List of Charges
(LOC)
LIST OF CHARGES
(List of Charges, LOC)
Dated 6 October 2016 Basis Art. 63 LR
1 Listing of equity securities
1.1 A basic charge of CHF 3,000 is levied for the processing of a
Basic charge listing application. Listing application
1.2 For the listing of new equity securities, a variable charge of
Variable charge CHF 10 per CHF 1 million of capitalisation is levied. New equity securities This variable charge shall not exceed a maximum of CHF 80,000 for new issuers. In the case of a capital increase, the charge shall not exceed a maximum of CHF 50,000.
1.3 If the issuer of the securities to be listed has not previously had
Additional charge any securities listed ("new issuer") on SIX Swiss Exchange Ltd New issuer ("SIX Swiss Exchange"), an additional non-recurring charge of CHF 10,000 is levied.
1.4 For the examination of the listing prospectus, an additional
Additional charge charge of CHF 5,000 is levied. Listing prospectus
1.5 If an application simultaneously requests the listing of several
Additional charge securities, an additional charge of CHF 2,000 per additional se- Additional securities curity is levied.
1.6 For the listing of securities out of conditional capital, the charge
Conditional capital described in Point 1.2 above is not levied. If the listing of securities out of conditional capital is applied for simultaneously with the admission to trading of convertible rights or option rights, no charge is levied for the related listing of securities out of conditional capital.
SIX Exchange Regulation 12/16 1
1.7 For the secondary listing on SIX Swiss Exchange of securities of
Flat charge foreign issuers that are already listed on a regulated market with Secondary listing of equivalent listing regulations in the given issuer’s country of equity securities domicile or in some third country (home exchange), a one-time, flat charge of CHF 5,000 is levied. No further charges are levied in this regard. No charges are levied for capital transactions conducted by issuers who have equity securities listed on SIX Swiss Exchange on a secondary basis.
See also: - Directive Foreign Companies (DFC)
1.8 If a separate trading line is to be opened in connection with the
Flat charge buy-back of the issuer’s own equities or a public takeover offer, Separate trading line a flat charge of CHF 3,000 is levied. This charge covers the cost of maintaining the separate trading line for up to a maximum period of three months.
1.8.1 If a separate trading line is to be maintained for more than three
Additional charge months, an additional charge of CHF 1,000 per quarter of du- Separate trading line ration is levied at the time the separate line is opened or prolonged.
See also:
Directive Complex Financial History (DCFH)
Directive Procedures Equity Securities (DPES)
1.9 If shareholder options are to be listed in connection with the buy-
Flat charge back of the issuer's own securities or the issue of securities, a flat Shareholder and charge of CHF 3,000 is levied. employee options If employee options are listed by the issuer, a flat charge of CHF 3,000 is levied.
2 Maintaining listing of equity securities
2.1 For maintaining listing, an annual basic charge of CHF 6,000 is
Annual basic charge levied for each listed security.
2.2 In addition, an annual variable charge of CHF 10 per CHF 1 mil-
Annual variable charge lion of capitalisation is levied. This variable charge shall not exceed a maximum of CHF 50,000.
2 SIX Exchange Regulation 12/16
3 Listing of collective investment schemes
3.1 A basic charge of CHF 3,000 is levied for the processing of a
Basic charge listing application. Listing application
3.2 For the listing of units of a new collective investment scheme or
Additional charge a new legal entity, an additional, non-recurring charge of New issuer CHF 10,000 is levied.
3.3 If simultaneous application is being made for the listing of several
Additional charge collective investment schemes of the same issuer and with the Additional securities same underlying name (e.g. sector funds), an additional charge of CHF 2,000 is levied for each additional collective investment scheme. If, at later point in time additional collective investment schemes of the same issuer are to be listed after the initial listing of a collective investment scheme under the same legal structure, an additional charge of CHF 2,000 is levied for each additional collective investment scheme.
3.4 An additional charge of CHF 1,000 is levied for each security if
Additional charge an application for trading in one or more additional trading cur- Other trading currencies rencies is submitted for one or more collective investment schemes.
4 Maintaining listing of collective investment schemes
4.1 For maintaining listing(s), an annual charge calculated as a func-
Annual basic charge tion of the number of listed collective investment schemes of the same issuer are levied as follows: 1. 1 to 10 collective investment schemes: CHF 3,000 for each listed security; 2. 11 to 20 collective investment schemes: CHF 1,500 for each listed security; 3. 21 to 30 collective investment schemes: CHF 1,000 for each listed security; 4. 31 or more collective investment schemes: CHF 500 for each listed security.
SIX Exchange Regulation 12/16 3
5 Listing of bonds
5.1 A basic charge of CHF 2,000 is levied for the processing of a
Basic charge listing application. Listing application
5.2 For the listing of new bonds issues as well as for increases in
Variable charge existing listed bonds, a variable charge of CHF 10 per CHF 1 New bond or increase million of the total nominal amount of the new or increased tranche is levied. For the listing of new bonds issues as well as for increases in existing listed foreign-currency bonds, a variable charge of CHF 10 per CHF 1 million of the total nominal amount converted into CHF of the new or increased tranche is levied.
5.3 If the issuer of the securities to be listed has not previously had
Additional charge any securities listed on SIX Swiss Exchange, an additional non- New issuer recurring charge of CHF 10,000 is levied. New issuers are deemed to be those that have not had any securities listed on SIX Swiss Exchange for longer than three years.
5.4 For the examination of the listing prospectus, an additional
Additional charge charge of CHF 5,000 is levied. Listing prospectus
5.5 For the examination and registration of issue programmes, a flat
Flat charge charge of CHF 6,000 is levied. Examination and registration of issue programmes
5.6 For the re-examination and registration of issue programmes, a
Flat charge flat charge of CHF 3,000 is levied. Reissuance of issue programmes
5.7 An additional charge of CHF 2,000 is levied for the examination
Additional charge of a listing prospectus drawn up on the basis of an issuance pro- Listing prospectus for gramme approved by the Regulatory Board. issuance programmes
5.8 A charge of CHF 5,000 is levied for the processing of a listing
Fee for bonds with a application for bonds with a maximum term of 12 months that maximum term of 12 are issued based on an issuance programme. months Points 5.1, 5.2 and 5.7 of the List of Charges do not apply.
4 SIX Exchange Regulation 12/16
6 Listing of derivatives
6.1 For the admisstion of derivatives to trading, a fee per derivative
Principle is charged according to the following table:
Number of deriva- Cost/derivative in CHF tives 0–200 625 201–500 450 501–1,000 320 1,001–2,000 250 2,001–5,000 200 5,001–7,500 150 7,501–10,000 110 10,001–or more 75
The fees that are due are invoiced on a monthly basis.
6.1.1 The fee referred to in Point 6.1 is calculated on the basis of the
Basis of calculation number of derivatives from the same issuer that are admitted to trading for the first time during the current calendar year. The number of derivatives referred to in Point 6.1 is determined per calendar year.
6.1.2 For the purposes of determining the number of derivatives in
Group companies accordance with Point 6.1, derivatives from issuers which are group companies within the same group are counted together. However, this does not apply to subsidiaries that, whether directly or indirectly, are less than 50% owned by the parent company of the group.
6.2 In the case of a derivative based on a "stand-alone prospectus"
Additional charge (Art. 22 para. 1 Additional Rules Derivatives), an additional "Stand-alone charge of CHF 1,000 is levied. prospectus" derivatives
6.3 For the examination and registration of derivatives programmes, Flat charge a charge of CHF 6,000 is levied. Examination and registration of derivatives programmes
6.4 For the re-examination and re-registration of derivatives pro-
Flat charge grammes, a charge of CHF 6,000 is levied. Reissuance of derivatives programmes
SIX Exchange Regulation 12/16 5
6.5 In the case of the approval of an issuer that has not previously
Flat charge had any securities listed on SIX Swiss Exchange, a flat charge of Approval of a new issuer CHF 10,000 is levied. New issuers within the context of the List of Charges are those that have not had any securities listed on SIX Swiss Exchange for longer than three years.
6.6 For adjustments that must be made owing to erroneous entries
Charge in CONNEXOR Listing, a charge of CHF 100 per security is levied. Adjustments to erroneous entries in CONNEXOR Listing
6.7 For an issuer having derivatives admitted to trading for the first
Starter discount time, the fees for the admission to trading of the first ten derivatives are waived. Entitlement to this discount lapses 12 months after the first derivative was admitted to trading. Issuers which are group companies within a group in the sense of Point 6.1.2 are not entitled to the starter discount.
7 Listing of Exchange Traded Products (ETPs)
7.1 A basic charge of CHF 2,000 is levied for the processing of a
Basic charge listing application. Listing application
7.2 An additional, non-recurring charge of CHF 10,000 is levied for
Additional charge the listing of ETPs from new issuers. New issuer
7.3 An additional charge of CHF 1,000 is levied for each ETP if an
Additional charge application for trading in one or more additional trading curren- Other trading currencies cies is submitted for one or more ETPs.
Stand-alone listing prospectus
7.4 An additional charge of CHF 3,000 is levied for the examination
Additional charge of a stand-alone listing prospectus. Stand-alone listing prospectus
6 SIX Exchange Regulation 12/16
7.5 An additional charge of CHF 2,000 is levied for the examination
Additional charge of a listing prospectus which, in the sense of Art. 35 para. 4 Listing prospectus with point 4 LR, refers to a listing prospectus that has already been reference to approved approved with regard, at least, to the issuer, the guarantor, the listing prospectus parties involved in the structure of the ETP, and the collateralisation mechanism.
Issuance programme
7.6 A charge of CHF 5,000 is levied for the examination and regis-
Flat charge tration of issuance programmes. Examination and registration of issuance programmes
7.7 A flat charge of CHF 3,000 is levied for the re-examination and
Flat charge registration of issuance programmes. Reissue of issuance programmes
7.8 An additional charge of CHF 1,500 is levied per ETP for the ex-
Additional charge amination of a listing prospectus drawn up on the basis of an Listing prospectus for approved issuance programme. issuance programmes
8 Maintenance of listing for Exchange Traded Products (ETPs)
8.1 For maintaining listing, an annual charge, calculated as a func-
Annual basic charge tion of the number of listed ETPs from the same issuer, is levied as follows: 1. 1 to 10 ETPs: CHF 3,000 for each listed ETP; 2. 11 to 20 ETPs: CHF 1,500 for each listed ETP; 3. 21 to 30 ETPs: CHF 1,000 for each listed ETP; 4. 31 ETPs and above: CHF 500 for each listed ETP.
SIX Exchange Regulation 12/16 7
9 Other services and authorisations
9.1 As a rule, no charge is levied for processing a delisting application
Delisting for equity securities. For processing a delisting application for derivatives or Exchange Traded Products that is not initiated based on an express provision of the applicable conditions, a flat charge of CHF 300 per derivative or ETP is levied. Where ten or more derivatives or ETPs are delisted at the same time, the flat charge will be a maximum of CHF 3,000.
See also: - Directive Delisting (DD)
9.2 For processing applications for exemptions pursuant to Art. 7
Application for exemption LR or for preliminary rulings pursuant to Art. 48 LR, a charge is or preliminary ruling levied in accordance with the time and expense required. This amount shall be payable in all instances and not be set off against charges levied for a listing that takes place at some later date.
9.3 If an application is withdrawn, the charges incurred as per the
Withdrawal of List of Charges may still be levied. applications
9.4 The provision of written information to the applicant may be
Providing written invoiced according to the time required for its preparation. The information applicant must be informed in advance that an invoice will be issued for these costs.
9.5 For extraordinary expenses incurred in the processing of appli-
Extraordinary cations, SIX Exchange Regulation may levy additional charges expenditures and according to the time and cost involved. thirdparty/expert costs The costs of engaging third parties and experts will be charged on in accordance with the invoices submitted by those third parties or experts. The applicant must be informed in advance that third parties or experts are to be engaged, and that the resulting costs must be borne by the applicant. An additional flat charge of a maximum of CHF 20,000 may be levied for the accelerated processing of a transaction in response to a request from the applicant that gives good reasons for doing so.
8 SIX Exchange Regulation 12/16
9.6 For the processing of applications for recognition as a knowl-
Recognition as a edgeable representative in accordance with Art. 43 LR, a charge knowledgeable of CHF 5,000 is levied. representative See also: - Directive Recognised Representatives (DRR)
9.7 For the processing of applications for broadening a recognition
Broadening of recognition as a knowledgeable representative in accordance with Art. 43 as a knowledgeable LR, a charge of CHF 2,000 is levied. representative See also: - Directive Recognised Representatives (DRR)
9.8 Should sanction proceedings be required, the related charges
Sanction proceedings shall be determined according to expenditures involved.
9.9 Expenses such as non-standard postage, notarisation fees and
Expenses similar will be charged on to the applicant according to the costs actually incurred.
10 General provisions
10.1 The following rules apply to invoicing:
Invoicing
10.1.1 Invoicing of listing charges is effected at the time the formal list-
Upon listing of equity ing decision is pronounced or on the first trading day of the new securities security.
10.1.2 Invoicing of listing charges is effected at the time the formal list-
Upon listing of bonds ing decision is pronounced, regardless of any prior provisional admission to trading.
10.1.3 In the case of derivatives that have first been provisionally ad-
Upon listing of mitted to trading in accordance with Arts. 32 et seq. Additional derivatives Rules Derivatives, invoicing of listing charges is effected at the time at which provisional admission to trading is granted. Such charges shall not be reimbursed in the event that no listing application is subsequently lodged.
10.1.4 In the case of the approval of a new derivatives issuer, invoicing
Upon approval of a new of the charge is effected at the time of the approval. derivatives issuer SIX Exchange Regulation 12/16 9
10.1.5 In the case of adjustments owing to erroneous entries in
In the case of adjustments CONNEXOR Listing (Point 6.6), the charge is invoiced at the time owing to erroneous of adjustment. entries in CONNEXOR Listing
10.1.6 Invoicing of the annual charge for maintaining listing is effected
For maintaining listing during the first quarter of the current year. In the case of a new listing of securities, the costs for maintaining listing during the calendar year that has already commenced are included in the overall listing charges. No pro rata temporis reimbursement of charges for maintaining listing shall be granted.
10.2 The following rules shall apply to the calculation of variable
Basis for calculating charges: variable charges
10.2.1 Decisive in calculating the aggregate capitalisation of the newly
Upon listing of equity listed securities is the closing price on the first trading day. securities
10.2.2 Decisive in calculating the aggregate capitalisation of the listed
For maintaining listing of securities is the closing price on the last exchange day of the equity securities previous year.
10.3 Where the fee is based on the time taken to complete a task, Fees charged on a time the rate is CHF 300 per hour. basis
11 Final provisions
11.1 This List of Charges shall enter into force on 1 January 2015 and
Entry into force replaces the List of Charges dated 1 July 2013.
11.2 This List of Charges applies to listings, admissions to trading, Transitional provisions recognition as a knowledgeable representative, the purchase of packages of derivatives and the registration of new derivatives issuers, for which applications or purchase requests are received by the Regulatory Board subsequent to the entry into force of this List of Charges. The maintenance fees apply from the entry into force of this Directive.
10 SIX Exchange Regulation 12/16
11.3 The newly issued Point 7 and 8, as well as the revision of
Revisions Point 6.3, 9.1 and 9.3, decreed by the resolution dated 1 October 2010, entered into force on 15 October 2010. The newly issued Point 6.1.8, decreed by the resolution dated 17 February 2012, entered into force on 1 July 2012. The revised Point 9.1 and Point 9.3 to 9.5, as well as the newly issued Point 9.9 and 10.3, decreed by the resolution dated 25 March 2013, entered into force on 1 July 2013. The revised Point 6.1.3 to 6.1.9 and 6.4, decreed by the resolution dated 2 April 2013, entered into force on 1 July 2013. The revised Point 6.1 and Point 6.1.3 to 6.1.9, decreed by the resolution dated 3 November 2014, enter into force on 1 January 2015. The newly issued Points 5.8 and 6.10 decreed by the resolution dated 14 June 2016 enter into force on 1 July 2016. The revised points 6.1, 6.1.1, 6.1.2, 6.2 to 6.7, 10.1.3 and the cancellation of points 6.1.3 to 6.1.9 and 6.8 to 6.10 that were decreed in the resolution of 6 October 2016 enter into force on 1 January 2017.
SIX Exchange Regulation 12/16 11
Annex
ANNEX
1 Equity securities
Listing
1.1 Basic charge for processing the listing application CHF 3,000
1.2 Variable charge for the listing of new equity securities CHF 10 per mio. new issuer: maximum of CHF 80,000 CHF capitalisation capital increase: maximum of CHF 50,000
1.3 Additional charge for new issuers CHF 10,000
1.4 Additional charge for examination of the listing prospectus CHF 5,000
1.5 Additional charge for additional securities CHF 2,000
1.7 Flat charge for the secondary listing of securities of foreign CHF 5,000
issuers
1.8 Flat charge for establishing a separate trading line in the CHF 3,000
event of share buy-backs and public offers 1.8.1 Additional charge for trading lines maintained for more than three CHF 1,000 for each months additional quarter
1.9 Flat charge for shareholder options in connection with buy- CHF 3,000
backs or issue of securities or employee options
Maintaining listing
2.1 Basic charge annual basic charge CHF 6,000
2.2 Variable charge annual basic charge CHF 10 per mio. maximum of CHF 50,000 CHF capitalisation
2 SIX Exchange Regulation 12/16
Annex
quantity: 10,001–or more derivatives CHF 75
6.2 Additional charge for stand-alone prospectuses CHF 1,000
(Art. 22 para. 1 Additional Rules Derivatives)
6.3 Flat charge for the examination and registration of deriva- CHF 6,000
tives programmes
6.4 Flat charge for the examination of the reissuance of deriva- CHF 6,000
tives programmes
6.5 Additional charge for new issuers CHF 10,000
6.6 Flat charge for an adjustment owing to erroneous entries in CHF 100 per security CONNEXOR Listing 6.7 Starter discount 10 free derivatives valid for a maximum of 12 free of charge months
5 Exchange Traded Products (ETPs)
Listing
7.1 Basic charge for processing the listing application CHF 2,000
7.2 Additional charge for new issuers CHF 10,000
7.3 Additional charge for additional trading currencies per ETP CHF 1,000
7.4 Additional charge for examining the stand-alone prospectus CHF 3,000
7.5 Additional charge for examining the listing prospectus with refer- CHF 2,000 ence to an approved listing prospectus
7.6 Flat charge for examining and registering issuance pro- CHF 5,000
grammes
7.7 Flat charge for examining the reissue and re-registration of CHF 3,000
issuance programmes 7.8 Additional charge for examining the listing prospectus in connec- CHF 1,500 tion with issuance programmes
Maintenance of listing for Exchange Traded Products (ETPs)
8.1 Basic charge Annually as a function of the number of listed
ETPs from the same issuer: – 1 to 10 CHF 3,000 per ETP – 11 to 20 CHF 1,500 per ETP – 21 to 30 CHF 1,000 per ETP – 31 or more CHF 500 per ETP
6 Other services and authorisations
9.1 Charge for processing a delisting application for deriva- CHF 300 per derivatives or Exchange Traded Products tive or ETP, maximum of CHF 3,000 9.2 Charge for processing applications for exemptions and As incurred, preliminary rulings CHF 300 per hour
SIX Exchange Regulation 12/16 3
9.4 Charge for providing comprehensive written information As incurred, CHF 300 per hour 9.5 Charge Additional charge to cover extraordinary expen- As incurred, ses CHF 300 per hour Additional charge to cover third-party/expert As invoiced by the costs third party / expert Additional charge for accelerated transaction Flat charge, processing maximum of CHF 20,000
9.6 Charge for processing applications for recognition as a CHF 5,000
knowledgeable representative pursuant to Art. 43 LR
9.7 Charge for processing applications to expand recogni- CHF 2,000
tion as a knowledgeable representative pursuant to Art. 43 LR 9.8 Charge for conducting sanction proceedings As incurred, CHF 300 per hour
9.9 Charge for expenses such as non-standard postage, no- At cost
tarisation fees, etc.