SwissHoldings, the association of industrial and service companies in Switzerland, comprises 61 member companies, the majority of which are listed on the SIX Swiss Exchange. The listed members of our association together account for around 70 percent of the total market capitalisation. We thank you for the invitation to submit your comments in the context of the consultation referred to in the title.
Principle: We welcome in principle the amendments proposed in the consultation and comment on the following aspects as follows: Extension of the stock exchange protection measure and transfer to ordinary law: SwissHoldings welcomes the extension of the exchange protection measure. We would prefer stock exchange equivalence. In our view, Switzerland should still actively seek to obtain recognition of equivalence. It is likely that the disadvantages of non-recognition of equivalence will increase in the future. However, as long as exchange equivalence is not possible, the exchange protection measure is the right way forward. So far, the measure has not led to any noteworthy problems. On the contrary, it has proven to be effective and without disruptive side effects on the markets. Accordingly, it makes sense and is consistent at this point in time that the stock exchange protection measure is transferred to ordinary law so that it does not expire without replacement. Refrain from changing the content of the measure when transferring it to ordinary law: As a tried and tested instrument and in order to maintain the balance of the bill, we believe that the measure should be transferred to ordinary law as unchanged as possible. Accordingly, we welcome the fact that the bill essentially corresponds to the previous ordinance. Consistently following this principle, we also propose an adaptation of Art. 41a para. 2 VE-FinfraG along the lines of the Ordinance: In contrast to the Ordinance, the specification “with certain equity securities pursuant to paragraph 1” is no longer included here, but only “with equity securities”. From the logic that an exception cannot be broader than the main rule, the result should ultimately be the same. However, in our view, it would be preferable to include this specification in the law for the sake of reader-friendliness and to avoid ambiguities. Time limit: Furthermore, we are also in favour of the time limit of five years provided for in the final provisions. We welcome the fact that this takes into account the exceptional and temporary nature of the obligation to recognise. Download complete statement[pdf]
