Regulatory Information

Trading

• Trading Rules (01.01.2020)

  The Trading Rules govern the organisation of trading, the execution of trades, and their clearing and settlement.

• Trading Directive (13.02.2023)

  This directive is based on the BX Trading Rules and contains additional provisions on trading.

• ETF-Spreads

  Segment Listed Funds – ETF-Spreads

• Clearing & Settlement Directive (01.01.2018)

  This directive is based on the BX Trading Rules and contains implementing provisions for the clearing and settlement on the BX. 
  

• Market Control Directive (17.12.2018)

  This directive is based on the BX Trading Rules and contains implementing provisions for the market control.

• Participant Rules (25.11.2021)

  On the basis of the Financial Market Infrastructure Act (FMIA), the Participant Rules govern the requirements, admission, suspension, termination, rights and obligations of the BX participants.

• List of Fees (01.07.2024)

  The List of Fees governs the fees which participants and issuers are obligated to pay pursuant to the rules of the BX.

• BX form to authorize traders

• BX form contact persons at trading participant

Reporting Office

• Rules of the Reporting Office (22.11.2023)

  These regulations regulate the fulfilment of the statutory reporting obligations for securities transactions pursuant to Art. 39 FMIA.

• Participant Rules (25.11.2021)

  On the basis of the Financial Market Infrastructure Act (FMIA), the Participant Rules govern the requirements, admission, suspension, termination, rights and obligations of the BX participants.

• List of fees of the Reporting Office (01.01.2024)

  The list of fees of the Reporting Office regulates the fees incurred by participants in the course of fulfilling their reporting obligations.

• Registration form for new BX reporting participants

• Registration form for users of the BX reporting tool

• Recognised foreign Reporting Offices

• List of Reporting & Exchange Members

Disclosure Office

• Rules of the Disclosure Office (27.11.2017)

  These rules govern the responsibilities and competences of the disclosure office.
  
  Disclosure reporting: https://www.bxswiss.com/ols
  

Reporting of management transactions

• Reporting form for management transactions

  This form is used to report management transactions in accordance with Clause 18 of the Listing Rules. Further information is available at: https://www.bxswiss.com/disclosures.

Regulation and Surveillance

Regulations of the bodies defined in accordance with Art. 27 FMIA, which perform the statutory regulatory and supervisory tasks on the BX. 

• Rules of the Appeal Body (1.1.2020)

• Rules of the Sanction Commission (1.1.2020)

• Rules of the Trading Surveillance Office (27.11.2017)

• Rules of the Disclosure Office (27.11.2017)

• Rules of the Regulatory Board (1.11.2024)

Participant Audit

• BX Participant Audit Examination Points

• BX Participant Audit Guide

• BX Audit Sample Report

Decisions of the Sanction Commission of BX Swiss AG

• Decisions of the Sanction Commission (09.10.2015)

  Pertaining to the violation of the ad hoc reporting obligation due to repeated failure of publishing decisions and measures in connection with the subscription of convertible loans

• Decision of the Sanction Commission (28.09.2018)

  Pertaining to the violation of the ad hoc reporting obligation in the event of criminal proceedings being instituted

• Decision of the Sanction Commission (11.04.2019)

  Pertaining to the violation of the ad hoc reporting obligation in the event of criminal proceedings being instituted against members of the board of directors in the context of a secondary mandate

• Decision of the Sanction Commission (09.09.2022)

  Pertaining to the violation of the regular reportings obligations to publish the annual report and to hold an annual general meeting

Practice of the Disclosure Office

• Facilitated Disclosure in connection with Lock-up-Groups, Cornerstone-Investments and Underwriting

  Recommendation of the Disclosure Office of BX Swiss Ltd. of 1 October 2021 regarding facilitated disclosure in connection with Lock-up-Groups, Cornerstone-Investments and Underwriting

• Facilitated disclosure for foreign collective investment schemes not authorized for public distribution

  Recommendation of the Disclosure Office of BX Swiss Ltd. of 21 December 2021 regarding facilitated disclosure for foreign collective investment schemes not authorized for public distribution

Listing Rules

• Listing Rules (01.05.2023)

  The Listing Rules determine the requirements for an issuer to list its securities and its regular reporting obligations.

Further Regulations Listing

• Foreign Trading Venues pursuant to Art. 48 FinSO (01.01.2020)

  List of foreign trading venues recognised by BX Swiss pursuant to Article 48(3) of the Financial Services Ordinance (FinSO)

• Recognised accounting standards pursuant to Art. 51 FinSO (01.01.2020)

  List of the accounting standards generally recognised for listings on BX Swiss pursuant to Art. 51 para.2 Financial Services Ordinance (FinSO)

• Directive Track Record (20.11.2020)

  This Directive governs the requirements for granting exemptions to the listing requirement of the minimum duration of one year of the issuer’s existence in accordance with clause 4.3 of the Listing Rules.

• Additional Rules for the Listing of Bonds (26.07.2021)

  In addition to the Listing Rules, the Additional Rules for the Listing of Bonds (ARB) govern the specific requirements for the listing, maintaining and cancellation of listing of bonds on BX Swiss AG.

• Directive on the Listing Procedure for Bonds (26.07.2021)

  In addition to the Additional Rules for the Listing of Bonds, this directive lays down the special requirements for the procedures for the listing of bonds on BX Swiss.

• Listing Rules for Collective Investment Schemes (01.05.2023)

  These rules govern the requirements for listing, maintaining and cancellation of the listing (delisting) of collective investment schemes on the BX Swiss (hereinafter “BX”) in the Listed Funds and Listed ETF segments.

• Additional Rules for the Listing of Derivatives (1.11.2020)

  In addition to the Listing Rules, these Additional Rules define the requirements concerning issuers and debtors, products and disclosure for the listing of derivatives on the BX.

• Directive to the Listing Procedure for Derivatives (20.11.2020)

  In addition to the Additional Rules for Derivatives, this directive lays down the special requirements for the procedures for listing, maintaining and terminating the listing of derivatives.

• Additional Rules for the Listing of Exchange Traded Products (1.11.2020)

  In addition to the Listing Rules, the present rules define the special requirements for the listing, maintaining and termination of the listing of exchanged traded products (ETP) on BX Swiss (hereinafter “BX”).

• List of cryptocurrencies

  Listed ETP / deriBX - List of cryptocurrencies recognised by BX Swiss Ltd. serving as underlying for derivatives and Exchange Traded Products (ETP)

Ad hoc Publicity

• Directive on Ad hoc Publicity (01.05.2023)

  This directive specifies the issuers‘ disclosure obligations in the case of price-sensitive facts (clause 16 Listing Rules («LR»)).

Reporting Obligations

• Directive on the Regular Reporting Obligations (01.05.2023)

  This Directive governs the content, form and modalities of compliance with the reporting obligations for maintaining the listing of securities admitted to trading on the BX Swiss AG (BX).

Rules for Admission to Trading

• Rules for Admission to Trading in the Segment Sponsored Bonds (1.09.2021)

  These rules govern the admission, maintaining and termination of the admission to trading of domestic and foreign bonds, convertible bonds, warrant bonds, exchangeable bonds, floating rate notes and other debt securities which are listed or admitted to trading on a trading platform which is recognised by BX Swiss AG.

• Rules for Admission to Trading in the Segment Exchange Traded Products (ETP) (1.10.2021)

  These rules govern the admission, maintaining and cancellation of the admission to trading of Exchange Traded Products (ETP) which are already listed or admitted to trading on another domestic venue (domestic stock exchange) which is recognised by the BX Swiss AG.

List of Fees

• List of Fees (01.12.2023)

  The List of Fees governs the fees which participants and issuers are obligated to pay pursuant to the rules of the BX.

• List of Fees (01.07.2024)

  The List of Fees governs the fees which participants and issuers are obligated to pay pursuant to the rules of the BX.

Decisions of the BX Admission Board

• Decision: Listing facilities for real estate and investment companies

  Decision of the Admission Board of 12 June 2009 on facilitation of listing for real estate and investment companies

• Decision: Exemption from the reporting requirement for management transactions for certain third parties

  Decision of the Admission Board of 24 April 2018 regarding exemption from the reporting requirement for management transactions pursuant to Art. 18 LR if a third party does not actually perform management functions.

BX Listed securities

BX Listed securities are flagged and are subject to BX listing rules. Non-flagged instruments are admitted to trading on BX, subject to BX rules for admission to trading and not classified as listed on BX.