Disclosure of shareholdings and public takeover offers for listed companies
With the coming into force of the second part of legislation governing stock exchanges and securities dealers, the SFBC assumed, as from January 1, 1998, further responsibilities in the area of supervision of financial markets which extends beyond that pertaining to institutions. In this respect, it does not relate so much to the maintenance of liquidity and solvency of a particular institution but rather the primary focus is on the transparency of ownership of listed companies and market activities as well as an equal treatment emphasis on the protection of minority shareholders.
The SFBC issues or approves the related ordinance provisions and is the supervisory authority in the area of disclosure of shareholdings and - together with the federal commission recently created by the legislator, the Swiss Takeover Board (Takeover Board) - of public takeover bids for companies listed on the stock exchange. In relation to the disclosure of shareholdings, the Disclosure Bodies assume direct monitoring of the duty of notification and issues the necessary recommendations in the event of applications for exemption, relaxation and preliminary rulings. The SFBC can issue rulings. On its side, the Takeover Commission examines compliance with the provisions on public takeover bids on a case-by-case basis. It issues recommendations to the parties involved. The SFBC or its chamber for public takeover offers (Takeover Chamber) issues, whenever required, the necessary rulings.