Federal Law - Stock Exchanges/Trading In Securities - 9. Penal Provisions

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.