Federal Law - Stock Exchanges/Trading In Securities - 1. General Provisions

(Stock Exchange Law, SESTL)

The Federal Assembly of the Swiss Confederation, based upon Articles 31bis, 31quater, 64 and 64bis of the Federal Constitution, after reading the message of the Federal Council of February 24, 1993,

resolves

1: General Provisions

Art. 1 Purpose

This law governs the requirements for the establishment and operation of stock exchanges as well as for the professional trading in securities with the objective of ensuring transparency and equality of treatment for the investor. It creates the framework for guaranteeing the functioning of securities' markets.

Art. 2 Definitions

In this law, the following definitions shall apply:

a. Securities: standardised securities suitable for mass trading, rights with similar function not evidenced by certificates ("valuable rights") and derivatives;