The SIX Swiss Exchange Disclosure Office provides updates on its practice by publishing notices and other communications. Two new notices have been issued clarifying the disclosure requirements for financial instruments and in relation to groups.
Financial instruments (Notice II/13)
Amendments to the Stock Exchange Act and Stock Exchange Ordinance-FINMA in 2007 and 2009 considerably extended the disclosure requirements for financial instruments. In its past practice, the Disclosure Office has addressed a number of issues in relation to the duty to disclose such instruments. In Notice II/13, the Disclosure Office provides guidance on the requirement to disclose financial instruments in accordance with Article 20 of the Stock Exchange Act. This guidance is intended to assist persons who are subject to the reporting requirements in classifying financial instruments for the purposes of the disclosure rules.
Groups of shareholders (Notice III/13)
The Disclosure Office is regularly asked to give its opinion on disclosure requirements in relation to the formation and disbanding of groups of shareholders as well as changes to shareholder groups. In Notice III/13, the Disclosure Office outlines its practice with regard to the formation and disbanding of groups of shareholders, any changes to such groups and the situations commonly encountered.
Updates to existing notices
A number of notices issued by the Disclosure Office were published over ten years ago. Some of the legal provisions on which these notices are based have since been amended. Accordingly, the Disclosure Office has now appended a concordance table to existing notices, which provides an overview of provisions that currently apply. Disclosure Office Notice dated March 20, 2000 (II/00) Easing of reporting and disclosure requirements for trading inventories is abolished due to the regulation in article 18 Stock Exchange Ordinance-FINMA.