Restrizioni alla vendita
1 Bonds
Per le obbligazioni della Confederazione Svizzera («Bonds») si applicano le seguenti restrizioni alla vendita:
General
The offer, sale and transfer of the Bonds as well as the distribution of this document are subject to legal restrictions in most countries outside Switzerland. Persons who come into possession of this document must inform themselves about the applicable legal restrictions and comply with them. This document does not constitute an offer to sell the Bonds in countries where such an offer is subject to legal restrictions.
United States of America and U.S. Persons
The Bonds have not been and will not be registered under the United States Securities Act 1933, as amended (“Securities Act”) or any state securities law and may not be offered, sold, resold or delivered, directly or indirectly, within the United States of America or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
European Economic Area and United Kingdom
This document is not a prospectus for the purposes of the Prospectus Regulation and the FSMA.
This document has been prepared on the basis that any offer of the Bonds to be made in any member state of the European Economic Area ("Member State") and the United Kingdom will only be made pursuant to exemptions from the requirement to publish a prospectus for an offer of bonds to the public under the Prospectus Regulation or the FSMA.
The Swiss Confederation has not authorised any offer of the Bonds to the public in circumstances in which the Swiss Confederation would be required to publish a prospectus or a supplement to a prospectus under the Prospectus Regulation or the FSMA. Accordingly, any person making or intending to make any offer of the Bonds in the public in any Member State and the United Kingdom may only do so in circumstances in which no obligation exists for the Swiss Confederation to publish a prospectus or a supplement relating to an offer of the Bonds in the public.
The Bonds are not intended, and shall not be offered, sold, or otherwise be made available to any retail investor in the European Economic Area or the United Kingdom. For purposes of this provision, «retail investor» means: a retail client as defined in Directive 2014/65/EU, as amended ("MiFID II"), a customer within the meaning of Directive 2016/97 (IDD), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MIFID II; an investor who is not a qualified investor as defined in the Prospectus Regulation, a retail client as defined in Regulation 2017/565 as it forms part of UK domestic law or a customer within the meaning of the FSMA and any rules or regulations made under the FSMA.
For the purpose of this provision, (i) the expression an "offer of bonds to the public" in relation to any bonds in any Member State and the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the bonds to be offered so as to enable an investor to decide to purchase or subscribe for the bonds, (ii) the expression «Prospectus Regulation» means Regulation (EU) 2017/1129, in case of the United Kingdom as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, and (iii) the expression «FSMA» means the Financial Services and Markets Act 2000.
2 Money Market Debt Register Claims
Per i crediti contabili del mercato monetario della Confederazione Svizzera («Money Market Debt Register Claims»), si applicano le seguenti restrizioni alla vendita a tutte le emissioni:
General
The offer, sale and transfer of the Money Market Debt Register Claims as well as the distribution of this document are subject to legal restrictions in most countries outside Switzerland. Persons who come into possession of this document must inform themselves about the applicable legal restrictions and comply with them. This document does not constitute an offer to sell the Money Market Debt Register Claims in countries where such an offer is subject to legal restrictions.
United States of America and U.S. Persons
The Money Market Debt Register Claims have not been and will not be registered under the United States Securities Act 1933, as amended ("Securities Act") or any state securities law and may not be offered, sold, resold or delivered, directly or indirectly, within the United States of America or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
United Kingdom
In the UK, the Money Market Debt Register Claims are not intended to be offered or sold, and should not be offered or sold, other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or as agent) for the purposes of their businesses, or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or as agent) for the purposes of their businesses, where the issue of the Money Market Debt Register Claims would otherwise constitute a contravention of section 19 of the UK Financial Services and Markets Act 2000 by the Issuer.