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Revision of the Circular n° 1

As announced during the Symposium of 21st November 2008, the Swiss Takeover Board has decided to revise the rules regarding equity security repurchases. The goal of this revision is to adapt these rules to the new practices of the market and to the needs of the issuers, to the recently revised Stock Exchange Act and its ordinances and to clarify some aspects of the practice of the Takeover Board on delicate subjects.

The Takeover Board begins a period of consultation regarding its project of the Circular n° 1 "Exemption of the equity security repurchase programs". The project and its explanatory statement can be found hereunder :

Project of the Circular n° 1 (German)

Project of the Circular n° 1 (French)

Explanatory statement (French/German)

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