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News 2007 |
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| 21 December 2007 |
Takeover Chamber of the SFBC confirms point 7 of the pronouncement of the recommendation I of the Takeover Board (TOB) dated 16 November 2007 regarding Implenia AG
On 20 December 2007, the Takeover Chamber of the SFBC confirmed point 7 of the pronouncement of the TOB-recommendation I dated 16 November 2007 regarding Implenia AG. The Takeover Chamber of the SFBC decided that a possible infringement of the Best Price Rule during six months following the end of the extended deadline would oblige the purchaser to offer the best price paid to all original recipients of the tender offer (and not only the shareholders, who accepted the tender offer). |
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Decision of 20 December 2007 (in German) |
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| 19 December 2007 |
SFBC – Strategies for financial market enforcement and international activities
This year, the SFBC reviewed both its strategy for implementing supervisory law ("financial market enforcement") and its international activities, carrying out a partial realignment and summarising these in brief.
The SFBC views financial market enforcement as a contribution to the integrity of the markets. It endeavours to maintain a due sense of proportion but to act in a swift and focussed manner, and to conduct proceedings in a way that is fair and transparent to the parties involved at all times. It is also systematically and increasingly commissioning third parties to investigate the facts of a case. Within the SFBC, the functions of staff engaged in supervision and those in enforcement are largely separated. Communication regarding the SFBC’s proceedings is a particular challenge.
The goal of the SFBC’s international activities is to preserve and enhance the credibility of its supervision and, in so doing, to protect and improve the conditions under which the Swiss financial market and its participants operate. Accordingly, these activities have to be effectively coordinated with the groundwork being carried out by the SFBC. International developments and the relationships between them must be monitored constantly, and reassessed periodically. The SFBC consistently maintains bilateral relationships at both the strategic and the operational level, and plays an active role in international forums, where it argues the case for practicable international standards that reflect the needs of the market. All of this requires that clear priorities be set. |
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SFBC Enforcement Strategy |
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SFBC Strategy for International Activities |
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| 13 December 2007 |
Takeover Chamber of the SFBC decides in the matter Laxey Partners Ltd et alii overruling the recommendation of the Disclosure Office of the SWX Swiss Exchange (Disclosure Office) dated 30 Juli 2007
On 7 August 2007, the Takeover Chamber of the SFBC chose to rule on the matter Laxey Partners Ltd et alii that was the subject of the recommendation of the Disclosure Office dated 30 July 2007. On 12 December 2007, the Takeover Chamber of the SFBC decided, in this matter, in short that Laxey Partners Ltd et alii have to disclose their shareholdings if they reach, fall below or exceed the thresholds of art. 20 SESTA by selling or purchasing contracts for difference having Implenia AG shares as underlying. |
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| 5 December 2007 |
SFBC Bulletin 50
The SFBC publishes in its latest bulletin various decisions, in particular on international cooperation with the USA and Italy, obligations of a bank dealing on a foreign market, obligations of clarifications of high-level risk transactions, life insurances related to investment funds, illegal acceptance of public deposits and currencies dealers. |
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Bulletin |
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| 26 November 2007 |
Takeover Chamber of the SFBC is reviewing the partial rejection of TOB-recommendation I regarding Implenia AG
The Swiss Takeover Board (TOB) especially stated in its recommendation dated 16 November 2007 that a possible infringement of the Best Price Rule during the six months following the end of the extended deadline would oblige the purchaser to offer the best price paid to all original recipients of the offer. LIL Investments No.4 Limited challenged this point of the recommendation. The Takeover Chamber of the SFBC is reviewing the matter; the tender offer procedure continues. |
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| 26 November 2007 |
Commentary on the new provisions regarding the disclosure of shareholdings
The SFBC publishes explanations with regard to its modified rules concerning the obligation to declare shareholdings that come into force on 1 December 2007. These amendments are realized simultaneously with the partial revision of the Stock Exchange Act. |
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Commentary (in German or in French) |
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Amendment to the SESTA (in German or in French) |
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Amendment to the SESTO-FBC (in German or in French) |
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| 23 November 2007 |
Luc Thévenoz elected President of the Takeover Board
The SFBC elected Luc Thévenoz President of the Takeover Board (TOB) as of 1rst January 2008. Luc Thévenoz holds the position of Full Professor at the Faculty of Law of the University of Geneva since 1993 where he also directs the Center for financing and banking law. Since 2001, he is a member of the SFBC as well as of the Takeover Chamber of the SFBC since 2003. He previously was a member of the TOB during two years. Luc Thévenoz will leave the SFBC by the end of 2007. |
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Media Release |
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| 20 November 2007 |
SFBC authorizes the first limited partnership for collective investments under Swiss Law
The SFBC is pleased to announce that the first limited partnership for collective investments under Swiss Law has been authorized. This limited partnership will invest in Private Equity. The limited partnership for collective investments is one of the most important innovations of the new Federal Collective Investment Schemes Act (CISA), which introduced a closed-ended collective investment scheme authorized to invest in Private Equity, construction and real estate projects as well as alternative investments. Based on the characteristics, the risks and the particularities of the investments, the limited partnership for collective investments is only authorized for qualified investors defined in art. 10 para. 3 CISA. |
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| 19 November 2007 |
SFBC opens consultation process on the amendments of article 3a of the Banking Ordinance (Forex dealers)
With the proposed amendment, the current exception to authorisation for forex dealers would be abrogated. The consultation takes place in arrangement with the Federal Finance Administration. |
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Information about the consultation (in German or in French) |
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Cover letter (in German) |
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Amendment to the BO (in German or in French) |
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Report (in German or in French) |
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| 12 November 2007 |
SFBC to open consultation procedure on proposed guidelines on market behaviour
A draft for guidelines on market abuse was rejected in a consultation in 2004. The SFBC decided to redraft the proposed guidelines. The SFBC is now publishing for comment the redrafted guidelines. |
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Cover letter (in German) |
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Comment to the draft guidelines (in German) |
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Draft version SFBC-Circular on market behaviour (in German or in French) |
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| 7 November 2007 |
New provisions regarding the disclosure of shareholdings
On 1 December 2007 the SFBC will put into effect some changes in the Stock Exchange Ordinance-FBC regarding disclosure obligations of holdings in listed companies. The modifications stem in part from a change in Article 20 of the Stock Exchange Act, and in part from experience with disclosures as well as from the Collective Investment Act in effect since 1 January 2007. This publication serves as preliminary information for the affected market participants. There may be some changes later in terms of language and wording.
On the basis of the hearings that took place through 15 October 2007 and at which some strong opinions were expressed on key regulatory areas, the SFBC decided to take a closer examination of the suggestions made regarding securities lending and the detailed regulation of financial instruments and to discuss these with interested third parties. The changes in these two regulatory areas will be fully implemented and come into effect in 2008.
The SFBC will publish a commentary on the changes that are to come into effect on 1 December 2007 before that date. |
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Modifications of the SESTO-FBC (in German or in French) |
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Chapter 3 "Disclosure of shareholdings" (by 1 December 2007) (in German or in French) |
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Comments on the Consultation |
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| 24 October 2007 |
SFBC Guideline for relieved license applications for audit companies of collective investments
Referring to Art. 136 of Collective Investment Schemes Ordinance (CISO), relieved conditions have to be met for the acknowledgement as an audit company for asset managers of collective investments as well as representatives of foreign collective investments. The guideline regulates the contents of the applications in detail. |
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Guidelines (in German or in French) |
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| 15 October 2007 |
Takeover Chamber of the SFBC does not broach the subject concerning the rejection by a group of minority shareholders of TOB-recommendation I dated 22 August 2007 regarding Unilabs SA
On 29 August 2007, a group of minority shareholders rejected TOB-recommendation I dated 22 August 2007. On 12 October 2007, the Takeover Chamber of the SFBC decided not to broach the subject since the minority shareholders lack active legitimacy. |
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Decision of 12 October 2007 (in German) |
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| 2 October 2007 |
SFBC to open consultation procedure on partial amendment to Stock Exchange Ordinance-FBC
The amendment of article 20 of the Stock Exchanges Act (SESTA), which was voted by the Parliament and which will most likely enter into force on 1 December 2007 after expiration of the referendum deadline, makes it necessary to adapt the Ordinance of the SFBC on Stock Exchanges (SESTO-FBC). Following the first amendments brought to the SESTO-FBC, which came into force this summer, the SFBC worked on Chapter 3 “Disclosure of shareholdings” (art. 9 to 23 SESTO-FBC) and adapted it to the new requirements. |
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Cover letter (in German or in French) |
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Amendments on SESTA and draft of SESTO-FBC (in German or in French) |
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Comments on draft SESTO-FBC (in German) |
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| 28 September 2007 |
SFBC Guidelines applying to Swiss collective investment schemes
The SFBC Guidelines applying to the fund management company, the custodian bank and the investment fund have been updated to take the new legislation on collective investment schemes into consideration. Furthermore, guidelines applying to the investment company with variable capital (SICAV), the investment company with fixed capital (SICAF) as well as the limited partnership for collective investments are now provided. |
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Guidelines (in German or in French) |
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| 26 September 2007 |
SFBC publishes new Circular on “Delegation by the Fund Management Company and the SICAV”
The current SFBC-Circ. 96/5 “Legal and personnel separation of the Fund Management Company and the Custodian Bank, Delegation of Investment Decisions and specific Tasks” has been totally amended due to the enlarged scope of the CISA. The new SFBC-Circ. 07/3 “Delegation of Tasks by the Fund Management Company and the SICAV” will come into force on 1 October 2007. The SFBC-Circ. 96/5 will be cancelled on the same date. |
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SFBC Circular “Delegation by the Fund Management Company and the SICAV”
(in German or in French) |
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| 24 September 2007 |
SFBC authorizes the first SICAV under Swiss Law
The SFBC is pleased to announce that the first investment company with variable capital (SICAV) under Swiss Law has been authorized. The SICAV is one of the most important innovations introduced by the new Federal Collective Investment Schemes Act (CISA). It is thus an alternative solution to the contractual investment fund. The main characteristic of the SICAV, which has as exclusive purpose the collective capital investment, is that its capital and the number of its shares are not set in advance. |
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| 17 September 2007 |
SFBC has amended the Circular on Public Advertising
The SFBC has adapted the Circular on Public Advertising (SFBC Circular 03/1) to the new legislation on Collective Investment Schemes. Advertising is not deemed to be public when it is directed only to qualified investors (including now High Net Worth Individuals), as defined in the Collective Investment Schemes Act. The revised Circular on Public Advertising will come into force on 1 October 2007. |
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SFBC Circular 03/1 "Public Advertising" (in German or in French) |
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| 10 September 2007 |
SFBC publishes hedge funds report
In a background report the SFBC turns the spotlight on key aspects of the hedge fund business relating to systemic stability, market integrity, investor protection and business location. The report also deals with the regulatory and tax environment in Switzerland. |
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Media Release |
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SFBC Hedge Funds Report (in German with "Executive Summary" in English) |
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| 4 September 2007 |
SFBC Circular 05/3 "Audit firms" / Adaptation to Collective Investment Schemes Act
The SFBC Circular 05/3 "Audit firms" has been adapted to the new legislation on collective investment schemes with effect on September 1, 2007. Particularly, the Circular regulates the conditions for eased recognition as lead auditors for asset managers of collective investment schemes and representatives of foreign collective investment schemes. |
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SFBC-Circular 05/3 "Audit firms" (in German or in French) |
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| 19 July 2007 |
Update: Frequently Asked Questions regarding Structured Products
The SFBC updates the list with frequently asked questions regarding public offering of structured products according to art. 5 Capital Investment Schemes Act (CISA) and art. 4 Capital Investment Schemes Ordinance (CISO). |
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FAQs (in German or in French) |
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| 18 July 2007 |
Takeover Chamber of the SFBC confirms TOB-recommendation IV dated 9 June 2007 regarding Converium
The Takeover Chamber of the SFBC confirms, subject to a few precisions, the recommendation IV of the Takeover Board (TOB) dated 9 June 2007 concerning the public purchase and exchange offer of SCOR S.A. for all registered shares of Converium Holding AG in hands of the public. |
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Media Release |
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Decision of 13 July 2007 (in German) |
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| 11 July 2007 |
Investor protection: SFBC to publish a list of unauthorised institutions
From 11 July 2007 the SFBC publishes a list of companies and persons, who seem – due to their activities in Switzerland, out of Switzerland or due to their purpose according to the entry in the commercial registry – to perform an activity that comes under the supervision of the SFBC without the necessary license. An entry in the list does not necessarily imply that an activity is illegal. However, the investors shall become aware that the listed institutions are not licensed by the SFBC. |
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Unauthorised institutions |
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| 5 July 2007 |
SFBC puts into force circulars Audit according to CISA and Audit Report according to CISA
On 1 July 2007 the two new circulars of the SFBC, SFBC-Circular 07/1 Audit according to CISA (Collective Investment Schemes Act) and SFBC-Circular 07/2 Audit Report according to CISA came into force. Based on the general regulations in the CISO-SFBC, these circulars regulate in detail the audit and the reporting on the audit respectively, the novelty being the risk-oriented approach of the audit (following such approach in the banking sector) and the inclusion of the entities newly subject to authorization under CISA. Apart from the new investment vehicles, the asset managers of collective investment schemes and the representatives of foreign collective investment schemes come also within the scope of the new circulars. It is a concern of the SFBC to have the new regulation implemented with the asset managers without incurring disproportionate cost. |
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SFBC-Circular 07/1 "Audit according to CISA" (in German or in French) |
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SFBC-Circular 07/2 "Audit Report according to CISA" (in German or in French) |
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| 4 July 2007 |
SFBC to open consultation procedure on the draft version of the Circular “Delegation of Tasks by the Fund Management Company and the SICAV“
The SFBC today opens the consultation procedure on the draft version of the Circular Delegation of Tasks by the Fund Management Company and the SICAV. The current SFBC-Circ. 96/5 "Legal and personell Separation of the Fund Management Company and the Custodian Bank, Delegation of Investment Decisions and specific Tasks" has to be totally amended due to the enlarged scope of the Collective Investment Schemes Act. The consultation procedure will be closed on 10 August 2007. |
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Information about the consultation (in German or in French) |
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Cover letter (in German) |
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Draft circular "Delegation of Tasks by the Fund Management Company and the SICAV“ (in German or in French) |
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| 4 July 2007 |
SFBC publishes report on self-regulation
Self-regulation has an important function in Swiss financial market regulation. The SFBC presents its position in a new report. |
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Media Release |
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SFBC report on self-regulation (report in German with summary in English) |
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Dr Urs Zulauf, Vice-Director / Head of the Legal Department of the SFBC
"Self-regulation in the financial sector – the Swiss experience“ (speech) |
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| 4 July 2007 |
SFBC opens consultation process on the SFBC Money Laundering Ordinance
The SFBC releases to the public draft amendments to the SFBC Money Laundering Ordinance (MLO SFBC) and proposals for implementing the Recommendations of the Financial Action Task Force in the banking sector. |
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Information about the consultation (in German or in French) |
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Cover letter (in German) |
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Report of the SFBC (in German or in French; summary in English) |
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Draft of the MLO SFBC (in German or in French) |
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| 29 June 2007 |
Frequently Asked Questions regarding Structured Products
The SFBC discloses frequently asked questions regarding public offering of structured products according to art. 5 Capital Investment Schemes Act (CISA) and art. 4 Capital Investment Schemes Ordinance (CISO). |
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FAQs (in German or in French) |
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| 25 June 2007 |
SFBC examines activities of Ticino's securities dealer firm AB Fin SA
The SFBC has appointed two persons in charge with the investigation of irregularities and the supervision of the running business. |
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Media Release (in German, French or Italian) |
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| 22 June 2007 |
SFBC Newsletter no 45
Amendments of SFBC-ordinance on stock exchanges come into force on 1 July 2007
The SFBC publishes explanations with regard to its strengthened rules concerning the obligation to declare shareholdings and that come into force on 1 July 2007. With this partial revision, all positions will have to be recalculated for 1 July 2007. |
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SFBC Newsletter no 45 (in German or in French) |
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SESTO SFBC (modifications; in German or in French) |
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| 19 June 2007 |
The SFBC and the SNB sign a Memorandum of Understanding
The SFBC and the SNB have signed a Memorandum of Understanding in the field of financial stability. |
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Media release |
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Memorandum of Understanding SFBC-SNB |
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| 18 June 2007 |
SFBC newsletter no 44
Circular “Adaptation of Tier-1 Capital“: modification
The SFBC reduces reporting obligations for those institutions which prepare their financial statements according to an accepted international accounting standard and which have obtained the supervisory recognition to use the fair value option also for regulatory purposes. |
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SFBC newsletter no 44 (German or French) |
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| 15 June 2007 |
Takeover Chamber of the SFBC is reviewing the rejection of TOB-recommendation IV regarding Converium
SCOR S.A., Puteaux, France, as well as Martin Ebner have challenged parts of the recommendation IV dated 9 June 2007 of the Swiss Takeover Board (TOB) regarding SCOR's public purchase and exchange offer for all registered shares of Converium Holding LTD, Zug.
Both, SCOR and Martin Ebner, challenge TOB's statement whereby SCOR, as purchaser, would have acted in concert with Martin Ebner and persons and "Legal Entities", under his direct or indirect control. The Takeover Chamber of the SFBC is reviewing the matter; the public purchase and exchange offer procedure continues. |
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| 15 June 2007 |
Peter Viktor Eckert new member of the SFBC
Today the Federal Council elected Peter Viktor Eckert as successor of Christoph Ammann. |
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Media release of the FDF (in German or French) |
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| 14 June 2007 |
Update: SFBC Guidelines
The SFBC Guidelines applying to the approval of foreign collective investment schemes, the obligations of the representative as well as the authorisation of representatives or distributors have been updated. A new Guideline applying to the authorisation of Asset Managers of collective investment schemes has also been added. |
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Guidelines (in German or French) |
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| 1 June 2007 |
SFBC to strengthen shareholding disclosure rules
SFBC to enforce as of 1rst July 2007 first amendments of urgent partial revision of the provisions of SFBC-ordinance on stock exchanges regarding obligation to disclose shareholdings in listed companies. |
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Media release |
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Modifications of the SESTO-FBC (in German or French) |
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Comments on the Consultation |
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| 25 May 2007 |
Rejection withdrawn in the matter of TOB-recommendation IV regarding Schmolz + Bickenbach AG
The parties have withdrawn their rejection of the TOB-recommendation dated 20 April 2007 before the Takeover Chamber of the SFBC. Thus, the proceeding has been closed and the recommendation IV shall be deemed to be accepted by the parties. |
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| 8 May 2007 |
SFBC opens the audition process on the amended version of the Circular on Public Advertising (SFBC-Circ. 03/1)
The SFBC opens the audition process on the draft version of the amended Circular on Public Advertising dated 28 May 2003 (SFBC-Circ. 03/1). The necessary adjustments are the consequence of the new provisions on public advertising of the Collective Investment Schemes Act and its related Ordinance, in particular the provisions on qualified investors. The audition process will expire on 5 June 2007. |
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Information about the consultation (in German or French) |
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Covering letter (in French) |
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Draft version of the amended SFBC-Circ. 03/1 (in German or French) |
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| 4 May 2007 |
Thomas Rufer to become TOB member
The SFBC elected Mr. Thomas Rufer to become member of the Takeover Board (TOB). |
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Media release |
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| 3 May 2007 |
Basel II – The SFBC recognises another Rating Agency
The SFBC recognises Fedafin AG for the market segment public sector entities for the computation of required regulatory capital according to Basel II. |
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List of recognised rating agencies |
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Mapping |
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| 1 May 2007 |
Takeover Chamber of the SFBC is reviewing the rejection of TOB-recommendation IV regarding Schmolz + Bickenbach AG
The Swiss Takeover Board (TOB) stated in its recommendation dated 20 April 2007 that Schmolz + Bickenbach KG, Düsseldorf, would have to offer to purchase all listed shares of Schmolz + Bickenbach AG, Emmen, should the transaction mentioned in TOB's recommendation be executed. The recommendation has been challenged. The Takeover Chamber of the SFBC is reviewing the matter. |
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| 19 April 2007 |
SFBC to open consultation procedure on partial amendment to Stock Exchange Ordinance-FBC
The SFBC has amended its ordinance (SESTO-FBC) and adapted it to the practice in an urgent partial revision of articles 13, 37 and 38. The planned amendments pertain to conversion, share acquisition and share sale rights (art. 13), stock exchange price and price of prior acquisition (art. 37 and 38). |
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Covering letter (in German or French) |
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SESTO-FBC amendments and comments (in German or French) |
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Decision of the National Council dated 7.3.2007 (in German or French) |
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| 29 March 2007 |
Alain Bichsel to take over as Head of Communication / Media Relations at the SFBC
Alain Bichsel is to take over as Head of the Communication/Media Relations staff unit at the Swiss Federal Banking Commission (SFBC) on 1 July 2007. |
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Media release |
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| 27 March 2007 |
Media conference of the SFBC
On 27 March 2007, the SFBC released its Annual Report 2006 and held a Media conference. The chapter on the key themes of the report is available in an English translation. The full report may be consulted in either German or French. Please find below the speeches given at the Media conference. |
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Eugen Haltiner, Chairman
What breed of "watchdog" does Switzerland need? (summary)
Presentation (in German) |
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Daniel Zuberbühler, Director
Risk based supervision - implications for our stakeholders (summary and speech)
Presentation (in German) |
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| 21 March 2007 |
SFBC warns of unauthorised financial intermediary
The SFBC publishes a part of its decision of December 18, 2003, whereby it issued a ban on advertising against Shaun Gregory Morgan relating to financial activities that require a license. |
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Media release |
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Decision of December 18, 2003 (in German) |
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| 14 March 2007 |
Basel II – The SFBC recognises the first Rating Agencies
The SFBC recognises the four internationally active rating agencies Dominion Bond Rating Service, Fitch Ratings, Moody’s Investors Service und Standard & Poor’s Ratings Services for the determination of the required regulatory capital for credit and market risks within the framework of Basel II. As a consequence the provisionally established mappings of their credit ratings become final mappings. The SFBC is currently examining the applications for purpose of recognition of other rating agencies and, in particular of Swiss credit rating agencies. |
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List of recognised rating agencies |
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Mapping |
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Mapping SA-CH und SA-BIZ |
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Mapping IRB |
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| 20 February 2007 |
SFBC survey on banks and securities dealers' audit costs
The SFBC surveyed the 2005 audit costs charged by audit firms to banks and securities dealers. |
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Analysis of the survey results (in German) |
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Chart 1, Chart 2, Chart 3, Chart 4, Chart 5, Chart 6, Chart 7, Chart 8, Chart 9, Chart 10, Chart 11, Chart 12a, Chart 12b |
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| 16 February 2007 |
Takeover Chamber of the SFBC did not broach the subject concerning the rejection of TOB-recommendation VIII in the SIG matter
Takeover Chamber of the SFBC did not broach the subject concerning the rejection formed by Romanshorn SA regarding the TOB-recommendation VIII dated 29 December 2006. The TOB will determine the rest of the takeover procedure. |
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Decision of the Takeover Chamber (in German) |
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| 7 February 2007 |
The Ordinance on Collective Investment Schemes of the SFBC comes into force
The Ordinance on Collective Investment Schemes of the SFBC comes into force on 15 February, 2007. In substance, it specifies the technical provisions of the Collective Investment Scheme Act and the Collective Investment Scheme Ordinance. |
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Media release |
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Ordinance on Collective Investment Schemes of the SFBC (CISO-SFBC)
(in German or French) |
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| 1 February 2007 |
SFBC Newsletter no 43
Due to the legal status of certain financial intermediaries („Fiduciarie statiche“) in Italy the SFBC grants an exception to the Ordinance of the Swiss Federal Banking Commission Concerning the Prevention of Money Laundering relating to the entities of Swiss banking groups. |
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SFBC Newsletter no 43 (in German or in French or in Italian) |
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| 26 January 2007 |
Daniel Sigrist new Head of SFBC Large Banking Groups department
Daniel Sigrist will be the new Head of the Large Banking Groups department of the SFBC. |
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Media release |
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| 10 January 2007 |
Takeover Chamber of the SFBC is reviewing the rejections of TOB-recommendation VIII regarding SIG
The recommendation VIII of the Swiss Takeover Board (TOB) dated 29 December 2006 regarding the tender offer of Romanshorn Ltd and the competing tender offer of Rank Group Holdings Ltd for all SIG Holding Ltd registered shares has been partially rejected by Romanshorn Ltd. The Takeover Chamber of the SFBC is reviewing the matter. |
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