Verletzung der börsenrechtlichen Meldepflicht durch ein nicht innert vier Börsentagen gemeldetes grenzwertrelevantes Verpflichtungsgeschäft

Pursuant to Art. 20 of the Swiss Stock Exchange Act, certain qualified participations in listed companies are to be notified to the company and the stock exchanges on which the securities are listed. Intentional or negligent violations of this notification obligation can be fined, up to CHF 10m in the case of intentional and up to CHF 1m in the case of negligent violations. Regarding the point in time at which the notification obligation arises, article 11(1) of the FINMA-Ordinance on Stock Exchanges and Securities Trading prescribes that “[t]he obligation to notify is created with the constitution of a right to acquire or sell equity securities (act which cre­ates an obligation)”. This provision enacted by FINMA, which in light of the wording of article 20(1) of the Swiss Stock Exchange Act extends the notification obligation from executed purchases or sales of securities in listed companies to acts that create a right to acquire, or an obligation to sell, such securities, must…