Listing a Company in the Stock Exchange in Switzerland
Listing a Company in the Stock Exchange in SwitzerlandUpdated on Monday 21st September 2015
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The Stock Exchange in Switzerland
There are two stock exchanges in Switzerland, one in Zurich and one in Berne. However, the SIX Swiss Exchange in Zurich is the main stock exchange and it also trades Swiss government bonds. The principal stock market index of the SIX Swiss Exchange is the Swiss Market Index, also known as the blue-chip index.
The Swiss Stock Exchange in Zurich was the first stock exchange in the world that incorporated an automated trading system. An association of 55 banks is in control of the SIX Swiss Exchange, which offers the following services through other Swiss subsidiaries:
- - SIX SIS Ltd that offers securities settlement and custody services,
- - SIX SAG Ltd provides share registry services,
- - SIX Financial Information,
- - SIX Payment Services.
For complete details about the SIX Stock Exchange you can contact our Swiss law firm.
Legislation regarding the Swiss Stock Exchange
The legislation regulating the Swiss Stock Exchange is made up of the Federal Act on Stock Exchanges and Securities Trading (SESTA) and its self-regulated ordinances, the Stock Exchange Ordinance (SESTO) and the FINMA (Financial Market Supervisory Authority) Ordinance on Stock Exchange and Securities Trading (SESTO-FINMA). The SIX Swiss Exchange AG is the main regulatory body for the admission of securities and trading. The Financial Market Supervisory Authority supervises all stock exchanges and securities dealers in Switzerland.
A Swiss stock exchange requires obtaining a license from FINMA before starting operating.
Listing criteria for Swiss companies
In order to list a company on the Stock Market, the Articles of Association or Deed of Partnership must comply with the requirements of the Swiss Commercial Code. In order to qualify for being listed on the Swiss stock exchange a company must also fulfill the following conditions:
- - the Swiss company must have been incorporated for at least three years,
- - the company must present annual financial accounts for three complete years,
- - the capital resources of the company must be of at least 25 million CHF.
Foreign companies are also allowed to be listed on the Swiss Stock Exchange provided that the Articles of Association are drawn according to the national law they are subject to and the company is audited by an auditing company recognized by a foreign audit authority.
Documents to be submitted for listing a company on the Swiss Stock Exchange
In order to list a Swiss company on the Stock Exchange the following documents must be submitted:
- - a listing prospectus,
- - a listing notice, if the listing prospectus is not available,
- - an issuer declaration,
- - the original declaration that the printing regulations have been maintained (for public companies),
- - a declaration that equity securities have free float (for Swiss public companies),
- - evidence that the auditor of the company to be listed fulfills the requirements for auditors of public companies,
- - a copy after the latest extract from the Swiss Trade Register,
- - a copy after the Articles of Association,
- - an official notice stating the description of the securities and transactions.
Our lawyers in Switzerland will guide you through the licensing and listing procedure with the SIX Stock Exchange.