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 Courvoisier, 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
- FinSA (FIDLEG) (32)
- FinIA (FINIG) (11)
- Insurance (8)
- Securities (95)
- Regulatory (132)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (480)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: Note from the Editors | Strengthening the “Too Big to Fail” Regime in Switzerland
Note from the Editors | Strengthening the “Too Big to Fail” Regime in Switzerland
The collapse of Credit Suisse in March 2023 has served as a powerful catalyst for a renewed and intensified debate on the effectiveness of Switzerland’s ‘too big to fail’ (TBTF) regulatory framework. In response, the Swiss Federal Council has presented a comprehensive package of measures aimed at strengthening banking stability and mitigating the risks posed…
Reference: CapLaw-2025-87 -
Read more: EARLY INTERVENTION REGIME
EARLY INTERVENTION REGIME
On 6 June 2025, the Swiss Federal Council published proposed additional powers for the Swiss Financial Market Supervisory Authority FINMA. This article assesses the intended early intervention regime.
Reference: CapLaw-2025-88 -
Read more: A “Swiss Senior Managers Regime”: Less Is More
A “Swiss Senior Managers Regime”: Less Is More
The Federal Council welcomes the introduction of a supervisory regime for senior managers of Swiss banks, citing perceived gaps in regulatory accountability. In fact, what is needed is not a new regulatory regime modelled on the British “senior managers regime”, but rather clarification and refinement of the current framework.
Reference: CapLaw-2025-89 -
Read more: The Proposal to Grant FINMA the Power to Impose Fines
The Proposal to Grant FINMA the Power to Impose Fines
This article examines the proposal to grant Swiss Financial Market Supervisory Authority (FINMA) the power to impose fines. The initiative, once seen as unlikely, gained renewed attention after the collapse of Credit Suisse and has since been supported by FINMA and considered by the Federal Council and the Swiss Parliament. While proponents emphasise deterrence, international…
Reference: CapLaw-2025-90 -
Read more: Idorsia Ltd’s Placement of 16.4 Million Shares through Accelerated Bookbuilding
Idorsia Ltd’s Placement of 16.4 Million Shares through Accelerated Bookbuilding
On 10 October 2025, Idorsia Ltd (SIX-listed) announced the launch of an accelerated bookbuilding offering, which led to the placement of 16.4 million shares at an offer price of CHF 4.00 per offered share, raising aggregate gross proceeds of approximately CHF 65.6 million. J.P. Morgan and UBS acted as Joint Bookrunners and Global Coordinators, and…
Reference: CapLaw-2025-91 -
Read more: DocMorris Finance B.V.’s Placement of CHF 49.6 Million Convertible Bonds Due 2028 and Early Buyback of Convertible Bonds due 2026
DocMorris Finance B.V.’s Placement of CHF 49.6 Million Convertible Bonds Due 2028 and Early Buyback of Convertible Bonds due 2026
On 22 October 2025, DocMorris Finance B.V., a subsidiary of DocMorris AG (SIX: DOCM), placed EUR 49.6 million senior unsecured bonds due 2028 and convertible into shares of DocMorris AG. Further, in November 2025, DocMorris Finance B.V. conducted a tender offer for its outstanding convertible bonds due 2026 at 103.5% of the par value plus…
Reference: CapLaw-2025-92 -
Read more: CoinShares’s Listing of Physical Staked Toncoin ETP on SIX Swiss Exchange
CoinShares’s Listing of Physical Staked Toncoin ETP on SIX Swiss Exchange
On 28 October 2025, CoinShares International Limited, with an announced merger with Vine Hill Capital Investment Corp (Nasdaq: VCIC), launched the CoinShares Physical Staked Toncoin – a regulated exchange-traded product offering exposure to TON (The Open Network) listed on SIX Swiss Exchange Zurich, the high-performance blockchain integrated with Telegram’s global ecosystem. This launch combines CoinShares’…
Reference: CapLaw-2025-93 -
Read more: EQT, ADIA and Auba’s Placement of 8.4% of Galderma’s Share Capital
EQT, ADIA and Auba’s Placement of 8.4% of Galderma’s Share Capital
On 30 October 2025, a consortium led by EQT together with ADIA and Auba Investment Pte. Ltd., successfully completed the placement of 20 million shares in Galderma Group AG at a price of CHF 130.00 per share via an accelerated bookbuilding process. The placement raised CHF 2.6 billion in total.
Reference: CapLaw-2025-94 -
Read more: Clariant’s Issuance of Dual Tranche CHF 200 Million and CHF 100 Million Bonds due 2030 and 2034
Clariant’s Issuance of Dual Tranche CHF 200 Million and CHF 100 Million Bonds due 2030 and 2034
On 4 November 2025, Clariant AG issued two CHF bonds with a total volume of CHF 300 million, Tranche A being CHF 200 million and Tranche B CHF 100 million. The bonds of Tranche A have a coupon of 1.650% and will be due in 2030. The bonds of Tranche B have a coupon of…
Reference: CapLaw-2025-95 -
Read more: Cornèr Banca’s Issuance of CHF 150 Million Bonds due 2029
Cornèr Banca’s Issuance of CHF 150 Million Bonds due 2029
On 5 November 2025, Cornèr Banca issued CHF bonds with a volume of CHF 150 million. The bonds have a coupon of 1.0000% and will be due in 2029. The bonds will be listed on SIX Swiss Exchange. The bond issuance was managed by UBS, Sarasin and Vontobel.
Reference: CapLaw-2025-96