Listing of foreign companies

The Admission Board of the SWX Exchange has issued a directive on the listing of foreign companies, which enters into force on 1st November, 2001. The listing requirements, disclosure obligations and provisions for both primary and secondary listings are included (see "The Swiss Exchange: A sound choice for secondary listings" GC, 1998, III(8), 27 ). A secondary listing is available to foreign companies that are listed on another official stock exchange with equivalent rules on listing. Companies meet this requirement if they are listed on a member exchange of the Federation of European Stock Exchanges (FESE) or the International Federation of Stock Exchanges (FIBV). The directive also sets out the conditions for maintaining the secondary listing and specifies the foreign companies' obligations in regard to disclosure, shareholder information, capital transactions and suspension of trading.

Source: Communiqué No. 15/2001, available at www.swx. com/admission/listing_notices_en.html. Eduard De Zordi, Homburger

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