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Disclosure of Significant Shareholdings

As soon as an investor reaches, exceeds, or falls below a certain threshold of their voting rights in a listed company, they must report this to both the disclosure office and the company. The company, in turn, is obliged to publish this information via the disclosure office.

Purpose of the Disclosure of Shareholdings

The disclosure of significant shareholdings in listed companies creates transparency regarding material influence over public companies.

Who has to report and disclose information — and under what conditions?

A reporting obligation exists for investors or investor groups as soon as they reach, exceed, or fall below 3, 5, 10, 15, 20, 25, 33⅓, 50, or 66⅔ percent of the voting rights in a listed company. The report must be submitted to the company and the disclosure office within four trading days.

The company is obliged to review the received disclosure report and publish it via the Disclosure Tool within two trading days. This makes the information freely accessible to the market.

Quick Check

Do you, or an investor group to which you belong, hold shares or rights to acquire or dispose of shares in a company listed on BX Swiss, and has one of these thresholds been reached, exceeded, or fallen below? If so, a reporting obligation generally exists within four trading days.

Reporting and Disclosure Process

The entire reporting and disclosure process is carried out digitally in two steps via the dedicated electronic reporting and disclosure platform of BX Swiss (Disclosure Tool):

  • A reporting event occurs:
    The investor records a disclosure report in the Disclosure Tool within four trading days of the reporting obligation arising.

  • Publication of the report:
    The company publishes the report received from the investor or investor group via the Disclosure Tool within two trading days.

The Disclosure Tool enables:

  • Complete and seamless processing of the reporting and disclosure process
  • Electronic entry of all required reporting and disclosure data
  • Direct and simultaneous transmission of the report to the disclosure office and the company
  • Validation of information before disclosure
  • Traceability of reporting and disclosure status

Legal Basis

The disclosure obligation is regulated by federal law and the FINMA implementing provisions:

Contact

BX Swiss Disclosure Office

Email: [email protected]
Phone: +41 31 329 40 78

Adress:
BX Swiss AG
Talacker 50, CH-8001 Zurich