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

Large multinational companies

There are no additional requirements or any changes in the normal requirements that exclusively apply to large multinational companies.

Young companies

As mentioned in section 2 above, the Regulatory Board may grant exceptions to “young companies”, which do not have a financial track record of at least three years. To protect investors’ interests, these issuers are subject to stricter transparency provisions (for example, quarterly reporting). In addition, the SIX Swiss Exchange introduced the Sparks segment, which is a proper regulatory standard with alleviated listing requirements aimed at younger growth companies and other SMEs.

Listing according to the Swiss Reporting Standard

Instead of the International Reporting Standard, equity securities can be listed according to the Swiss Reporting Standard. The Swiss Reporting Standard serves as a means for listing equity securities of companies that wish to use the domestic accounting standards, Swiss GAAP FER. For the rest, the rules are identical as those of the international reporting standard.

Listing according to the Standard for Investment Companies

Equity securities issued by investment companies are listed according to their own regulatory standard. Investment companies are stock companies whose main purpose is investment in other entities, thus earning dividend and/or interest income as well as obtaining capital gains. They do not perform a commercial activity in the literal sense.

These companies can be compared with investment funds as regards their investment strategy, but they are organized under corporate law. Generally speaking, compared to the International Reporting Standard, they do not need to show a specific financial track record. An investment company that is incorporated outside Switzerland and that, under Swiss legislation on collective investment schemes, is not subject to authorization in Switzerland, must prove that investors are able to exercise their participation and property rights to the same extent as would be possible under Swiss corporate law.

Listing according to the Standard for Real Estate Companies

Real estate companies are governed by their own regulatory standard. A company qualifies as a real estate company if it continually draws at least two thirds of its revenue from real estate-related activities (specifically, from rental income, from income from revaluations or sales and from real estate services). A real estate company does not need to show a specific financial track record, and it may apply the domestic accounting standard, Swiss GAAP FER. It may however not apply US GAAP.

Listing according to the Standard for SPACs

The listing of SPACs is possible under the condition that the SPAC is a Swiss stock corporation. SPACs are governed by a proper regulatory standard of the SIX Swiss Exchange, which includes certain special corporate governance and transparency requirements. Upon the completion of its De-SPAC transaction (initial business combination), the SPAC will have to be newly listed under one of the regulatory standards for equity securities (segment change).

Listing according to the Standard for Collective Investment Schemes

Units (or shares) of domestic or foreign collective investment schemes that, pursuant to the Swiss Federal Act on Collective Investment Schemes, are subject to the supervision by FINMA, as well as exchange-traded funds, are listed according to the Standard for Collective Investment Schemes. Specifically, minimum assets under management must be at least CHF100 million (approximately US$116.25 million). The scheme or fund does not need to have a specific financial track record, and certain special legal provisions with regard to accounting apply. The DCG is not applicable.

Listing according to the Standard for Depository Receipts

The Standard for Global Depository Receipts (GDRs) serves as a means for listing global depository receipts. GDRs are tradable certificates that are issued in lieu of deposited equity securities (underlying securities) and allow for the (indirect) exercise of the membership and proprietary rights attached to the deposited equity securities. Under this standard:

• Management transactions need not be disclosed;
• The DCG is not applicable; and
• It is not necessary to publish interim financial statements.

In June 2022, the China-Switzerland Stock Connect Program was launched, which provides Chinese companies with a streamlined pathway to access the Swiss capital markets through the issuance of GDRs and their listing on SIX Swiss Exchange. During the first semester of 2023, a new set of rules of the Chinese Securities Regulatory Commission (CSRC) came into effect, which introduced a series of changes to the requirements for Chinese issuers. The practical implementation of these regulatory changes of the CSRC are expected to be subject to further guidance from the CSRC as well as the Shanghai and Shenzhen stock exchanges, in particular, and the definitive consequences of these updated rules are still being determined.

Listing of tokenized securities

Securities listed on the SIX Swiss Exchange must be dematerialized or registered at SIX SIS (see section 2 above). SIX SIS is a conventional central securities depositary institution and does not allow for the administration of tokenized securities. However, tokenized securities may be listed on SIX Digital Exchange (SDX), which is operated by SDX Trading Ltd and governed by SIX Exchange Regulation Ltd. Central custody of tokenized securities is possible through SIX Digital Exchange Ltd. While SDX is affiliated with the SIX Swiss Exchange, it is a stock exchange with an own license and independent trading and settlement systems. The regulatory standards and listing requirements are generally the same as for SIX Swiss Exchange, although there is no Sparks segment or standard for collective investment schemes. However, as of today, SDX only allows for the primary listing of equity securities issued by Swiss companies. Therefore, a cross-border listing or a secondary listing at SDX is currently excluded. However, an SDX initiative to revise the listing rules to allow for the listing of debt instruments under foreign laws was recently approved by the supervisory authority, FINMA. It is conceivable that the SDX rules will be amended to cater for the cross-border listing of equity securities at a later stage.