1 Relevant Authorities and Legislation
1.1 What regulates M&A?
Swiss M&A transactions related to public companies are
mainly governed by the Swiss Financial Market Infrastructure Act
("FMIA"; including its implementing ordinances) and the
Swiss Federal Merger Act ("MA"). In addition, block
trades in public M&A transactions are governed by the Swiss
Code of Obligations ("CO"). The FMIA includes the Swiss
public takeover rules which are enforced by the Takeover Board
("TOB"). Decisions of the TOB may be challenged before
the Swiss Financial Market Supervisory Authority
("FINMA") and, finally, the Swiss Federal Administrative
Court.
Apart from the specific FMIA tender offer regime, a number of
other laws apply in the context of public tender offers, including
the Federal Antitrust Act and the Federal Act on the Acquisition of
Real Estate by Foreigners ("Lex Koller").