In consideration of legal developments in Europe and existing rules and regulations at the major financial marketplaces, and on the basis of the responsibility, assigned by the legislator, to practise self-regulation, the Admission Board commissioned a proposal for appropriate rules on the obligation to disclose management transactions.
The solicitation of comment on the rules regarding the disclosure of management transactions was launched on 9 May 2003. The period of solicitation of comment ended on 30 June 2003. The solicitation of comment was carried out via the Internet and involved all interested parties, in particular issuers, investors, associations, public authorities, auditing firms and law firms.
In cases where confidentiality was not expressly desired, the SWX published the comments it received on its website. The report on the solicitation of comment is available at www.swx.com/admission/consultation_dd_en.html.
The revised version of the Listing Rules that was adopted at today's meeting will require the members of the board of directors and those of the management board of a given issuer to disclose their transactions in the financial instruments of the company they belong to. Disclosure must include an indication of the position of the person subject to the disclosure requirement (executive member of the board of directors / member of the management board or non-executive member of the board of directors), but not the name of this person. Transactions carried out directly or indirectly and exceeding CHF 100,000 must be reported. All reports must be made to the company by the person subject to the obligation to disclose within four Exchange days. The company must forward the report to the SWX within two Exchange days. Upon their receipt by the SWX, the reports will be published on the SWX website.
The relevant rules and regulations are contained in adjustments to the Listing Rules and a new directive. Under Art. 4 of the Stock Exchange Act, adjustments of the Listing Rules must be submitted to the Swiss Federal Banking Commission for approval. The new rules will be published upon conclusion of the approval process. The date when they enter into force will be announced upon their publication.
Resignation and appointment of a successor
At the meeting, the resignation of Mr Roland Lösser, CEO of Clariant Ltd, was noted and his contribution to the Admission Board gratefully acknowledged. economiesuisse appointed Mr Othmar Vock as his successor. Mr Vock is the CFO and a Member of the Board of Directors of Givaudan Ltd.
