Which of the following is NOT an exemption from the reporting obligation?

Which of the following is NOT an exemption from the reporting obligation?

• A. Transactions abroad in foreign securities admitted for trading on a Swiss stock exchange (recognized by FINMA)
• B. Transactions abroad in securities admitted for trading on a Swiss stock exchange, provided that they are conducted by a foreign branch of a Swiss securities dealer and that branch is authorised to trade by a foreign supervisory authority and subject to daily record and reporting requirements in the country concerned
• C. Transactions in securities not admitted for trading on a Swiss stock exchange
• D. Transactions in securities admitted for trading on a Swiss stock exchange

Answer: (D)

In Swiss reporting rules, exemptions are carved out for cross-border or non-listed situations to avoid double reporting. If foreign securities are admitted for trading on a Swiss stock exchange and recognized by FINMA, that cross-border arrangement is exempt. Likewise, a foreign branch of a Swiss dealer that is authorized by a foreign supervisor and already subject to daily reporting in its country is exempt, because its activity is covered by its host-country regime. Transactions in securities not admitted for trading on a Swiss stock exchange fall outside the Swiss reporting scope, so they’re exempt as well. The scenario that is not an exemption is when the security is admitted for trading on a Swiss stock exchange, because such securities fall squarely under the Swiss market’s standard reporting regime.

In Swiss reporting rules, exemptions are carved out for cross-border or non-listed situations to avoid double reporting. If foreign securities are admitted for trading on a Swiss stock exchange and recognized by FINMA, that cross-border arrangement is exempt. Likewise, a foreign branch of a Swiss dealer that is authorized by a foreign supervisor and already subject to daily reporting in its country is exempt, because its activity is covered by its host-country regime. Transactions in securities not admitted for trading on a Swiss stock exchange fall outside the Swiss reporting scope, so they’re exempt as well. The scenario that is not an exemption is when the security is admitted for trading on a Swiss stock exchange, because such securities fall squarely under the Swiss market’s standard reporting regime.