The Federal Council may grant a relaxation of the duty to publish a prospectus and supplements to issuers that have not exceeded two of the following volumes in the preceding financial year:
balance sheet total of CHF 20 million;
turnover of CHF 40 million;
250 FTEs on average for the year.
It may also grant a relaxation of the requirements particularly to:
issuers with low market capitalisation on a trading venue;
issues of subscription rights;
issuers that regularly offer securities publicly or whose securities are admitted to trading on a foreign trading venue whose regulation, supervision and transparency are acknowledged as being appropriate by a domestic trading venue.
It shall grant a relaxation of the requirements uniformly and, in particular, with respect to:
the type of securities issued;
the issue volume;
the market environment;
the investors' specific requirements for transparent information;
the business activities and the size of the issuers.
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