Financial Services Act (FinSA) Art. 53

Zusammenfassung der Rechtsnorm FinSA:

Art. 53 FinSA from 2024

Art. 53 Procedure and deadlines

¹ The procedure followed by the reviewing body is based on the Administrative Procedure Act of 20 December 1968 ⁽¹⁾ .

² The reviewing body shall check prospectuses as soon as they are received.

³ If it ascertains that a prospectus does not meet the statutory requirements, within ten calendar days from the time of receipt it shall notify the submitter of the prospectus accordingly, with reasons, and ask the latter to make the improvements necessary.

⁴ Within ten calendar days of receiving the rectified prospectus the reviewing body shall decide on whether to approve it.

⁵ This period is 20 calendar days for new issuers.

⁶ If the reviewing body fails to issue its decision within the time frames set out in paragraphs 4 and 5, this shall not constitute approval of the prospectus.