9: Penal Provisions
Art. 40 Conduct of business without license
Whoever intentionally
a. operates a stock exchange without a license,
b. is active as a security dealer without permission,
will be punished with a fine of up to 200,000 francs.
Art. 41 Violation of obligations to notify
1 Whoever intentionally
a. does not report his qualified participation in a quoted company (Art. 20 and 51),
b. as owner of a qualified participation in a target company does not notify the purchase or sale of equity stock of this company (Art. 31),
will be liable to a fine.
2 The fine amounts to at maximum an amount equal to twice the purchase price or sales price. It is computed on the basis of the difference between the portion which the person requiring to make notification possesses and the last notifiable threshold reported by him.
3 Whoever intentionally or negligently violates his obligations of notification pursuant to Art. 15 will be liable to a fine of up to 50,000 francs.
Art. 42 Violation of duties by target company
Whoever intentionally
a. does not make his opinion known to the holders of equity stock, as prescribed, or does not publish it (Art. 29 par. 1),
b. presents untruthful or incomplete data in his opinion statement (Art. 29 par. 1),
will be liable to a fine of up to 200,000 francs.
Art. 43 Violation of professional secrecy
1 Punishable with imprisonment or a fine is anyone who
a. discloses a secret with which has been entrusted in his capacity as governing body, employee or agent or liquidator of a stock exchange or of a security dealer, as a governing body or employee of recognised auditing firm or of which he has become aware during his official duties,
b. seeks to incite someone to violate professional secrecy.
2 Punishable is also anyone who violates professional secrecy after termination of his duties.
3 The Federal and Cantonal provisions concerning the duty to give testimony or information to the authorities remain reserved.
Art. 44 Penal prosecution
1 The provisions of the Second Chapter of the Federal Administrative Penal Law are applicable in the case of infractions within the meaning of Articles 40, 41 and 42.
2 The Federal Finance Department is responsible for prosecution and judgement in accordance with the prescriptions of the Federal Administrative Penal Law.
3 The Cantons are responsible for prosecution and judgement in the case of infractions against Art. 43.
KPMG Fides Unofficial Translation of Swiss Federal Stock Exchange Law
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