Blackout periods are an important, though lightly regulated, component of the insider trading compliance programs of Swiss listed companies. We analyze a number of trends that are inherent to the design of blackout periods in Switzerland. We also examine the use of trading plans, known as “Rule 10b5-1 plans” in the United States, which may also form part of a well-designed insider trading compliance program but which appear to be less popular in Switzerland.

By Sandro Fehlmann / Deirdre Ní Annracháin (Reference: CapLaw-2023-23)