Art. 40

(Art. 135 para. 4, 136 FinMIA)

1. The duty to make an offer lapses, if:
   1. the threshold is exceeded during a restructuring resulting from a capital reduction immediately followed by a capital increase for the purpose of offsetting a loss;
   2. ¹ banks or securities firms under FinIA acting independently or as a syndicate acquire equity securities as part of an issue and undertake to sell the number of equity securities exceeding the threshold within three months after exceeding the threshold and the sale actually takes place within this period.
2. The claim to an exception under paragraph 1 or Article 136 paragraph 2 FinMIA has to be notified to the Takeover Board. The Takeover Board shall initiate an administrative procedure within five trading days if it has reason to suspect that the conditions in paragraph 1 are not met.
3. The Takeover Board may extend the period under paragraph 1 letter b upon application if there is adequate justification for doing so.