Source: http://www.takeover.ch/legaltexts/detail/id/242/lang/en
Timestamp: 2018-05-22 05:51:21
Document Index: 155257920

Matched Legal Cases: ['Art. 128', 'Art. 9', 'Art 1', 'Art. 26', 'Art. 27', 'Art. 20', 'Art. 25', 'Art. 27']

of 26 June 2014 (Status as of 1 January 2017[*])
According to Art. 128, para. 1 FMIA, the offeror shall, prior to publication, submit the offer to an auditing company licensed by the Federal Audit Oversight Authority pursuant to Art. 9a, para. 1 of the Audit Oversight Act or to a securities dealer for review.
On 14 September 2016, the Swiss Institute of Certified Accountants and Tax Consultants adopted a Swiss auditing standard (PS 880) for the review of public takeover offers, which was approved by the Federal Audit Supervision Authority on 28 November 2016 and on 30 September 2016 by the Swiss Takeover Board. The PS 880 took effect on 1 January 2017. It lays down the principles which review bodies must follow when reviewing public takeover offers and the form and content of the reports they must produce concerning these.
According to section N of the introduction to the Swiss auditing standards (2010 edition), PS 880 is binding on review bodies which are members of the Swiss Institute of Certified Accountants and Tax Consultants. In the provision of auditing services, government-supervised audit firms must adhere to auditing standards which are approved by the Federal Audit Supervision Authority (see Art 1. of the Ordinance of the Federal Audit Supervision Authority on the Supervision of Audit Firms).
According to Art. 26, para. 2 TOO, the review body must be independent of the offeror, of the target company, and of the persons acting in concert with them.
Is the audit company or securities dealer providing or has it provided other services for the offeror in the context of the takeover offer, or has it been appointed to provide such services in the future? If so, what services?
All other information which is of significance to the assessment of its independence. Securities dealers must provide information in particular on significant business relations with the offeror.
According to Art. 27, para. 1, let. c TOO, the review body shall in particular review the financing of the offer and the availability of funds before the offer is published. The review body is to confirm that the offeror has taken the necessary steps to ensure that on the date of execution the necessary funds are available (Art. 20, para. 1 TOO).
The Swiss Takeover Board may stipulate that information about the contractual clauses be provided in the offer prospectus (Art. 25, para. 3 TOO).
5. Publication of the auditor’s report in case of amendments to the offer or the offer prospectus
If the offeror amends the offer or the offer prospectus the auditor shall also prepare a brief report on the amendments concerned (Art. 27 para. 3 TOO).
The offeror shall indicate in the amendment of the offer prospectus that the auditor has verified the amendment and shall provide the precise Internet address at which the German and French audit report may be obtained. If the offer documents appear in any additional language, the audit report must be translated and be made accessible in this language.
This Circular is applicable from 1 July 2014.
[*] References to statutory and regulatory instruments have been adapted following the enactment of the Financial Markets Infrastructure Act and its implementing ordinances.