Press release
Supervision instruments

Revised FINMA circular on disclosure requirements for securities transactions

The Swiss Financial Market Supervisory Authority FINMA will bring the revised Circular 08/11 "Disclosure requirements for securities transactions" into force on 1 November 2011. The changes made during the revision focus mainly on rendering the existing disclosure requirements prescribed in the former "Reporting obligation – stock exchange transactions" more precise. No additional requirements have been incorporated into the revised circular.
The revised Circular 08/11 "Disclosure requirements for securities transactions" seeks to make existing disclosure requirements more precise. The revised circular does not contain any additional requirements for securities dealers. The main purpose of the revision was to eliminate any ambiguities and shortcomings which became evident in practice and to align any terminological inconsistencies with the Swiss stock exchange regulations. Another issue that had to be addressed arose from the relocation of trading of the Swiss Market Index (SMI) and Swiss Leader Index (SLI) from London (virt-x and SWX Europe) to Zurich.
The revised circular will enter into force on 1 November 2011. 


Tobias Lux, Media Spokesperson, phone +41 (0)31 327 91 71,