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The following regulatory standards can be distinguished:
Main Standard
The Main Standard is used for listing of equity securities. The respective listing requirements are set
out in the Listing Rules and the
Additional Rules. Foremost among these are
requirements regarding the size and liquidity of issuers and stringent transparency requirements with
which issuers must comply.
In order to offer young companies the opportunity for listing, the Regulatory Board can grant
exceptions to companies with a track record of less than the required three years. In the interest of
the company or investors it must be ensured that investors have the information necessary to form a
qualified opinion on the company and the admitted securities. In such cases, stricter transparency
provisions (e.g. quarterly reporting) make up for an insufficient track record.
For further
information, see the Directive Track Record.
Domestic Standard
The Domestic Standard serves as a means for listing equity securities of companies that -
due to their investor base, corporate history, capitalisation or equity securities distribution - do
not, or do not yet, qualify for listing according to another standard. In particular, this standard
accommodates companies with local significance or a limited circle of investors, such as family-owned
enterprises and certain international companies. Admission to the Domestic Standard is governed by
Arts. 85 ff Listing Rules.
Standard for Investment Companies
Equity securities issued by investment companies are listed according to their own
regulatory standard. Investment companies are joint-stock companies whose main purpose is the investment
in collective investment schemes and thus earning yields/and or capital gains. They do not
perform a commercial activity in the literal sense. Such companies can be compared with investment funds
in regards to their investment strategy, but they are organised under company law (see
Arts. 65 ff Listing Rules).
Standard for Real Estate Companies
Real estate companies are governed by their own regulatory standard. A company qualifies as a real
estate company if it continually draws at least two-thirds of its revenue from real estate-related
activities, specifically from rental income, income from revaluations or sales and from real estate
services (see Arts. 77 ff Listing Rules).
Standard for Collective Investment Schemes
Arts. 105 ff Listing Rules are
applicable to the listing of units (or shares) of domestic or foreign collective investment schemes that,
pursuant to the
Federal Act of 23 June 2006 on Collective Investment Schemes (CISA) , are subject to the supervision of the
Swiss Financial Market Supervisory Authority
(FINMA). Exchange Traded Funds (ETFs) listed on the SIX Swiss Exchange are also
governed by the aforementioned provisions.
Standard for Depository Receipts
The standard for global depository receipts serves as a means for listing global depository receipts
("GDRs"). GDRs are tradeable certificates which are issued in lieu of deposited equity
securities and enable the (indirect) exercise of the membership and proprietary rights attached to
such deposited equity securities. The deposited equity securities are known as underlying equities.
The listing of global depository receipts is governed by
Arts. 90 ff Listing Rules.
Standard for Bonds
Bonds (incl. conversion and warrant bonds) are listed in accordance with the Standard for Bonds
(see Additional Rules Bonds). In conjunction with the listing
of bonds, the issuer has the option to make use of the procedure for
provisional admission.
Standard for Derivatives
The Derivatives Standard serves as a means for listing derivatives (see
Additional Rules Derivatives). Generally speaking, derivatives are
financial instruments, the value of which is based on the price of the underlying securities or reference
rates ("underlyings"). Similar to bonds, derivatives may first be
provisionally admitted to trading
before being listed. The respective applications are submitted via
Internet Based Listing ("IBL").
Standard for Exchange Traded Products
The Standard for Exchange Traded Products serves the listing of collateralised, non-interest-paying bearer
debt securities (debentures), which are issued as securities and are sold and redeemed in the same structure
and denominations on a continuous basis (see Additional Rules Exchange Traded Products).
In addition, Exchange Traded Products replicate the price trend of an underlying instrument, either unchanged or
leveraged (tracker certificate). The listing of Exchange Traded Products is governed by special Additional Rules.
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