05 March 2018

Pitfalls for Swiss industrial companies in derivative trading

FMIA as part of global derivative regulation
Since 1 January 2016, the Swiss Financial Market Infrastructure Act (FMIA) has been in force. Among other things, the FMIA implements the worldwide regulation of the derivative market in Switzerland, which was the intention of the G20 summit in Pittsburgh in 2009. It contains numerous obligations for Swiss companies both in and outside the financial sector. With its Guidance 5/2017, FINMA extended the transitional periods for the fulfillment of the mandatory derivative reporting obligation in accordance with the FMIA for so-called NFC- until 1 January 2019. What does this mean for Swiss industrial companies?

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04 December 2017

Greatest diligence due with shareholder disclosures

On 22 December 2016, the Chinese aviation conglomerate HNA Group completed the public takeover of gategroup Holding AG (launched about eight months before) by  paying the offer price of CHF 53 per share to the accepting shareholders. Shareholders rejecting the offer were compensated by way of a stock exchange squeeze-out. The total offer price paid by HNA in the takeover of gategroup amounts to approx. CHF 1.4 billion. On 27 April 2017, the gategroup shares were delisted from the Swiss stock exchange. After Swissport and SR Technics, this was the third former Swissair subsidiary taken over by HNA in Switzerland, in addition to HNA building up a substantial stake in Dufry.

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14 March 2017

Amendments to Swiss Disclosure Law

The Swiss Financial Market Supervisory Authority FINMA has revised the disclosure obligation for third parties who are authorised to exercise voting rights associated with equity securities at their own discretion. Going forward, market participants can choose between two alternative ways to fulfil the disclosure obligation. Disclosure filings submitted pursuant to the previous regime have to be filed again in accordance with the new provisions by the end of August at the latest.

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