Disclosure of investments under Art. 20 SESTA (BEHG)
In relation to the duty of disclosure, Art. 20 of the Stock Exchange Act stipulates: "Anyone that directly, indirectly or in joint agreement with third parties buys or sells equities or the rights to buy or sell the equities of a company domiciled in Switzerland, at least some of whose equities are listed in Switzerland, for their own account, thereby reaching, falling below or exceeding the limit of 3, 5, 10, 15, 20, 25, 33 1/3, 50 or 66 2/3 per cent of the voting rights, whether they can be exercised or not, shall disclose this fact to the company and to the exchanges on which the equities are listed."
Any person or group subject to the duty of disclosure shall within four trading days after the duty of disclosure arises (executory agreement) make a written disclosure to the company (the issuer, i.e. Swisscom AG) and the stock exchange (SIX Swiss Exchange). Disclosure can be made using the form provided for this purpose by the Disclosure Office of the SIX Swiss Exchange.
The duty of disclosure and publication requirements are governed in detail under Art. 9 et seq. of the Ordinance of the Swiss Financial Market Supervisory Authority on Stock Exchanges and Securities Trading (Stock Exchange Ordinance-FINMA, SESTO-FINMA).