Exchanges / Markets (BM)
This department is responsible for all tasks in relation to stock exchanges including processing of license applications and monitoring of stock exchanges and similar institutions, on-going market supervision of securities trading, in particular investigations in the case of violations of the Law (cases of insider trading, price manipulations etc.) as well as notifying the competent authorities of criminal behaviour. It deals with questions of principle in relation to the code of conduct, license applications from foreign stock-exchange members and prepares draft legislation regulating the supervision of markets. Finally, it co-operates with foreign supervisory authorities within the framework of on-going supervision.
Its terms of reference in relation to the disclosure of shareholdings and public tender bids include the review and approval of the rules and regulations of the Disclosure Bodies of stock exchanges and of the Takeover Board as well as co-operation with these bodies. The department enforces the duties to make notification and investigates infringements of the Law. It drafts and implements the necessary rulings in the event that recommendations of the Takeover Commission or the disclosure bodies are rejected or disregarded.
For collective investment schemes, all monitoring is conducted by the Exchanges / Markets department.
This department conducts authorisation procedures for fund management companies, SICAVs (investment companies with variable capital), SICAFs (investment companies with fixed capital), limited partnerships for collective investments, custodian banks, asset managers of Swiss and foreign collective investment schemes, distributors and representatives of foreign collective investment schemes. It also carries out approval procedures for the documents of investment funds, SICAVs, SICAFs, limited partnerships for collective investments of Swiss and foreign collective investment schemes.
It checks whether the requirements of the law, contracts, Articles of Incorporation, partnership agreements and regulations are complied with.Should there be a breach or in the case of irregularities, it is responsible for the reestablishment of the situation. This may involve revoking the authorisation or approval. If the authority is aware of illegal activities according to the Federal Act on Collective Investment Schemes, it reports it to the Federal Department of Finance.