Disclosure obligations

Disclosure obligations in financial markets serve timely and equal access to relevant information. In Switzerland they include, among others, ad hoc publicity for price-sensitive facts, reporting of significant shareholdings in listed companies, management transaction disclosures and periodic financial reporting under listing rules. The exact duties depend on the instrument, market venue, issuer status and investor activity. Failures may lead to sanctions, loss of market confidence and liability risks. Cross-border issuers or investors must also check EU, US or other foreign disclosure regimes where securities are listed, offered or traded abroad.