FINMA – Discretionary Voting Rights Reporting Changes

SWITZERLAND: FINMA has issued a press release announcing changes to the reporting requirement for parties with power to exercise Full Press Release

  • Modified reporting for the discretionary power to exercise infrastructure voting rights.
  • To define who has the duty to notify positions held, on behalf of third party investors.
  • Obligation with anyone who has the discretionary power to exercise the voting rights.
  • In ordinance on financial market infrastructure and conduct in securities, derivatives.
  • Person who decides on exercise of delegated voting right, is also subject to reporting.
  • Alternatively, reporting can be consolidated by controlling person for controlled units.

EFFECTIVE DATE: 1 March 2017