The Swiss Times - Swiss News in English

Parliament to Close Loopholes in Purchase Offers

The Swiss Federal Council has approved a new law amendment that will impose a fine of up to 500,000 Swiss francs on those who make false or incomplete statements in public purchase offers. The amendment to the Federal Financial Market Infrastructure Law (FinfraG) was proposed by former Zurich SVP National Councilor Hans-Ueli Vogt and was unanimously approved by the Council of States on Monday. The amendment was prompted by the case of the Chinese conglomerate HNA Group, which made false statements about its owners when it acquired the aircraft caterer Gategroup in 2017. The Swiss Takeover Commission then alerted the enforcement authorities and the financial market regulator. The amendment is now ready for final voting. The new law will close a gap in the existing takeover law, which currently has different penalties for the offeror and the target company.nnnnnnnnnnnnnnnnnnnnnnnnnn

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