The new Prospectus and Transparency Directives will introduce numerous new provisions in connection with the public issuing and admission to listing of bonds. Against this background, the SWX has adapted its rules for the listing of bonds accordingly. The new SWX rules create attractive conditions for the listing of the bonds of Swiss and foreign issuers alike.
The most important changes are: Listing on the SWX on the basis of issuing programmes, the permissibility of references in the listing prospectus ("incorporation by reference"), the recognition of foreign law governed documents.
In addition to the IFRS, the SWX accepts the following accounting standards: US GAAP, Swiss GAAP, as well as the standards in place in the EU/EEA, Australia, Canada, Japan, New Zealand, South Africa and Brazil and will consider applications for the acceptance of other GAAPs.
Further advantages of a listing on the SWX include: No distinction is made between the wholesale and the retail regime (i.e. denominations of e.g. EUR 1,000 also fall within the wholesale regime), convertible bonds issues fall within the bond and not the equity regime; it is not necessary to submit semi-annual financial statements.
Jacqueline Morard, Deputy Head of the Admission Division, commented on the first international bond to be listed on the SWX as follows: "With the introduction of the new Additional Rules for the Listing of Bonds, the SWX has in place a set of listing rules which allow market participants to continue issuing and listing in compliance with rules very similar to those now applicable to Eurobonds on EU exchanges. What is more, market participants benefit from the efficient and unbureaucratic listing procedures at the SWX. Listing on the SWX constitutes a listing on a regulated market and, therefore, the SWX is a genuine alternative to the EU based exchanges for the listing of bonds. We are delighted about the listing of the Banco Itaú bond on the SWX and firmly believe that further issuers will choose the SWX as the exchange to list their bonds."
For more information please go to:
http://www.swx.com/download/admission/regulation/notices/2004/notice_200411_en.pdf and
http://www.swx.com/download/admission/regulation/notices/2004/notice_200411_en.pdf
