Reporting requirements of beneficial owners from 1 July 2015

The Swiss Code of Obligations includes new disclosure and transparency requirements for holders of bearer shares and beneficial owners of shares of unlisted companies (Article 697i-j SCO) effective 1 July 2015. Immediate action is required for holders of bearer shares and the respective issuing companies. Whoever buys alone or in cooperation with third parties registered or bearer shares of a company and holds more that 25% of the respective share capital, is required to report within one month the full name and address of the beneficial owner. Companies are required to keep record of the holders of bearer shares.