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Each securities dealer who wants to operate in Switzerland is required to receive authorisation from
the Swiss Financial Market Supervisory Authority
(FINMA) . On receipt of such authorisation, a securities dealer becomes subject to the
Federal Act on Stock Exchanges and Securities Trading (SESTA)[pdf]
and has in principle - according to Art. 15 SESTA - the obligation to report all on-exchange and off-exchange
trades in securities admitted for trading on the SIX Swiss Exchange and/or Scoach Switzerland Ltd.
Foreign exchange participants (remote participants), who are not domiciled in Switzerland, but who
are participants of SIX Swiss Exchange and/or Scoach Switzerland, are also subject to the reporting requirement.
The purpose of the reporting requirement is to ensure transparency in securities trading. The Exchange
is obliged to ensure that all information necessary to maintain transparency in securities trading
is made public (Art. 5 para. 3 SESTA).
The principle of the reporting is laid down in the General Conditions of the SIX Swiss Exchange and Scoach Switzerland Ltd.
Details are set out in
Directive 10 (Reporting requirement)
of the SIX Swiss Exchange and
Scoach Switzerland Ltd.
SESTO-FINMA[pdf] and
FINMA Circular 2008/11
on the duty to report on stock exchange transactions must also be complied with in the context of
reporting requirements.
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