FinMIA Amendments

Making the abstract tangible

Jurisdiction

Switzerland (Federal)

Primary Rules

Financial Market Infrastructure Act (FinMIA), draft amendments

Target Audience

Board members and senior managers of listed companies

Project Hash ID

#V122

Project Category Name

Hermes

This short animation is a compelling example of the power of combining visuals with narration. It translates the abstract provisions of the draft revision of the Financial Market Infrastructure Act (FinMIA) into concrete, everyday imagery, boxes being moved from one shelf to another, making complex regulatory changes immediately intuitive. Two topics are covered: ad-hoc publicity and directors' dealings disclosure.

Ad-hoc Publicity

Ad-hoc publicity is the legal obligation of listed companies to immediately and publicly disclose any price-sensitive information as soon as it arises. Any fact capable of triggering a significant change in the market price of a listed security must be disclosed. Common examples include material changes in earnings (such as profit warnings or dividend adjustments), planned mergers, acquisitions or restructurings, and significant changes to shareholder structure or senior management. The underlying rationale is market fairness: all investors must have simultaneous access to material information, preventing insiders from gaining an unfair trading advantage. In Switzerland, ad-hoc disclosures must currently be published through at least two electronic financial news services and two Swiss media outlets, posted on the company's website, and distributed by email to interested market participants. Today, this obligation is grounded in the SIX Exchange Listing Rules — a self-regulatory framework. Under the proposed D-FinMIA, it would be elevated to a statutory public-law duty, directly enforceable by FINMA. This represents the central institutional shift of the reform.

Directors' Dealings

When insiders trade in their own company's shares, it can signal private information about the company's prospects. A board member making significant purchases may indicate confidence in the company's future; heavy selling may suggest the opposite. This informational asymmetry is precisely why prompt disclosure of such trades matters to the market. The obligation applies to members of the board of directors and senior management, as well as to related persons — including spouses, dependent children, and entities under their control. Under the current SIX Exchange Listing Rules, the obligated person notifies the issuer directly, and the issuer then forwards the information to SIX Exchange Regulation for publication in a publicly accessible database. Under the proposed reform, directors' dealings disclosure would fall under FINMA's supervision and be elevated to a statutory obligation — reflecting the same paradigm shift as ad-hoc publicity.

Work Steps

Read and analyze the legal texts

Multiple readings of the D-FinMIA draft, the existing SIX Exchange Listing Rules, and FINMA's supervisory framework were required to move from surface familiarity to structural understanding. Early readings focused on the overall architecture of the reform; later readings zeroed in on the specific provisions governing ad-hoc publicity and directors' dealings disclosure. Summary notes were taken after each pass, progressively identifying which changes were substantive and which were merely technical.

Identify the core message

After sufficient immersion in the texts, the institutional shift emerged as the central narrative: obligations that currently rest on a self-regulatory foundation are being elevated to statutory public law and placed under FINMA's direct enforcement authority. A conscious decision was made to anchor the animation to this single, concrete change.

Develop the visual concept

Several metaphors were evaluated to represent the movement of regulatory obligations from one framework to another. A physical relocation, boxes being moved from one shelf to another, was selected for its combination of simplicity and precision. The shelf structure naturally conveys hierarchy and categorisation; the act of moving boxes conveys a deliberate, structural change rather than a mere adjustment of detail.

Write the script and narration

A tight script was drafted to accompany the animation, calibrated to the duration of each visual sequence. The narration was written to complement rather than duplicate the visuals: where the animation shows the movement, the narration explains its legal significance. Multiple drafts were produced and tested against timing constraints before the final version was locked.

Design visual assets

All graphic elements were designed in professional design software. A deliberate, restrained visual language was chosen to reflect the formal, regulatory subject matter while remaining accessible.

Animate and produce

The designed assets were imported into professional animation software and brought to life scene by scene. Timing, easing, and transitions were refined iteratively to ensure that the visual rhythm aligned precisely with the narration track.