I. General provisions
The purpose of this Directive is to ensure transparency for investors with regard to issuers and equity securities, as well as fair information (Art. 1 SESTA, Art. 1 LR).
This Directive governs the principles of the listing of foreign companies on SIX Swiss Exchange Ltd ("SIX Swiss Exchange").
1 In the context of this Directive, foreign companies are companies whose legal registered office is located in a country other than Switzerland.
2 In principle, other stock exchanges recognised by the Regulatory Board as having equivalent listing provisions are exchanges that are members of the Federation of European Securities Exchanges (FESE) and the World Federation of Exchanges (WFE).
Types of listing
1 If a company is not yet listed on another exchange recognised by the Regulatory Board when it submits its listing application to SIX Exchange Regulation, its only option is primary listing, subject to the regulations laid down in Arts. 6 et seq..
2 If a company is already listed on an exchange recognised by the Regulatory Board with equivalent listing provisions, it may choose between primary listing (Arts. 6 et seq.) and secondary listing (Arts. 12 et seq.) in accordance with this Directive. The same applies if a company is to be listed simultaneously on its primary exchange and on SIX Swiss Exchange, i.e. with the same first trading day on both exchanges. This is known as "dual listing".
Reference to the LR
1 Unless contradictory or additional regulations are set out below, the provisions of the Listing Rules and their implementing provisions apply to the listing of foreign companies' equity securities.
2 In particular, responsibilities and appeals bodies in sanction proceedings are governed by Arts. 59 et seq. LR.