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Switzerland Launches Hearing On Stock Market Ordinance

by Ulrika Lomas, Tax-News.com, Brussels

23 November 2012


The Swiss Federal Department of Finance (FDF) has recently opened a hearing concerning amendments to the stock exchange ordinance.

Adopted by parliament at the end of September, Switzerland’s stock exchange ordinance implements changes to the Confederation’s Stock Exchange Act. The stock exchange ordinance provides notably for the introduction of a new ban on insider trading and market manipulation.

According to the FDF, the revised ordinance provides for exceptions to the planned ban on insider trading and market manipulation. These exceptions pertain in particular to the repurchasing of own shares and to securities operations for the purpose of price stabilization after stocks and shares have been offered to the public.

The revised ordinance also codifies the principle that “no-one can be their own insider.” Although this principal is already recognized, it has, up to now, not been clearly defined.

As regards regulations applicable to advertising and to public acquisitions, the ordinance now describes the notion of “primary listing”, thereby strengthening legal certainty and guaranteeing uniform application of the notion by the competent Swiss authorities.

The Swiss parliament adopted the ordinance amending the Stock Exchange Act on September 28, 2012. The legislative revision is due to enter into force on April 1, 2013.

Back in September, the FDF explained that: “The changes will bring the Stock Exchange Act into line with international requirements. In particular, the insider criminal law provisions will be overhauled and the constituent elements of price manipulation stated more precisely.”

At the time the FDF added: “Insider trading and price manipulation will now be prohibited for all market participants. Both offences will be treated as crimes. The revision will improve the protection of individual market participants and enhance the reputation of Switzerland's financial centre.”

The hearing on the revised stock exchange ordinance is due to end on December 17.

TAGS: investment | business | law | equity investment | stock exchanges | Switzerland | regulation

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