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The arrow symbol pointing to the right indicates that the relevant provision was the subject of a decision by the Takeover Board or the appellate bodies, respectively, the essence of which is highlighted by in concise decision abstracts.


The red arrow symbol pointing to the top right indicates cross-references to other provisions. You can view and activate the cross-references by moving the cursor over the arrow.

Important information for the use of

Decisions covered by

The case law covered by comprises all published orders of the Takeover Board as well as all related appellate decisions of the FINMA and the Swiss Federal Administrative Court, rendered since 1 January 2009. To the extent that such decisions explicitly refer to recommendations and decisions rendered prior to the said reference date, such decisions are also referenced in

Case Law Commentary

The navigation pane offers an access under "Case Law Commentary" to the wanted regulation (law, ordinances, TOB circulars).

With a click in the left-hand column on the title of a provision, which is marked with the corresponding symbol, the full text of the provision concerned is displayed, with the relevant symbol indicating, which paragraphs of the provision are annotated by decision abstracts.

If you click on a selected paragraph or on the relevant symbol, respectively, the Case Law Commentary window is opened in the right-hand column. As a start, a table of contents is displayed, showing the topics dealt with under the relevant provision. There, you can get access with a click to the corresponding decision abstracts, either selectively for a specific or comprehensively for all topics shown. If requested, separate lightboxes with the underlying original excerpts from the decisions concerned can be opened out of each decision abstract.

In addition thereto, the lightboxes offer the possibility for a direct download of the entire decision as well as of any further documents relating to the corresponding transaction, as they are published on the TOB website

Legal Provisions

On the page "Case Law Commentary" the section "Legal Provisions" allows an easy access to all current takeover regulations in .pdf format as well as to the immediately preceding versions of any overridden provisions. This direct access to the legal provisions is completed by useful concordance tables, in which any overridden provisions are put in relation to the provisions currently in force.

Search Functions

Under "Full Text/Decision Search" in the navigation pane, the following three search functions are available. The search results are displayed in a clearly arranged manner, including references to the relevant context:

Full-text Search: Search for single or several terms or text passages, respectively, in all decision abstracts, decision excerpts and legal provisions.

Decision Search: Search for all decision abstracts and decision excerpts relating to a decision or a transaction, respectively.

Search on TOB Website: Link to the search functions on the TOB website

Proposed Wording for Citations

" – Art. x, para. y [Abbr. Regulation], [URL-address of the referenced site]  (visited on TT.MM.JJJJ)",
e.g. " - Art. 125 para. 1 FMIA, <> (visited on 01.01.2016)".