[Last updated: 1 January 2024, unless otherwise noted]

To qualify for a primary listing according to the International Reporting Standard, a company typically must meet the following financial requirements:

• Equity of at least CHF2.5 million (approx. US$2.91 million).
• Aggregate free float market capitalization of at least CHF25 million (approx. US$29.06 million) and a free float of at least 20%.

These requirements apply only at the time of listing and do not have to be fulfilled during the entire term of the listing to maintain the listing.

A foreign company may alternatively choose to list its securities on the SIX Swiss Exchange as a secondary listing, if it is already listed on an exchange recognized by the Regulatory Board of SIX Exchange Regulation as being equivalent.

As a general rule, certain concessions apply to secondary listings, because to a significant extent, the listing rules and regulations of the primary exchange are applicable instead of the SIX Exchange Regulation's own standards.

In particular, a foreign company typically must comply with the following financial requirements to qualify for a secondary listing:

• Compliance with the primary exchange's requirements on share capital and/or equity.
• Capitalization of shares circulating in Switzerland of at least CHF10 million (approx. US$11.63 million) or alternative proof of genuine market.

[Last updated: 1 January 2024, unless otherwise noted]

Share price. The SIX Swiss Exchange does not require the company to have and/or maintain a minimum trading price for its securities.

Distribution. To list its securities, a company must have an adequate free float. For a primary listing, free float is considered adequate if:

• At least 20% of the company's outstanding securities of the same category are in public ownership.
• The securities in public ownership have an aggregate market capitalization of at least CHF25 million (approx. US$29.06 million).

For a secondary listing, free float is deemed to be adequate if either:

• The capitalization of the shares circulating in Switzerland is at least CHF10 million (approx. US$11.63 million).
• The company can otherwise demonstrate that there is a genuine market for the equity securities.

Accounting standards. Audited financial statements of companies with a primary listing must be prepared in compliance with IFRS (as issued by IASB), US GAAP or other internationally recognized accounting standards. With respect to a secondary listing, the company must fulfill the requirements of the primary exchange.

Financial statements. A company with a primary listing is expected to provide audited annual reports of its last two full financial years, together with comparative figures for the previous year. With respect to a secondary listing, the company must fulfill the requirements of the primary exchange.

Operating history. An operating history of at least three years is generally required. Exceptions may be granted for "young companies". With respect to a secondary listing, the company must fulfill the requirements of the primary exchange.

Management continuity. The SIX Swiss Exchange does not require any specific period of continuity of management.

Custody. Shares must be deposited with SIX-SIS or another custodian recognized by the SIX Swiss Exchange.

[Last updated: 1 January 2024, unless otherwise noted]

The listing application, together with the necessary supporting documentation, must be submitted to SIX Exchange Regulation. The Regulatory Board will examine the documentation and make a proposal to the Issuers Committee, which takes the final decision with regard to the listing. The prospectus however needs to be approved by a licensed review body. The following is a fairly typical process and timetable for a listing on the SIX Swiss Exchange, which may be usually completed within three to six months.

Link to Timetable

[Last updated: 1 January 2024, unless otherwise noted]

Reporting and information obligations for primary listed companies include, among others:

• Publication of a corporate calendar covering at least the current financial year.
• Provision of notices of changes in the rights attached to the listed securities.
• Publication of an annual report including a compensation report.
• Publication of any price-sensitive information (ad hoc publicity).
• Disclosure of management transactions.
• Compliance with the Directive on Information relating to Corporate Governance.

For a secondary listing by a foreign company, the reporting and information obligations include, among others:

• Submission of a confirmation from the primary exchange of the current number of listed securities.
• Publication of any price-sensitive information in accordance with the regulations of the primary exchange.
• Availability of all information published under the primary exchange's regulations to Swiss investors.

[Last updated: 1 January 2024, unless otherwise noted]

A company seeking to list must pay both initial listing fees and annual fees. A basic charge of CHF3,000 (approx. US$3,488) is levied for the processing of a listing application. In addition, a variable charge of CHF10 (approx. US$11.63) per CHF1 million (approx. US$1.16 million) of capitalization is levied, not to exceed CHF80,000 (approx. US$93,000) for new issuers. If the issuer of the securities to be listed has not had any securities listed with SIX Swiss Exchange, a non-recurring charge of CHF10,000 (approx. US$11,625) incurs. The examination of the listing prospectus entails fees of CHF5,000 (approx. US$5,813). An annual basic charge of CHF8,000 (approx. US$9,300) is levied for each category of listed securities. Additionally, an annual variable charge of CHF10 (approx. US$11.63) per CHF1 million (approx. US$1.16 million) of capitalization is levied, not to exceed CHF80,000 (approx. US$93,000).