If a person or group subject to the disclosure obligation attains, falls below or exceeds the threshold for voting rights set out in Art. 120 FMIA, the person or group is obliged to notify the company and the Disclosure Office within four trading days.
Commission of Experts on Disclosure of Shareholdings
The Commission of Experts on Disclosure of Shareholdings is an advisory body attached to the Disclosure Office within the SIX Exchange Regulation division.
The Commission comprises a maximum of nine members, who are appointed by the Management Committee of SIX Exchange Regulation. The interests of the market participants concerned (in particular investors, stock exchange participants and issuers) are taken into account when experts are appointed to the Commission. The Swiss Financial Market Supervisory Authority (FINMA), the Takeover Board and the Legal Service of the Federal Department of Finance FDF may delegate one permanent observer each. The Commission of Experts is consulted on questions relating to the interpretation of disclosure law.