Legal texts

Consultation regarding the draft of the new Swiss Auditing Standard on the examination of Public Takeover Offers

2 October 2009:

Today the Swiss Institute of Certified Accountants and Tax Consultants has published the draft of a new Swiss Auditing Standard on the examination of Public Takeover Offers (draft-AS) 880 for public consultation. The purpose of this Auditing Standard is the establishment of principles and commentaries for a review body regarding its mandate to examine offers in accordance with Art. 25 SESTA and Art. 26 ff. TOO, as well as the form and substance of the reports that are made by the review body regarding such assignments.

Art. 25 SESTA obliges the offeror, prior to publication, to submit the offer to an auditing company licensed by FINMA or to a securities dealer for review. It is planned that the Takeover Board will also declare the auditing standard binding for securities dealers whenever they act as a review body. Securities dealers are therefore also invited to comment on the draft of the auditing standard within the public consultation.

The draft of the AS 880 is currently available in German and French on the website of the Swiss Institute of Certified Accountants and Tax Consultants (www.treuhand-kammer.ch) under the heading „Publikationen und Downloads/Wirtschaftsprüfung/ Prüfungsstandards".

All statements are to be sent to the Swiss Institute of Certified Accountants and Tax Consultants electronically (maria.schoenki@treuhand-kammer.ch). The consultation period ends on Friday, 13 November 2009.