Responses were positive to the consultation on the partial revision of the FINMA Ordinance on Stock Exchanges and Securities Trading (SESTO-FINMA) conducted by the Swiss Financial Market Supervisory Authority and required only minimal adjustments. The revised FINMA Stock Exchange Ordinance will enter into force as planned on 1 January 2012.
The partially revised FINMA Stock Exchange Ordinance allows foreign collective investment schemes that are not authorised for distribution to disclose their participations under the same provisions as Swiss collective investment schemes. To do so, they must fulfil certain requirements for independence and declare them to the Disclosure Office (cf. Art. 17 para. 3 SESTO-FINMA). In this way foreign collective investment schemes may, in particular, be exempted from the obligation to consolidate their participations with those of the group. Moreover, specifications on disclosure requirements where exact threshold values are reached and additional rules of procedure have also been included in the partial revision (Art. 9 para. 4 SESTO-FINMA), e.g. a clearer presentation of notifications received.
As the responses to the consultation on the draft ordinance initiated in summer 2011 were largely positive, only minor specifications and changes were made to the consultation draft. The consultation report includes the responses to the consultation.
Tobias Lux, Media Spokesperson, phone +41 (0)31 327 91 71, email@example.com