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Also this year, most companies listed in Switzerland published financial information for the 2024 business year ahead of the publication of the full annual report for that year. In many cases, such early publication includes comprehensive financial information on full year results. Yet, the annual reports published usually around one to four weeks after such early earnings releases are deemed price-sensitive information by SIX Exchange Regulation and must be flagged as „ad hoc“ communication. This article explores the impact of such practice on the disclosure and insider trading policies of these companies and discusses whether a change of practice would…

The legally binding criminal conviction of a CEO for complicity to fraud and criminal mismanagement is a price-sensitive fact that the issuer must disclose pursuant to ad hoc publicity requirements. Although a CEO is entitled to privacy protection, for example under data protection or employment law, the issuer‘s interest in compliance with the ad hoc publicity requirement under the listing rules takes precedence over the CEO‘s interest in privacy protection under data protection or employment law.

The European Union‘s Listing Act aims to enhance the competitiveness of European capital markets by introducing regulatory reforms that simplify access to public markets. A key innovation is the introduction of multiple-vote share (MVS) structures, designed to provide companies — particularly small and medium-sized enterprises (SMEs) and high-growth firms — with greater flexibility in maintaining control post-IPO. Additionally, amendments to various EU Regulations and Directives seek to reduce regulatory burdens, streamline disclosure requirements and improve capital-raising efficiency. These measures are designed to encourage more companies, particularly SMEs and high-growth firms, to go public while ensuring investor protection and transparency. The…

Article 120 of the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA) mandates that directly or indirectly crossing specific voting rights thresholds in companies listed in Switzerland must be disclosed to ensure market transparency. This includes indirect acquisitions or disposals of shares by way of financial instruments. In the context of contingent convertible bonds (CoCos, regulatory instruments that convert into shares upon certain events, ensuring the maintenance of sufficient capital) issued by Swiss issuers and underwritten by banking syndicates, the purchase rights and sale positions calculated in accordance with the terms of the…