[Non-binding translation of the Swiss Confederation]
Extract from the Ordinance
on Infrastructures and Market Conduct in
Securities and Derivatives Trading
(Financial Market Infrastructure Ordinance, FMIO)
of 25 November 2015 (Status as of 1 August 2016)
Title 1 General Provisions
Art. 1 Subject matter
Art. 2 Definitions
Chapter 2 Disclosure of Shareholdings
Art. 115
Title 3 Market Conduct
Chapter 3 Public Takeover Offers
Art. 116 Main listing
Art. 117 Fees for the review of a takeover offer
Art. 118 Fees for other decisions
Art. 119 Advance payment of fees
Art. 120 Calculation of voting rights in the case of the cancellation of outstanding equity securities
Art. 121 Proceedings for cancelling outstanding equity securities
Chapter 4 Exceptions to the Ban on Insider Trading and Market Manipulation
Art. 122 Subject matter
Art. 123 Buyback of own equity securities
Art. 124 Blackout periods
Art. 125 Content of buyback notices
Art. 126 Price stabilisation after a public placement of sechurities
Art. 127 Other permissible securities transactions
Art. 128 Admissible communication of insider information
Legend to Symbols
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 takeoverpractice.ch 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 takeoverpractice.ch
Decisions covered by takeoverpractice.ch
The case law covered by takeoverpractice.ch 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 takeoverpractice.ch.
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 www.takeover.ch.
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 www.takeover.ch.
Proposed Wording for Citations
"takeoverpractice.ch – Art. x, para. y [Abbr. Regulation], [URL-address of the referenced site] (visited on TT.MM.JJJJ)",
e.g. "takeoverpractice.ch - Art. 125 para. 1 FMIA, <https://wwwl.takeoverpractice.ch/commentary/FMIA/125-1-> (visited on 01.01.2016)".
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