To ensure efficient processing, the listing application must be submitted pursuant to Art. 43 Listing Rules by a recognised representative. The Directive Recognised Representatives (DRR) regulates both the various types of recognition and the recognition procedure.
Legal entities and partnerships are recognised if at least one employee with signing authority has the expertise required.
Expertise entails sufficient knowledge:
- in the relevant product area
- in the relevant Listing Rules
- in Swiss stock corporation and stock exchange law.
A distinction is made between the following product areas:
- shares (including participation certificates and profit-sharing certificates)
- global depositary receipts
- collective investment schemes
- Exchange Traded Products
In addition to the required knowledge in all product areas, full recognition as a competent representative as defined in the DRR presupposes direct access to a settlement system approved by the Swiss Exchange.
Partial recognition may be granted for specialisation in certain product areas. The applicant must demonstrate the required knowledge in at least one product area. Unless they themselves have direct access to a settlement system approved by SIX Swiss Exchange, applicants with partial recognition must ensure that settlement is carried out by a SIX Swiss Exchange participant.
For applications for provisional admission to trading or listing of bonds or derivatives pursuant to Art. 25 of the Additional Rules for the Listing of Bonds and Art. 31 of the Additional Rules for the Listing of Derivatives, recognition as a competent issuer and representative is not necessary.
In order to be recognised as an competent issuer and representative as defined in the Directive, a written application must be submitted providing evidence that the requirements for the relevant type of recognition are fulfilled prior to submitting an initial listing application.
Changes among employees authorised to sign listing applications must be reported immediately in writing to SIX Exchange Regulation. An up-to-date list of employees authorised to sign must also be submitted to SIX Exchange Regulation annually.
Directive Recognised Representatives
Directive on the Recognition as Competent Issuers and Representatives