Disclosure of Shareholdings

When an investor exceeds or falls below a certain voting rights threshold in a listed company, they must notify both the Disclosure Office and the company. The company is in turn required to publish this information via the Disclosure Office.

Disclosure of shareholdings provides transparency on who exercises control over a listed company and to what extent. Significant changes in ownership or voting rights may be price sensitive.

Significant shareholdings in listed companies are published on the “Significant Shareholders” webpage.

Investors or investor groups must report whenever they reach, exceed, or fall below the thresholds of 3, 5, 10, 15, 20, 25, 33⅓, 50, or 66⅔ per cent of a company’s voting rights.

The investor or investor group must notify the company and the Disclosure Office within four trading days as of the change.

Notifications to the Disclosure Office should be submitted via the online platform (see link below). No login is required. The corresponding user manual can also be found under “Tools”.

Further information on the legal basis for disclosure of shareholdings is available on the Swiss federal website:

• Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinfraG)
• Ordinance on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinfraV)
• Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinfraV-FINMA)

The two-stage reporting procedure involves the company in the process: it is obliged to publish the disclosure notification received from the investor within two trading days via the Disclosure Office’s online platform.