This chapter gives an overview of the Swiss revised Stock Exchange Ordinance and examines the rules for the disclosure of interests in listed companies' voting securities. In particular, it looks at the amendments in effect since 2007, securities and instruments covered by the disclosure rules, notifiable direct or indirect holdings or interests, notification thresholds, disclosure requirements and sanctions for non-compliance. It also outlines more recent proposed changes adopted by the Federal Council on 31 August 2011, which introduced, among others, new powers for FINMA, changes to the criminal offence of insider trading and changes in disclosure requirements for holdings in companies with their registered office outside Switzerland but listed in Switzerland.

This article is part of the PLC multi-jurisdictional guide to mergers and acquisitions law. For a full list of jurisdictional Q&As visit www.practicallaw.com/acquisitionshandbook.