FINMA licenses reviewing bodies for prospectuses
2020-05-28 | News & Media

FINMA licenses reviewing bodies for prospectuses

The Swiss Financial Market Supervisory Authority FINMA is giving BX Swiss AG and SIX Exchange Regulation AG licenses to be the reviewing bodies for prospectuses. This process will start on June 1, 2020.

These reviewing bodies regulated under the Financial Services Act (FinSA) have the aim of checking the prospectuses in connection with a public offers of securities. Besides, their task is the admission of securities to trading on a stock exchange concerning their completeness, coherence, clarity and approving them. The aim of it is to ensure the adequate quality of the prospectuses.

No prudential supervision of the reviewing bodies

It should be mentioned that these reviewing bodies must be licensed by FINMA. Nevertheless, the reviewing bodies will not be subject to prudential supervision by FINMA after being licensed. According to the law, sole responsibility for reviewing the prospectuses lies with the reviewing bodies. Also, they must report significant changes to FINMA and submit an annual activity report.

The approved prospectuses have to be published from December 1, 2020

The six-month transitional period provided for in the Financial Services Ordinance (FinSO) will begin to run with the licensing of the two reviewing bodies. From December 1, 2020, prospectuses which have been approved in advance must be published ahead of securities public offer or the admission of securities to trading on a stock exchange.

Source: https://www.finma.ch/en/news/2020/05/20200528-mm-p...

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.

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