Ordinances: structure and transparency

There are two implementing ordinances governing the securities industry, which are based on the Federal Act on Stock Exchanges and Securities Trading (SESTA).

Implementing Ordinance on Stock Exchanges and Securities Trading (SESTO)

In force since 1 February 1997, this ordinance specifies the licensing requirements for securities dealers and contains rules on the organisation and governing bodies of stock exchanges (Article 10 SESTA).

Ordinance of the Swiss Financial Market Supervisory Authority on Stock Exchanges and Securities Trading (SESTO-FINMA)

Areas covered by this ordinance include:

• Daily record and reporting requirements for securities dealers (Article 15 SESTA)
• Obligation to notify in connection with the disclosure of holdings (Article 20 BEHG)
• Provisions regarding public takeover offers (Article 22 ff. SESTA)

Rules and procedures within the scope of self-regulation

Under Article 4 SESTA, stock exchanges are organised according to the principle of self-regulation. The rules and procedures of SIX Swiss Exchange are defined and specified in the form of:

• Rule Book
• Directives
• SIX Swiss Exchange Messages
• Trading Guides