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FinMIA Articles 120-124

Establish the transparency and reporting obligations for significant shareholdings in Swiss-listed companies.

Rule Overview

Jurisdiction: Switzerland

Regulator: FINMA

Topic: Reporting

Swiss FMIA
Overview
Latest News
Further Reading
  • Art. 120 (Notification Requirement). If a person or a group acting together buys or sells shares of a Swiss-listed company (or a foreign company primarily listed in Switzerland), they must notify both the company and the relevant stock exchange whenever their voting rights rise above or fall below certain ownership thresholds.
  • Art. 121 (Notification Duty for Organized Groups). Individuals or entities acting together under an agreement or other coordinated arrangement must report their holdings as a single group and disclose the group’s total holdings, members, the nature of the arrangement, and its representative.
  • Art. 122 (Options and Financial Instruments). Explains how options, derivatives, convertible securities, and similar financial instruments are counted when determining whether a shareholder has reached a disclosure threshold.
  • Art. 123 (Exceptions). Identifies situations where disclosure is not required, such as temporary or purely technical holdings related to clearing and settlement activities.
  • Art. 124 (Company’s Duty to Inform). Requires the company to publicly disclose shareholding notifications it receives so the market is informed of significant ownership changes.

 

 

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Further Reading

CapLaw, FinMIA Review: New Rules on the Horizon for Swisslisted Companies Go to https://caplaw.ch/2024/finmia-review-new-rules-on-the-horizon-for-swisslisted-companies/