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SIX Swiss
Exchange
Market segments and
requirements
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document has been printed on paper with a high recycled content.
This material has been prepared for general informational purposes only and is not
intended to be relied upon as accounting, tax or other professional advice. Please refer to
your advisors for specific advice.
ey.com
Taking your business public is a significant milestone; it’s a
strategy that can help you raise the capital you need to accelerate
growth, to partially exit, to stay independent and to achieve
market leadership.
In this publication, we have summarized the initial requirements
for an IPO and your ongoing requirements post IPO. To help
you compare and evaluate different market segment profiles
at a glance, we have presented this information in tabular
format — making it easier to find the marketplace that suits your
financial strategy.
EY has dedicated IPO leaders and teams that can support you at
every stage of the IPO journey. We look forward to helping you
navigate the regulatory challenges and deliver the value your
shareholders expect.
SIX Swiss Exchange
Criteria
International Reporting Standard
Swiss Reporting Standard
Standard for Real Estate Companies
Profile and target groups
Main segment for international companies seeking to approach the international capital market
Companies applying the Swiss Generally Accepted Accounting Principles
Fachempfehlungen zur Rechnungslegung (Swiss GAAP FER) or the Financial Reporting
Standard under the Swiss Banking Act
Real Estate Companies drawing at least two-third of their revenues from real estaterelated activities
Number of issuers
153
80
14
Foundation of segment: European Union (EU) status and
national legal basis for admission or inclusion of stocks or
Global Depository Receipts (GDRs)
Not EU regulated: International Reporting Standard, regulated in the Listing Rules
Not EU regulated: Swiss Reporting Standard, regulated in the Listing Rules
Not EU regulated: standard for real estate companies, regulated in the Listing Rules
History of the business model
Three years, exemptions are possible
Three years, exemptions are possible
—
Amount of capital stock
CHF2.5m
CHF2.5m
CHF2.5m
Market capitalization of free float
CHF25m
CHF25m
CHF25m
Number of shares
—
—
—
Possible types of securities
Generally, every type of security (in accordance with applicable law in the country of domicile) and GDRs
Generally, every type of security (in accordance with applicable law in the country of
domicile)
Generally, every type of security (in accordance with applicable law in the country of
domicile)
Share of free float in the capital after IPO
20%
20%
20%
Accounting standard
International Financial Reporting Standards (IFRS), US General Accepted Accounting Policies (GAAP) and other
internationally recognized accounting standards to be reviewed by the Regulatory Board
Swiss GAAP FER, financial reporting standard under the Swiss Banking Act and other
internationally recognized accounting standards have to be reviewed by the Regulatory
Board
Swiss GAAP FER, IFRS and other internationally recognized accounting standards have
to be reviewed by the Regulatory Board
Prospectus for public offering
Yes, for public offerings
Yes, for public offerings
Yes, for public offerings
Report for private placement
No
No
No
Recognition of prospectus in the EU
EU passporting currently not possible
EU passporting currently not possible
EU passporting currently not possible
Language for publications
German, English, French or Italian
German, English, French or Italian
German, English, French or Italian
Annual reporting and terms of publication
Annual report (audited financial statements) at the latest by four months after the end of the respective reporting
period
Annual report (audited financial statements) at the latest by four months after the end of
the respective reporting period
Annual report (audited financial statements) at the latest by four months after the end
of the respective reporting period
Half-year reporting and terms of publication
Half-yearly financial statement at the latest by three months after the end of the respective reporting period
Half-yearly financial statement at the latest by three months after the end of the respective
reporting period
Half-yearly financial statement at the latest by three months after the end of the
respective reporting period
Quarterly reporting and terms of publication
Publication of quarterly financial statements: voluntary; if the issuer has not yet presented its annual accounts for
three complete financial years: mandatory
Publication at the latest by three months after the end of the respective reporting period
Publication of quarterly financial statements is voluntary. Mandatory if the issuer has not
yet presented its annual accounts for three complete financial years. Publication at the
latest by three months after the end of the respective reporting period
No
Corporate governance code (CGC)
Yes, in accordance with "comply or explain"
Yes, in accordance with "comply or explain"
Yes, in accordance with "comply or explain"
Publication of a financial calendar
Yes
Yes
Yes
Report of management transactions
Yes, every amount in case of primary listing
Yes, every amount in case of primary listing
Yes, every amount in case of primary listing
Measures for prevention of insider trading
No obligation to maintain insider lists
No obligation to maintain insider lists
No obligation to maintain insider lists
Ad hoc publicity
Yes, nonpublic price-sensitive information to be published immediately
Yes, nonpublic price-sensitive information is to be published immediately
Yes, nonpublic price-sensitive information is to be published immediately
Disclosure of holdings
Yes, threshold values: 3%, 5%, 10%, 15%, 20%, 25%, 33.3%, 50% and 66.6%; for companies not domiciled in
Switzerland same threshold values applicable, if equity securities are mainly listed in whole or in part in Switzerland
Yes, threshold values: 3%, 5%, 10%, 15%, 20%, 25%, 33.3%, 50% and 66.6%; for companies
not domiciled in Switzerland same threshold values applicable, if equity securities are
mainly listed in whole or in part in Switzerland
Yes, threshold values: 3%, 5%, 10%, 15%, 20%, 25%, 33.3%, 50% and 66.6%; for
companies not domiciled in Switzerland same threshold values applicable, if equity
securities are mainly listed in whole or in part in Switzerland
Selection of important laws
Listing Rules, Financial Market Infrastructure Act, Directive Financial Reporting, Directive Track Record, Stock
Exchange Act
Listing Rules, Financial Market Infrastructure Act, Directive Financial Reporting, Directive
Track Record, Stock Exchange Act
Listing Rules, Financial Market Infrastructure Act, Directive Financial Reporting, Stock
Exchange Act
Relevant regulators
SIX Exchange Regulation respective committees
SIX Exchange Regulation respective committees
SIX Exchange Regulation respective committees
Liquidity providers
Engagement of a market maker on a voluntary basis
Engagement of a market maker on a voluntary basis
Engagement of a market maker on a voluntary basis
Capital market consultant
—
—
—
Trading process
Continuous trading, opening auction and closing auction
Continuous trading, opening auction and closing auction
Continuous trading, opening auction and closing auction
SMI (20) and SLI (30), SPI (230), SMIM (30), SPI EXTRA (210), Swiss All Share Index, SXI Swiss Special Industry
Indices
SMI (20) and SLI (30), SPI (230), SMIM (30), SPI EXTRA (210), Swiss All Share Index
SXI Swiss Special Industry Indices
SMI (20) and SLI (30), SPI (230), SMIM (30), SPI EXTRA (210), Swiss All Share Index
SXI Swiss Special Industry Indices
Stock exchange charges and fees (onetime) for stocks
Basic charge: CHF3,000, additional charge for new issuers: CHF10,000, examination of listing prospectus:
CHF5,000, variable charge: CHF10 per CHF1m market capitalization (maximum CHF80,000)
Basic charge: CHF3,000, additional charge for new issuers: CHF10,000, examination of
listing prospectus: CHF5,000, variable charge: CHF10 per CHF1m market capitalization
(maximum CHF80,000)
Basic charge: CHF3,000, additional charge for new issuers: CHF10,000, examination of
listing prospectus: CHF5,000, variable charge: CHF10 per CHF1m market capitalization
(maximum CHF80,000)
Annual quotation or maintenance fee for stocks
Basic charge: CHF6,000, variable charge: CHF10 per CHF1m market capitalization (maximum CHF50,000)
Basic charge: CHF6,000, variable charge: CHF10 per CHF1m market capitalization
(maximum CHF50,000)
Basic charge: CHF6,000, variable charge: CHF10 per CHF1m market
capitalization (maximum CHF50,000)
Targeted issuers
Financial and operational requirements
Initial requirements
Type of transaction
Periodic reporting requirements
Event-led reporting requirements
Regulations
Trading requirements and other
Participation in stock market indices
Selection, overall market and branch indices
Fees
SIX Swiss Exchange website, six-swiss-exchange.com, accessed February 2016.