SWISS TAKEOVER BOARD

Legal texts

Current legal texts

Statutes and regulations

Financial Markets Infrastructure Act (FMIA)

Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Act, FMIA)

Financial Market Infrastructure Ordinance (FMIO)

Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (Financial Market Infrastructure Ordinance, FMIO)

Ordinance of the Takeover Board on Public Takeover Offers (Takeover Ordinance, TOO)

Ordinance of the Takeover Board on Public Takeover Offers (Takeover Ordinance, TOO)

Revision of 19 October 2015

Revision of 19 October 2015

Revision of 28 January 2013

Only available in German/French/Italian

Revision of the Takeover Ordinance

FINMA-Financial Market Infrastructure Ordinance (FMIO-FINMA)

Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FINMA Financial Market Infrastructure Ordinance, FMIO-FINMA)

Regulations of the Takeover Board (Regulations-TB, R-TB)

R-TOB

Only available in German/French/Italian

Circulars and communications of the TOB

TOB Circular No. 1: Buyback programmes

Revision 2015 - Status as of 1 January 2016

Revision of 27 July 2013

Revision of the Circular n° 1 - Consultation documents of 24.4.2009

TOB Circular No. 1

TOB Circular No. 2: Liquidity in the context of Takeover Law

Revision 2015 - Status as of 1 January 2016

Expert Report: A Liquidity Indicator for Swiss Takeover Law

TOB Circular No. 2: Liquidity in the context of Takeover Law

Liquidity in the context of Takeover Law – new TOB Circular No. 2

TOB Circular No. 3: Examination of Public Takeover Offers

Revision 2016 - Status as of 1 January 2017

Revision 2015 - Status as of 1 January 2016

Revision of 26 June 2014

TOB Circular no. 4: Communication to Major Media

TOB Circular no. 4 dated 20 November 2015

TOB Circular No. 5: Restructuring exemption / restructuring plan of the target company

Restructuring exemption / restructuring plan of the target company

Newsletter vom 4. September 2020 zur Inkraftsetzung des neuen UEK-Rundschreiben Nr. 5: Sanierungsausnahme / Sanierungskonzept der Zielgesellschaft vom 2. September 2020

Other

Directive of 14th June 2012 regarding the conflicts of interest by members and employees of the Board (Status as of 1 January 2016)

Directive on the Conflicts of Interest of Members and Employees of the Takeover Board

Directive of 14th June 2012 regarding the conflicts of interest by members and employees of the Board (german version)

Schweizer Prüfungsstandard: Prüfung von öffentlichen Kaufangeboten (PS 880

Schweizer Prüfungsstandard: Prüfung von öffentlichen Kaufangeboten (PS 880

Consultations and hearings

Statutes and regulations

Modification of the Federal Act on Stock Exchanges and Securities Trading (stock market offences and market abuse) - Statement of the Swiss Takeover Board (27 April 2010)

Stellungnahme der Schweizerischen Übernahmekommission

Hearing of the SIF on the control premium in takeover legislation

Hearing of the SIF on the control premium in takeover legislation

Consultation regarding equality of treatment in exchange tender offers

Consultation regarding equality of treatment in exchange tender offers

Consultation regarding of the revision of Art. 6b and Art. 44 TOO

Consultation regarding of the revision of Art. 6b and Art. 44 TOO

Consultation regarding of the revision of the TOO (20 August 2015)

Consultation regarding of the revision of the TOO (20 August 2015)

Modification of the Federal Act on Stock Exchanges and Securities Trading (stock market offences and market abuse) - Addition to the Statement of the Swiss Takeover Board (8 July 2010)

Ergänzung zur Stellungnahme

Circulars and communications of the TOB

Separate trading line

Separate trading line

Vernehmlassung zum UEK-Rundschreiben Nr. 5: Sanierungsausnahme / Sanierungskonzept der Zielgesellschaft

Entwurf Rundschreiben Nr. 5

Draft of Swiss Auditing Standard (draft-AS 880)

Draft of Swiss Auditing Standard (draft-AS 880)

Draft of Swiss Auditing Standard (draft-AS 880)

Abrogated versions

Statutes and regulations

Federal Act on Stock Exchanges and Securities Trading (Stock Exchange Act, SESTA)

Federal Act on Stock Exchanges and Securities Trading (Stock Exchange Act : SESTA)

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Ordinance on Stock Exchanges and Securities Trading (Stock Exchange Ordinance, SESTO)

aktueller Eintrag

Only available in German/French/Italian

Ordinance of the Financial Market Supervisory Authority on the Stock Exchange (Stock Exchange Ordinance of the FINMA, SESTO-FINMA)

Ordinance of the Federal Banking Commission on the Stock Exchange (Stock Exchange Ordinance of the FBC : SESTO-FBC)

Only available in German/French/Italian

Ordinance of the Takeover Board on Public Takeover Offers (Takeover Ordinance, TOO)

Ordinance of the Takeover Board on Public Takeover Offers (Takeover Ordinance, TOO)

Only available in German/French/Italian

Only available in German/French/Italian

Regulations of the Takeover Board (Regulations-TB, R-TB)

Regulations of the Takeover Board (Regulations-TB, R-TB)

Ordinance of the Federal Banking Commission on the Stock Exchange (Stock Exchange Ordinance of the FBC, SESTO-FBC)

Ordinance of the Federal Banking Commission on the Stock Exchange (Stock Exchange Ordinance of the FBC : SESTO-FBC)

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Only available in German/French/Italian

Circulars and communications of the TOB

TOB Circular No. 1 of 26 February 2010: Buyback programmes

Revision of 7 March 2013

TOB Circular No. 1 of 26 February 2010: Buyback programmes

Communication no. 1 of 28 March 2000 - The buyback of own shares

Release no. 1 - Equity Security Repurchases

Communication No. 2 of 3 September 2007- Liquidity

Communication No. 2 - Liquidity

TOB Circular No. 4 of 9 February 2009: Voluntary public exchange offers

TOB Circular No. 4 of 9 February 2009: Voluntary public exchange offers

Communication no. 3 of July 21 1997 - Cancellation of "outstanding equity securities" after a public takeover offer

Communication no. 3 - Cancellation of "outstanding equity securities" after a public takeover offer

Communication No. 4 of 9 February 2009 - Voluntary public exchange offers

Communication No. 4 - Voluntary public exchange offers

TOB Circular No. 3 of 25 June 2010: Examination of Public Takeover Offers

TOB Circular No. 3: Examination of Public Takeover Offers

TOB Circular No. 1 of 21 Mai 1997: The Scope of application of the Federal Act on Stock Exchanges on Public Takeover Offers (only french)

TOB Circular No. 1 of 21 Mai 1997: The Scope of application of the Federal Act on Stock Exchanges on Public Takeover Offers (only french)