Listing Rules
(Listing Rules, LR)

Table of contents

• I. General provisions
• A. Purpose and applicability
• Art. 1: Purpose
• Art. 2: Applicability
• B. Powers of the Regulatory Board
• Art. 3: Decision-making powers and surveillance tasks
• Art. 4: Implementing provisions
• Art. 5: Circulars and Communiqués
• Art. 6: Duties to provide information
• Art. 7: Exemptions
• C. Languages
• Art. 8: Language
• II. Listing
• A. Listing requirements
• Art. 9: Principle
• 1. Requirements for the issuer
• Art. 10: Foundations in company law
• Art. 11: Duration
• Art. 12: Annual financial statements
• Art. 13: Auditors
• Art. 14: Audit report
• Art. 15: Capital resources
• Art. 16: Further requirements
• 2. Requirements for securities
• Art. 17: Legal validity
• Art. 18: Listing by class
• Art. 19: Free float
• Art. 20: Increase in the number of securities already listed
• Art. 21: Tradability
• Art. 22: Denominations
• Art. 23: Clearing and settlement
• Art. 24: Paying agents, exercise agents and corporate actions
• Art. 25: Listing in the home country
• Art. 26: Continued fulfilment of listing requirements
• B. Obligations with respect to listing
• 1. Listing prospectus
• Art. 27: Principle
• Art. 28: Content of the listing prospectus
• Art. 29: Form of the listing prospectus
• Art. 30: Form of publication
• Art. 31: Time of publication
• Art. 32: Presentation
• Art. 33: Exemption from the obligation to produce a listing prospectus
• Art. 34: Abridgement of the listing prospectus
• Art. 35: Incorporation by reference
• Art. 36: Exemptions in respect of specific information
• 2. Listing notice
• Art. 37: Principle
• Art. 38: Form of publication
• Art. 39: Time of publication
• Art. 40: Content of the listing notice
• 3. Further disclosure obligations
• Art. 41: Availability of information documents
• C. Listing procedure
• Art. 42: Listing application
• Art. 43: Submitting a listing application
• Art. 44: Content of the listing application
• Art. 45: Issuer declaration
• Art. 46: Review of listing application
• Art. 47: Decision
• Art. 48: Preliminary decision
• III. Conditions for maintaining listing
• A. Periodic reporting
• Art. 49: Annual reporting
• Art. 50: Interim reporting
• Art. 51: Financial reporting standards
• B. Further duties to provide information
• Art. 52: Corporate calendar
• Art. 53: Obligation to disclose potentially price-sensitive facts
• Art. 54: Postponement of disclosure
• Art. 55: Notification of changes in the rights attached to securities
• Art. 56: Disclosure of management transactions
• IV. Suspension of trading and delisting
• Art. 57: Suspension of trading
• Art. 58: Delisting
• V. Sanctions
• Art. 59: Responsibility and procedure
• Art. 60: Breaches by issuers, guarantors or recognised representatives
• Art. 61: Sanctions
• VI. Appeals
• Art. 62: Principle
• VII. Fees
• Art. 63: Fees
• VIII. Special additional provisions
• Art. 64: Principle
• A. Investment companies
• Art. 65: Definition
• 1. Listing requirements
• Art. 66: Duration
• Art. 67: Investment policy
• Art. 68: Incorporation abroad
• 2. Obligations with respect to listing
• Art. 69: Content of the listing prospectus
• Art. 70: Information on risks
• 3. Conditions for maintaining listing
• Art. 71: Annual reporting
• Art. 72: Interim reporting
• Art. 73: Publication of current value (net asset value)
• Art. 74: Valuation of investments that are difficult to assess
• Art. 75: Compliance with the investment policy
• Art. 76: Changes to investment policy and compensation model
• B. Real estate companies
• Art. 77: Definition
• 1. Listing requirements
• Art. 78: Duration
• Art. 79: Investment policy
• 2. Obligations with respect to listing
• Art. 80: Content of the listing prospectus
• 3. Conditions for maintaining listing
• Art. 81: Annual reporting
• Art. 82: Interim reporting
• Art. 83: Compliance with the investment policy
• Art. 84: Changes to the investment policy and compensation model
• C. Companies under the Domestic Standard
• 1. Listing requirements
• Art. 85: Duration
• Art. 86: Annual financial statements
• Art. 87: Capital resources
• Art. 88: Free float
• 2. Obligations with respect to listing
• Art. 89: Content of the listing prospectus
• D. Global depository receipts
• Art. 90: Definitions
• 1. Listing requirements
• Art. 91: Requirements for the issuer
• Art. 92: Requirements for the depository
• Art. 93: Underlying shares held on a fiduciary basis
• Art. 94: Requirements for global depository receipts
• 2. Obligations with respect to listing
• Art. 95: Content of the listing prospectus
• Art. 96: Abridgement of the listing prospectus
• Art. 97: Listing notice
• Art. 98: Issuer declaration
• 3. Conditions for maintaining listing
• Art. 99: Principle
• Art. 100: Management transactions
• Art. 101: Information on corporate governance
• Art. 102: Interim reporting
• Art. 103: Ongoing reporting obligations
• Art. 104: Changes to depository and depository agreement
• E. Collective investment schemes
• Art. 105: Definition
• Art. 106: Implementing provisions
• 1. Listing requirements
• Art. 107: Duration
• Art. 108: Minimum capitalisation/free float of units
• Art. 109: FINMA ruling
• 2. Obligations with respect to listing
• Art. 110: Listing prospectus
• Art. 111: Issuer declaration
• Art. 112: Listing notice
• 3. Conditions for maintaining listing
• Art. 113: Annual and interim reporting
• IX. Final provisions
• A. Entry into force
• Art. 114: Entry into force
• B. Transitional provisions
• Art. 115: Securities that are already listed
• Art. 116: Pending listing and sanction proceedings
• Art. 117: Periodic reporting
• C. Revision
• Art. 118: Revision