Following the revision to Art. 20 para. 1 of the Swiss Stock Exchange Act, which came into effect on 1 May 2013, the application of the disclosure rules has been broadened to include companies not domiciled in Switzerland whose equity securities have their main listing at least in part on a Swiss stock exchange.
In the case of companies domiciled in Switzerland, the total number of voting rights as entered in the Commercial Register is used as a basis for calculating whether a threshold value pursuant to Art. 20 para. 1 of the Stock Exchange Act has been triggered. Since foreign companies are not entered in a Commercial Register in Switzerland, they themselves must publish the current total of issued equity securities and the associated voting rights (Art. 53b SESTO). The SIX Swiss Exchange Disclosure Office issued Notice I/13 on 30 April 2013, which explains the ways in which this information may be published.
The Directive on Regular Reporting Obligations for Issuers of Equity Securities, Bonds, Conversion Rights, Derivatives and Collective Investment Schemes (Regular Reporting Obligations Directive, DRRO) takes effect on 1 December 2014. Notice I/13 dated 30 April 2013 has been amended in line with the DRRO: from 1 December 2014, companies not domiciled in Switzerland must disclose the current total of issued equity securities and the associated voting rights to SIX Exchange Regulation as a regular reporting obligation.