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Revision of 19 October 2015

Communication of 15 December 2015

The surveillance authority of public takeover offers  in Switzerland, the Swiss Takeover Board (TOB), has adopted a partial amendment of the Takeover Ordinance (TOO) and of the Regulations of the Takeover Board (R-TB).  These modifications were published today in the official compilation of Swiss laws. They follow two public consultations and incorporate formal modifications due to the new Financial Market Infrastructure Act (FMIA) and its ordinances (FMIO, FMIO-FINMA). Consultation papers and positions relating to the public consultation may be consulted on the website of the Takeover Board www.takeover.ch.

The principal material modification consists in the abolishment of the obligation to publish the offer documents in the newspapers, which is compensated by the widening of the electronic publication.

The Takeover Board shall publish at a later time all the Circulars, which are also going to be adapted to the new FMIA. A new Circular will furthermore define the circle of the principal media in the sense of Art. 7 TOO.

The new provisions will enter into force on 1 January 2016.

Consultation of 4 August 2014

Consultation of 20 August 2015

Revision TOO of 19 October 2015 (AS 2015 5319) German

Revision TOO of 19 Octobre 2015 (RO 2015 5319) French

Revision TOO of 19 October 2015 (RO 2015 5319) Italian