Legal basis

The Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading establishes the principle of self-regulation. Within this competence, SIX Swiss Exchange is responsible for issuing rules on the admission of securities to trading.

As part of the self-regulation competence, SIX Swiss Exchange issues rules and regulations on listing securities. These rules and regulations must be approved by the Swiss Federal Financial Markets Authority (FINMA). 

Hierarchy of rules and regulations

Hierarchy of rules and regulations

The rules and regulations on listing securities have several hierarchical levels.

  • The Listing Rules and Additional Rules are at the highest level. They regulate the listing of securities on SIX Swiss Exchange.
  • The schemes determine the contents of the listing prospectus. They form an integral part of the Listing Rules and Additional Rules.
  • The other rules and regulations regulate the admission to trading of international and delisted bonds, international equity securities, admission to trading on the SIX Swiss Exchange - Sponsored Foreign Shares segment and on the SIX Swiss Exchange - Sponsored Investment Fund segment.
  • Directives are supplements to the Rules and provide more detailed explanations on their regulatory provisions. They contain implementing provisions and are derived from higher-level rules and regulations.
  • Circulars explain the practices of the Regulatory Board.
  • Communiqués are published on an ad hoc basis and provide details on individual decisions, legal issues in the application of individual provisions of the Listing Rules and changes in practice.