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SWX Announces Adoption Of New Rules

by Ulrika Lomas, Tax-News.com, Brussels

27 November 2006


The SWX Swiss Exchange (SWX) is adopting new Rules of Procedure in 2007 which it says will mean considerable changes and benefits for issuers, participants and traders.

The changes announced by the Swiss exchange include an improved system of checks and balances, greater legal certainty, standard rules of procedure governing investigative and sanction proceedings and the faster completion of these proceedings.

Under the reforms, the bourse's Admission Board retains its legislative authority as before, but cedes its present judicial powers to the newly created independent Sanction Commission (which replaces the current Disciplinary Commission), in a bid to improve the separation of powers.

Meanwhile, the SWX is standardising procedural rules that will be applicable across all areas of supervision.

The exchange believes that this reorganisation of judicial powers, in addition to other "select changes", will mean that proceedings are concluded more rapidly for participants, traders and issuers.

In addition, a new statute of limitations provision will also help to speed up the conclusion of proceedings, the Exchange said. This will mean that no proceedings will be instituted if a possible breach of the SWX rules and regulations happened more than two years ago. Similarly, a decision may no longer be taken if more than two years have passed since proceedings began.

The new rules come into force on 1 January 2007, although they will not apply to proceedings for which investigations commenced prior to 1 January 2007.

A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp

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