "legal_basis": "art. 142 and 154 FinMIA" }, { "regime": "Market manipulation", "detail": "disseminating false or misleading information to the market, executing artificial trades, or engaging in real transactions with the intent to manipulate stock prices", "legal_basis": "Articles 143 and 155 FinMIA" }, { "regime": "Ad hoc publicity", "detail": "self-regulatory regimes of the two Swiss stock exchanges require the immediate publication of non-public material price-sensitive information" } ], "read_at": "2026-10-31T01:56:33Z", "pages_checked": [ "https://www.legal500.com/guides/chapter/switzerland-capital-markets/?export-pdf", "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf", "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.finma.ch/en/documentation/legal-basis/laws-and-ordinances/finanzdienstleistungen/", "https://www.sec.gov/comments/s7-07-21/s70721-9131713-247288.pdf", "https://cms.law/en/media/local/cms-vep/files/publications/publications/lexology-in-depth-international-capital-markets-international-capital-markets_-switzerland.pdf", "https://www.pwc.ch/en/publications/2019/FIDLEG-FINIG_EN_web.pdf", "https://www.swissrights.ch/gesetze/FIDLEG-EN", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf" ], "source_url": "https://www.legal500.com/guides/chapter/switzerland-capital-markets/?export-pdf", "source_date": "31-10-2026" }, { "name": "trading_controls", "value": [ { "control": "Transaction reporting duty", "detail": "duty of participants admitted to a trading venue under Article 34 para. 2 FinMIA to report all the information necessary for transparent securities trading", "legal_basis": "Article 39 FinMIA; FINMA Circ. 18/2" }, { "control": "Reporting deadline", "detail": "Transactions executed by participants via a trading venue in Switzerland may be reported after the fact before the close of trading on the following trading day." } ], "read_at": "2026-10-31T01:56:33Z", "pages_checked": [ "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf", "https://www.finma.ch/en/documentation/legal-basis/laws-and-ordinances/finanzdienstleistungen/", "https://www.legal500.com/guides/chapter/switzerland-capital-markets/?export-pdf", "https://www.sec.gov/comments/s7-07-21/s70721-9131713-247288.pdf", "https://cms.law/en/media/local/cms-vep/files/publications/publications/lexology-in-depth-international-capital-markets-international-capital-markets_-switzerland.pdf", "https://www.pwc.ch/en/publications/2019/FIDLEG-FINIG_EN_web.pdf", "https://www.swissrights.ch/gesetze/FIDLEG-EN", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf" ], "source_url": "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "source_date": "4 November 2020" }, { "name": "market_calendar", "value": "SIX Trading & Currency Holiday Calendar", "read_at": "2026-10-23", "pages_checked": [ "https://www.six-group.com/en/market-data/news-tools/trading-currency-holiday-calendar.html" ], "source_url": "https://www.six-group.com/en/market-data/news-tools/trading-currency-holiday-calendar.html" }, { "name": "halts_sources", "value": "SIX Swiss Exchange Messages (regulation notices incl. trading suspensions)", "read_at": "2026-10-23", "pages_checked": [ "https://www.six-group.com/en/market-data/news-tools/swiss-exchange-messages.html" ], "source_url": "https://www.six-group.com/en/market-data/news-tools/swiss-exchange-messages.html" }, { "name": "identifiers", "value": { "legal_entities": "Legal Entity Identifier (LEI); where no LEI is available, the Business Identifier Code (BIC) according to ISO 9362:2014 or the Commercial Register number preceded by the country code", "natural_persons": "nationality (ISO 3166-1 alpha-2), date of birth (YYYYMMDD) and participant's internal identification number", "transactions": "unique transaction identification code (trade ID) provided by the trading venue", "context": "FINMA Circ. 18/2 transaction reporting" }, "read_at": "2026-10-31T01:56:33Z", "pages_checked": [ "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.walderwyss.com/assets/content/publications/Legal-500-Country-Comarative-Guides-Capital-Markets-2024.pdf", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf", "https://www.finma.ch/en/documentation/legal-basis/laws-and-ordinances/finanzdienstleistungen/", "https://www.legal500.com/guides/chapter/switzerland-capital-markets/?export-pdf", "https://www.sec.gov/comments/s7-07-21/s70721-9131713-247288.pdf", "https://cms.law/en/media/local/cms-vep/files/publications/publications/lexology-in-depth-international-capital-markets-international-capital-markets_-switzerland.pdf", "https://www.pwc.ch/en/publications/2019/FIDLEG-FINIG_EN_web.pdf", "https://www.swissrights.ch/gesetze/FIDLEG-EN", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf" ], "source_url": "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "source_date": "4 November 2020" }, { "name": "isin_prefix", "value": "CH - numbering agency SIX Financial Information Ltd", "read_at": "2026-10-23", "pages_checked": [ "https://anna-web.org/identifiers/" ], "source_url": "https://anna-web.org/identifiers/", "conflict": { "values": [ { "value": { "prefix": "CH", "national_numbering_agency": "SIX Financial Information Ltd", "additional_jurisdictions_covered": [ "LI" ], "limits": "For debt securities, the relevant country is the one of the ISIN-allocating National Numbering Agency." }, "source_url": "https://anna-web.org/identifiers/", "quote": "SIX Financial Information Ltd Switzerland CH LI", "source_date": null } ], "reason": "review PARTIAL: PARTIAL\n\nThe excerpt lists \"SIX Financial Information Ltd Switzerland CH LI\" as the National Numbering Agency for Switzerland (CH) and Liechtenstein (LI), which aligns with the claimed prefix and juri", "selection_rule": "none — unresolved (BOOK-02 records, does not resolve)" } }, { "name": "lei_requirements", "value": "LEI = unique 20-character alphanumeric code, ISO 17442 (GLEIF); GLEIF page states no general who-must-hold rule", "read_at": "2026-10-23", "pages_checked": [ "https://www.gleif.org/en/about-lei/introducing-the-legal-entity-identifier-lei" ], "source_url": "https://www.gleif.org/en/about-lei/introducing-the-legal-entity-identifier-lei" }, { "name": "settlement", "value": "not_found", "read_at": "2026-10-31T01:58:29Z", "pages_checked": [ "https://anna-web.org/identifiers/", "https://www.loyensloeff.com/legal-500---capma-comparative-guide---swiss-chapter-2025.pdf", "https://www.am-switzerland.ch/en/topics/regulation/financial-market-architecture/finsa-finia", "https://kpmg.com/ch/en/industries/banking/financial-market-legislation/financial-market-law.html", "https://www.gleif.org/en/about-lei/introducing-the-legal-entity-identifier-lei", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf", "https://www.bfs.admin.ch/en/lei-legal-entity-identifier", "https://www.pwc.ch/en/publications/2018/FIDLEG-FINIG_EN_web.pdf", "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf" ] }, { "name": "clearing_and_custody", "value": "not_found", "read_at": "2026-10-31T01:57:07Z", "pages_checked": [ "https://anna-web.org/identifiers/", "https://www.loyensloeff.com/legal-500---capma-comparative-guide---swiss-chapter-2025.pdf", "https://www.am-switzerland.ch/en/topics/regulation/financial-market-architecture/finsa-finia", "https://kpmg.com/ch/en/industries/banking/financial-market-legislation/financial-market-law.html", "https://www.gleif.org/en/about-lei/introducing-the-legal-entity-identifier-lei", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf", "https://www.bfs.admin.ch/en/lei-legal-entity-identifier", "https://www.pwc.ch/en/publications/2018/FIDLEG-FINIG_EN_web.pdf", "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf" ] }, { "name": "corporate_actions", "value": [ { "right": "add an own agenda item and request motions for the shareholders' meeting", "threshold": "0.5% or more of stated capital or voting rights of a listed company" }, { "right": "demand to convene a shareholders' meeting or to conduct a special investigation", "threshold": "5% or more of stated capital or voting rights of a listed company" } ], "read_at": "2026-10-31T01:55:09Z", "pages_checked": [ "https://www.loyensloeff.com/legal-500---capma-comparative-guide---swiss-chapter-2025.pdf", "https://anna-web.org/identifiers/", "https://www.am-switzerland.ch/en/topics/regulation/financial-market-architecture/finsa-finia", "https://kpmg.com/ch/en/industries/banking/financial-market-legislation/financial-market-law.html", "https://www.gleif.org/en/about-lei/introducing-the-legal-entity-identifier-lei", "https://www.walderwyss.com/assets/content/publications/TheLegal500_Country-Comparative-Guides-2023_Capital-Markets-Switzerland.pdf", "https://www.bfs.admin.ch/en/lei-legal-entity-identifier", "https://www.pwc.ch/en/publications/2018/FIDLEG-FINIG_EN_web.pdf", "https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2018-02.pdf?sc_lang=en", "https://www.lenzstaehelin.com/fileadmin/user_upload/CapLaw-03-2021_Position_Paper_regarding_selected_Aspects_of_the_Financial_Services_Act__FinSA__SCHAP.pdf" ], "source_url": 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