Welcome to CapLaw

CapLaw is a digital newsletter with international reach established and led by the General Editors. We provide up-to-date information on legal and regulatory developments regarding the capital markets, publish concise articles on developments in the Swiss and international financial markets, and announce recent deals and forthcoming events. CapLaw is addressed to all Swiss and international lawyers, in-house counsel, financial institutions and corporates, as well as those who are interested in the Swiss capital markets.

The General Editors
René Bösch, Homburger AG
Matthias Courvosier, Baker McKenzie Switzerland AG
Benjamin Leisinger, Homburger AG
Ralph Malacrida, Bär & Karrer AG
Nina Reiser, University of St.Gallen
Thomas Reutter, Advestra AG
Patrick Schleiffer, Lenz & Staehelin
Philippe A. Weber, Niederer Kraft & Frey AG
Thomas Werlen, Quinn Emanuel Urquhart & Sullivan, LLP

CapLaw Themes
CapLaw PDF Archive
  • Green Shoots in Winter: The Revival of the Swiss IPO Market?

    After several years of subdued activity, the IPO market in Switzerland underwent something of a resurgence in 2024. This revival was underpinned by key transactions, a shift in investor sentiment, and broader trends in European capital markets, all of which have contributed to renewed confidence in the viability of Swiss public listings. Looking toward 2025…

    By

    Deirdre Ní Annracháin

    Reference:
    Read more: Green Shoots in Winter: The Revival of the Swiss IPO Market?
  • Lift of Swiss Protective Measures Against EU Trading Venues

    On 29 January 2025, the Swiss Federal Council (the Federal Council) decided to lift protective measures introduced when the European Union (EU) refused to recognize Swiss stock exchanges as equivalent, as of 1 May 2025. This article provides an overview of the situation so far, the decision of the Federal Council and its impact on…

    By

    Urs Kägi

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    Florian Schweighofer

    Reference:
    Read more: Lift of Swiss Protective Measures Against EU Trading Venues
  • The Boom of Exchange Traded Products (ETPs)

    ETFs and ETPs have grown to over USD 7 trillion in assets under management (AuM) of which ETPs contributed USD 1 trillion. To reflect on selected key legal aspects which are relevant in the course of this boom the article at hand examines the regulatory framework for ETPs in Switzerland with a focus on structuring…

    By

    Luca Bianchi

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    Michael Kremer

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    Donja Gehrig

    Reference:
    Read more: The Boom of Exchange Traded Products (ETPs)
  • M&A Transactions in the Swiss Financial Market – Part II: Asset Deals involving Swiss Regulated Entities

    The Swiss financial market laws provide for a number of regulatory notification and approval requirements which must be adhered to in the context of asset deals involving entities prudentially supervised by FINMA. This article provides an overview of the relevant regulatory requirements which may be applicable in the context of acquiring a portfolio of assets,…

    By

    Alexander Wherlock

    Reference:
    Read more: M&A Transactions in the Swiss Financial Market – Part II: Asset Deals involving Swiss Regulated Entities
  • The Swiss Bankers Association‘s Portfolio Management Guidelines and Digital Assets

    Digital assets, including cryptocurrencies and tokenized „traditional“ financial assets, are playing an increasingly significant role in financial markets. While the Swiss Bankers Association’s Portfolio Management Guidelines (Guidelines) remain a key reference standard for discretionary asset management, they were developed without consideration for these emerging investment options, raising questions about their compatibility with the framework. This…

    By

    Valérie Menoud

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    Ariel Ben Hattar

    Reference:
    Read more: The Swiss Bankers Association‘s Portfolio Management Guidelines and Digital Assets
  • Issuance of CHF 1.425 billion bonds by Thermo Fisher 

    On 26 February 2025, Thermo Fisher Scientific Inc. successfully placed CHF bonds in the amount of CHF 1.425 billion. The issuance consisted of five tranches. The bonds are governed by Swiss law and application will be made for admission to trading and listing of the bonds on the SIX Swiss Exchange. UBS AG acting through…

    By

    CapLaw

    Reference:
    Read more: Issuance of CHF 1.425 billion bonds by Thermo Fisher 
  • Issuance of USD 400 million of 7.5% Perpetual Tier 1 Subordinated Contingent Convertible Bonds by Julius Baer Group Ltd.

    On 19 February 2025, Julius Baer Group Ltd. successfully issued USD 400 million of 7.5% Perpetual Tier 1 Subordinated Contingent Convertible Bonds (Tier 1 CoCos). The Tier 1 CoCos and all transaction documents are governed by Swiss law. If a trigger event occurs and is continuing on the relevant subsequent trigger test date or if…

    By

    CapLaw

    Reference:
    Read more: Issuance of USD 400 million of 7.5% Perpetual Tier 1 Subordinated Contingent Convertible Bonds by Julius Baer Group Ltd.
  • Issuance of CHF 150 million 3.00% Additional Tier 1 Bonds by Luzerner Kantonalbank

    On 5 February 2025, Luzerner Kantonalbank successfully priced its issuance of CHF 150 million 3.00% Additional Tier 1 Bonds by Luzerner Kantonalbank. The issuance was the first post-Credit Suisse offering of write-down bonds. The issuance closed on 28 February 2025. Zürcher Kantonalbank acted as Structuring Advisor and Joint-Lead Manager and Luzerner Kantonalbank and UBS AG…

    By

    CapLaw

    Reference:
    Read more: Issuance of CHF 150 million 3.00% Additional Tier 1 Bonds by Luzerner Kantonalbank
  • BioVersys AG conducts IPO on SIX Swiss Exchange

    On 29 January 2025, BioVersys AG, a clinical-stage biopharmaceutical company developing and commercializing novel antibacterial products for life-threatening infections domiciled in Basel, Switzerland, opened the 2025 Initial Public Offering (IPO) season and announced the launch of its IPO on SIX Swiss Exchange, the publication of the offer price and the start of the bookbuilding process….

    By

    CapLaw

    Reference:
    Read more: BioVersys AG conducts IPO on SIX Swiss Exchange
  • Issuance of EUR 420 million Senior Secured Notes by Matterhorn Telecom S.A.

    On 30 January 2025, Matterhorn Telecom S.A., the parent company of Salt Mobile SA, issued EUR 420 million 4.500% Senior Secured Notes due 2030 guaranteed by Matterhorn Telecom Holding S.A. and Salt Mobile SA. The syndicate of initial purchasers was led by Goldman Sachs International, BofA Securities Europe SA, BNP Paribas, Crédit Agricole Corporate and…

    By

    CapLaw

    Reference:
    Read more: Issuance of EUR 420 million Senior Secured Notes by Matterhorn Telecom S.A.