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New SWX Rules for the Listing of Bonds

January 2005

On 1 February 2005, the new rules of the Admission Board of the SWX Swiss Exchange (“SWX”) for the listing of bonds will enter into force. With the new provisions, the SWX is striving to attract domestic and foreign issuers seeking a place to get their bonds and notes listed. This new initiative can be viewed as a reaction by the SWX to regulatory changes in Switzerland and abroad: In Switzerland, the “principle of entrenchment”, which required a Swiss lead manager for Swiss franc bond issues, was abolished on 1 May 2004 in connection with the revision of the Swiss National Bank Act, which lead to a certain liberalization of the Swiss bond issuance market. The European Union has amended its rules governing the public offering and admission to trading of securities in its Member States, tightening certain disclosure and accounting standards.

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