Takeover Board
The Takeover Commission is a Swiss federal authority based in Zurich . It checks compliance with the provisions on public purchase offers (takeover matters) by companies in individual cases.
history
The authority was created when the Federal Act on Stock Exchanges and Securities Trading (SESTA) of March 24, 1995 came into force . According to its own information, it employed a maximum of 10 full-time employees in 2016 and 2017 .
The Swiss Financial Market Supervisory Authority (FINMA) appoints the commission for public purchase offers (takeover commission ) after hearing the stock exchanges. The FINMA Board of Directors is responsible for the overall supervision of the Commission.
tasks
As the first instance, the Takeover Commission issues the orders that are necessary for the completion of the takeover process for public purchase offers. The commission is made up of expert representatives from securities dealers , listed companies and investors.
The tasks of the full commission are:
- Adoption of the ordinance and the regulations of the Takeover Board and their submission to the Swiss Financial Market Supervisory Authority (FINMA) for approval
- Exercise of the right to apply to FINMA regarding the issuing or amendment of provisions on the obligation to submit an offer
- Adoption of the annual activity report for submission to FINMA
- Issuing circulars, communications and statements of general scope
- Approval of the budget
- Name of the audit company
- Approval of the annual accounts
- Decision on questions submitted by the committees
organs
The Takeover Board consists of the following bodies:
- the full commission
- the committees
- the President
- the Vice-President
- the secretariat
Web links
- Takeover Commission website of the authority
- Annual activity reports from the authority
- Takeover Board: For transparency and equal treatment, description of the authority, criticism and counter-criticism in the Handelszeitung on May 16, 2007
Individual evidence
- ↑ a b c Regulations of the Takeover Commission (R-UEK). Federal Council (Switzerland) , January 1, 2016, accessed on July 6, 2018 .
- ↑ a b SR 958.1 Federal Act of 19 June 2015 on Financial Market Infrastructures and Market Behavior in Securities and Derivatives Trading (Financial Market Infrastructure Act, FMIA), Article 126, Takeover Commission. Retrieved July 14, 2018 .
- ↑ Activity Report 2017 (PDF; 745 KB) Takeover Commission, May 15, 2018, p. 12 , accessed on July 6, 2018 .
- ↑ Swiss Financial Market Supervisory Authority FINMA: Renewal of the Takeover Board. Retrieved July 14, 2018 .