Legal texts

Buyback programmes : New TOB Circular No. 1

The Swiss Takeover Board has published "TOB Circular No. 1 : Buyback programmes", dated 26 February 2010, which replaces Communication No. 1 regarding equity security repurchases from 28 March 2000. The new circular applies to buyback programmes submitting applications for exemption after 31 May 2010. The new requirements regarding the reporting of transactions apply to all buyback programmes in progress, effective from 1 June 2010.

Consultation regarding the separate trading line

FINMA, SIX and the TOB examined the use of the separate trading line for buyback programmes. A model of auction which aims to replace the separate trading line for buyback programmes has been developed. The TOB opened a consultation about this proposition today. Interested parties are invited to take part in this consultation by 16 April 2010.

Nomenclature : TOB Circular No. 4

In order to unify the nomenclature of the publications of the TOB in terms of Art. 65 (2) TOO, Communication No. 4 of 9 February 2009 regarding voluntary public exchange offers now has the title "TOB Circular No. 4 : Voluntary public exchange offers". No alterations have been made with regards to contents.