1. Listing requirements

Art. 91
Requirements for the issuer

The requirements that must be fulfilled by the issuer of underlying shares are laid down in Arts. 10 to 16.

Art. 92
Requirements for the depository

¹ The depository must fulfil at least one of the following criteria:

1. the depository must be governed by the Banking Act (BA) or, if it is a securities dealer, by the Stock Exchange Act (SESTA);
2. the depository must be subject to equivalent foreign supervision.

² The Regulatory Board may require that suitable documents be presented as evidence of the depository's regulatory status.

See also:

• Federal Act of 8 November 1934 on Banks and Savings Banks (Banking Act, BA) (in German)

• Federal Act of 24 March 1995 on Stock Exchanges and Securities Trading (Stock Exchange Act, SESTA) (in German)

• Federal Act of 24 March 1995 on Stock Exchanges and Securities Trading (Stock Exchange Act, SESTA) (unofficial translation)

Art. 93
Underlying shares held on a fiduciary basis

The depository agreement must provide for the underlying shares to be held by the depository on a fiduciary basis (or on the basis of similar arrangements under applicable law) on behalf of the investors with rights to the global depository receipts in question, and for the depository to exercise all property and membership rights attached to the underlying shares in the interests of those investors.

Art. 94
Requirements for global depository receipts

¹ Arts. 17 to 26 apply mutatis mutandis to global depository receipts.

² The free float requirements under Art. 19 refer to the individual categories of the global depository receipts to be listed.

See also:

• Distribution of Equity Securities