D. Provisional admission to trading

Art. 25
Requirements

¹ In order that the bonds that are to be listed can be admitted provisionally to trading, the applicant must describe the securities in the corresponding application for provisional admission, and must give an assurance that all of the listing requirements laid down in the LR and these Additional Rules are fulfilled, that the securities are structured in a way that has already been approved by the Regulatory Board, and that a listing application will follow.

² Furthermore, the application for provisional admission to trading must be submitted to the Regulatory Board in good time using the electronic platform made available by SIX Swiss Exchange.

³ Provisional trading will begin no earlier than three trading days following receipt of the application for provisional admission to trading.

⁴ Bonds from new issuers will not be granted provisional admission to trading until the issuer itself has been reviewed.

See also:

• Directive Procedures Debt Securities (DPDS)

Art. 26
New issuer

¹ In the context of Art. 25 para. 4, a new issuer is an issuer that has not had securities issued by it listed on SIX Swiss Exchange for the past three or more years.

² An issuer is not deemed to be a new issuer under Art. 25 para. 4 if its bond issue is guaranteed by a guarantor that either:

1. acts as guarantor for other debt securities that are already listed or provisionally admitted to trading on SIX Swiss Exchange; or
2. has itself had debt securities listed or provisionally admitted to trading on SIX Swiss Exchange.

Art. 27
Time limit for provisional admission

¹ Provisional admission to trading will lapse automatically if the listing application is not lodged within two months from the start of trading.

² The applicant may be fined if the application for the listing of the securities that have provisionally been admitted to trading is not submitted, or if it is rejected on the grounds of non-fulfilment of the listing requirements. In addition, the applicant may be excluded from submitting applications for provisional admission for a period of up to three years.

³ The sanctions referred to in Art. 27 para. 2 may be imposed only if the applicant's conduct is judged to have been in breach of important professional obligations.