April 2013

In September 2012, the Swiss Parliament amended the Federal Act on Stock Exchanges and Securities Trading (SESTA), in particular regarding the rules applicable to public tender offers. On 10 and 11 April 2013, the Federal Council and the Takeover Board (TOB) published the regulations implementing the new law which will enter into force on 1 May 2013.

This newsletter summarises certain important aspects of the amended rules.