The formal incorporation of a company by a notary is clearly not the first step in a startup project. What do the founders have to pay particular attention to in this early phase? The VISCHER Startup Desk answers the 10 most frequently asked questions.
The Swiss Financial Market Supervisory Authority FINMA has revised the disclosure obligation for third parties who are authorised to exercise voting rights associated with equity securities at their own discretion. Going forward, market participants can choose between two alternative ways to fulfil the disclosure obligation. Disclosure filings submitted pursuant to the previous regime have to be filed again in accordance with the new provisions by the end of August at the latest.
On January 1, 2016, the new Financial Market Infrastructure Act (FMIA) will enter into force. Apart from supervisory provisions for the operation of financial market infrastructures and rules concerning derivatives trading, the FMIA also contains market behavior rules. These include, inter alia, provisions on the disclosure of shareholdings in companies that are wholly or partially listed in Switzerland. These provisions have thus far been contained in the Stock Exchange Act. The standards of the FMIA regarding the disclosure of shareholdings are specified by the Financial Market Infrastructure Ordinance of the Swiss Financial Market Supervisory Authority FINMA (FMIO-FINMA), which will also enter into force on January 1, 2016. The FMIO-FINMA replaces the current Stock Exchange Ordinance of FINMA.