Investment regulation - Switzerland


Holding restrictions

Registered shares in Swiss companies are subject to holding restrictions.

Company bylaws can prohibit the re-registration of registered shares (re-registration being normally subject to the approval of the Board of Directors) if the purchaser's holding exceeds the limits fixed in the bylaw or if the purchaser refuses, upon the company's request, to declare that shares were acquired in the purchaser's own name and for the purchaser's own account.

Customers must not hold any Canadian securities via CBF's or CBL’s link to Switzerland.

It is the customer’s responsibility to put in place all necessary arrangements with respect to investment restrictions and the customer shall be liable for non-compliance.

The customer shall indemnify and hold harmless CBF and CBL, its directors, officers, agents, employees or affiliates (the “Indemnified Persons”) for any loss, expense, liability, damage or claims incurred by any of the Indemnified Persons as a result of the non-compliance with such holding restrictions.

Transfer and repatriation of capital

The transfer abroad of capital gains, dividends and interest as well as the repatriation of capital by residents or non-residents is not restricted.

Disclosure requirements

With regard to shares in companies listed on the official market and on the regulated OTC market, acquisitions exceeding the 3%, 5%, 10%, 15%, 20%, 25%, 33.3%, 50% or 66.6% threshold must be reported to the stock exchange (if the shares are listed) and to the company.