Federal Council brings measure to protect Swiss stock exchange infrastructure into force
Bern, 30.11.2018 - The Federal Council continues to advocate that the European Commission extend indefinitely Switzerland's stock market equivalence, which will expire at the end of 2018. Such an extension has not yet taken place. In its meeting on 30 November 2018, the Federal Council adopted a measure as announced to protect the Swiss stock exchange infrastructure, as the market needs clarity in order to adapt to the various scenarios in good time. The new recognition obligation for foreign trading venues introduced by ordinance will apply from 1 January 2019. In practice, it will have an effect only if necessary.
The Federal Council continues to believe that Switzerland meets all the conditions for unrestricted recognition by the EU of the equivalence of Swiss stock market regulation. The Federal Council's aim and the best solution for all affected market players in Switzerland and abroad remains a swift and unlimited extension of stock market equivalence.
On 8 June 2018, the Federal Council announced that it would introduce a contingency measure to protect the Swiss stock exchange infrastructure by 1 December 2018 if the European Commission had not extended Switzerland's stock market equivalence by then. This protective measure was adopted by the Federal Council on 30 November 2018 and brought into force on the same day. Thus, as from 1 January 2019, a recognition obligation will be applicable to foreign trading venues if they admit shares of Swiss companies to trading or permit trading in such shares. Further information on the protective measure can be found in the enclosed explanatory document.
The Federal Council continues to stress that this measure serves only to protect the workings of the Swiss stock exchange infrastructure. It is designed in such a way that it has no practical effect if the European Commission extends the stock market equivalence before the end of 2018.
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- Verordnung über die Anerkennung ausländischer Handelsplätze für den Handel mit Beteiligungspapieren von Gesellschaften mit Sitz in der Schweiz (PDF, 298 kB)
The Federal Council
Federal Department of Finance