2. Requirements for securities

Art. 17
Legal validity

¹ At the time of listing, the securities must have been issued in accordance with the law to which the issuer is subject and must satisfy the provisions that apply to those securities. The form of those securities must also comply with the law that applies to both the securities and the issuer.

² The listing of conditional capital remains reserved.

See also:

• Directive Form of Securities (DFS)

Art. 18
Listing by class

The listing must comprise all of the issued securities in the same category.

Art. 19
Free float

¹ The securities must have an adequate free float at the time of listing.

² The free float is regarded as adequate if at least 25% of all of the issuer's outstanding securities in the same category are in public ownership, and the capitalisation of those securities in public ownership amounts to at least CHF 25 million.

See also:

• Distribution of Equity Securities

Art. 20
Increase in the number of securities already listed

The provisions which apply to the free float do not apply in the case of a simple increase in the number of securities that are already listed.

Art. 21
Tradability

¹ The proper trading of securities on the stock exchange must be ensured and there must be rules on establishing legal ownership.

² Securities that are subject to approval or to restrictions with respect to potential purchasers, as well as securities that are not fully paid in, may be listed if their tradability is guaranteed and there is no risk to the fulfilment of a transaction.

Art. 22
Denominations

The denominations forming the total value of a security must enable an exchange transaction in the amount of one round lot, in accordance with the applicable provisions of that stock exchange to which the securities are admitted to trading.

See also:

• SIX Swiss Exchange Guides

Art. 23
Clearing and settlement

The issuer must ensure that transactions can be cleared and settled via the settlement systems that are permitted by SIX Swiss Exchange.

See also:

• Rule Book of SIX Swiss Exchange

Art. 24
Paying agents, exercise agents and corporate actions

¹ The issuer must ensure that services pertaining to dividends, as well as all other corporate actions, including the receipt and handling of exercise notices, are provided in Switzerland.

² The issuer may assign the activities referred to in Art. 24 para. 1 to a third party, if the latter has the necessary professional and technical capabilities available in Switzerland.

³ The assigned party must be a bank, a securities dealer, another institution that is subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA) or the Swiss National Bank.

Art. 25
Listing in the home country

Securities from an issuer that has its registered office in a third state, and that are not listed on a stock exchange either in that state or in the state in which the majority of shares are held may be listed only if there is confirmation that the absence of listings in these states is not due to non-fulfilment of investor protection regulations.

See also:

• Directive Foreign Companies (DFC)

Art. 26
Continued fulfilment of listing requirements

The listing requirements laid down in Arts. 10, 13, 16, 18, 21, 22, 23 and 24 must continue to be fulfilled for the entire duration of the listing.