Swiss Securities

SWX Europe has the following market segments for Swiss Market Index (SMI®) securities and some former constituents thereof:

• EU Regulated Market Segment
  On 1 July 2005 SMI securities were allocated by the SWX Admission Board to the "EU-Compatible" Segment and accordingly admitted to trading on the EU Regulated Market Segment for SMI securities of SWX Europe. If an issuer opted to be allocated to the Main Listing Segment, its shares were admitted to trading on SWX Europe's UK Exchange Regulated Market Segment for SMI securities.
  On 24 September 2007, the SLI securities that previously were not included in the SMI or admitted to trading on SWX Europe were transferred to SWX Europe's UK Exchange Regulated Market Segment. The Segment was renamed the UK Exchange Regulated Market Segment for Swiss blue chip securities.

The EU Regulated Market Segment for Swiss blue chip securities is in compliance with the relevant EU provisions. Issuers with securities in this market segment are listed in the SWX "EU-Compatible" Segment and must comply with the Additional Rules for the listing on the SWX "EU-Compatible" Segment.

The SWX has published a Memorandum on the Regulatory Framework for issuers; this includes a description of the relevant EU directives and their impact on issuers.

• UK Exchange Regulated Market Segment
  The UK Exchange Regulated Market Segment for Swiss blue chip securities generally preserves the current regulatory requirements for Swiss issuers.

Both market segments are operated by SWX Europe under the supervision of the Financial Services Authority. Both have the same trading and compliance requirements and standards: SWX Europe's Rules and Directives apply in the same way to both of the market segments and the resulting transactions are on order book on SWX Europe in each case.

The disclosure provisions of the Market Abuse Directive (MAD) and the Transparency Directive (TD) apply to the EU Regulated Market Segment. In the implementation of MAD into the UK regime, the same disclosure provisions are not applicable in respect of the UK Exchange Regulated Market Segments. However, the UK's market abuse regime applies in relation to behaviour relating to instruments admitted to trading in the UK Exchange Regulated Market Segment.

With reference to the Transparency Directive, certain Swiss laws and rules applicable to issuers are considered by the FSA as equivalent to DTR 4 ("periodic financial reporting rules"), DTR 5 ("vote holder and issuer notification rules") and DTR 6 ("continuing obligations and access to information"). Issuers which have the UK as their home Member State are exempted from the UK requirements as published at the FSA website.

You can find information about the relevant market segment for a security as follows:

• Under Quotes, from the column entitled Market Segment and from the description for each security (please open the link to the security in the column headed "Symbol")
• On request from SWX Europe’s Regulation section, Contact

SWX Europe publishes movements between market segments by means of SWX Europe Market Notices. These are available at Market Notices.