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 (128)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (467)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: The Demise of Staggered Ad Hoc Disclosure: The “More Likely Than Not”-Test and Issuer Discretion in Evolving Factual Situations
The Demise of Staggered Ad Hoc Disclosure: The “More Likely Than Not”-Test and Issuer Discretion in Evolving Factual Situations
On 28 February 2025, the arbitral tribunal of the Court of Arbitration of SIX Group Ltd. issued the final award in X. AG v. SIX Exchange Regulation AG (SER). The case revolved around the timeliness of an ad hoc announcement issued in connection with a complex internal investigation into X. AG‘s financial reporting practices. The…
Reference: CapLaw-2025-66 -
Read more: AGM Season 2025: A Short Review
AGM Season 2025: A Short Review
The article reviews the 2025 AGM season of Swiss companies listed on SIX Swiss Exchange focusing on three main topics: (i) virtual annual general meetings, (ii) non-financial reporting, and (iii) compensation. While companies conducting virtual annual general meetings are still in a clear minority, an increasing number are opting for virtual shareholder meetings. The article…
Reference: CapLaw-2025-67 -
Read more: Kapitalmarktrecht im Fokus 2025 – Conference Report / 20 August 2025, SIX ConventionPoint, Zurich
Kapitalmarktrecht im Fokus 2025 – Conference Report / 20 August 2025, SIX ConventionPoint, Zurich
The inaugural 2025 edition of Kapitalmarktrecht im Fokus, a conference co-hosted by the University of St. Gallen‘s Institute for Law and Economics and CapLaw, gathered practitioners, regulators and academics to discuss two issues that are hotly debated in Swiss capital-markets practice: (i) the disclosure duties of underwriters and syndicate banks and (ii) the handling of…
Reference: CapLaw-2025-68 -
Read more: Banque Pictet and SIX‘s Joint Pilot Project to Tokenize and Fractionalize Financial Assets
Banque Pictet and SIX‘s Joint Pilot Project to Tokenize and Fractionalize Financial Assets
On 10 July 2025, SIX and Banque Pictet & Cie SA announced the successful conclusion of a joint pilot project, tokenising corporate debt instruments and allocating fractional quantities of these assets to portfolios managed by Pictet Asset Management SA. The pilot project focused on EUR- and CHF-denominated corporate bonds, held in custody at SIX SIS…
Reference: CapLaw-2025-69 -
Read more: Banco de Chile‘s Issuance of CHF 100 Million Senior Fixed-rate Social Notes
Banco de Chile‘s Issuance of CHF 100 Million Senior Fixed-rate Social Notes
On 17 July 2025, Banco de Chile successfully closed the issuance of CHF 100 million senior fixed-rate social notes with a six-year maturity and a fixed annual coupon of 1.1875%. The bonds are listed on SIX Swiss Exchange. The net proceeds from the issue of the notes will be used by Banco de Chile to…
Reference: CapLaw-2025-70 -
Read more: CoinShares‘ Listing of Staked SEI ETP on SIX Swiss Exchange
CoinShares‘ Listing of Staked SEI ETP on SIX Swiss Exchange
On 28 July 2025, CoinShares listed its Physical Staked SEI exchange-traded product (ETP) on SIX Swiss Exchange, as a zero fee ETP offering regulated exposure to SEI‘s high-performance blockchain infrastructure. CoinShares is publicly listed on Nasdaq Stockholm and the OTCQX.
Reference: CapLaw-2025-71 -
Read more: EQT, ADIA and Auba‘s Placement of 7.1% of Galderma‘s Share Capital
EQT, ADIA and Auba‘s Placement of 7.1% of Galderma‘s Share Capital
On 31 July 2025, a consortium led by EQT together with ADIA and Auba Investment Pte. Ltd., successfully completed the placement of 17 million shares in Galderma Group AG at a price of CHF 123.00 per share via an accelerated bookbuilding process. The placement raised CHF 2.1 billion in total.
Reference: CapLaw-2025-72 -
Read more: UBS‘s Issuance of USD 2 billion Tier 1 Capital Notes with an Equity Conversion Feature
UBS‘s Issuance of USD 2 billion Tier 1 Capital Notes with an Equity Conversion Feature
On 5 August 2025, UBS Group AG successfully completed its offering of USD 1,250,000,000 in aggregate principal amount of 7.000% Tier 1 Capital Notes and USD 750,000,000 in aggregate principal amount of 6.600% Tier 1 Capital Notes. The Notes are “high trigger“ regulatory capital instruments that are eligible to fulfill UBS Group AG’s Swiss going…
Reference: CapLaw-2025-73 -
Read more: UBS‘s Issuance of EUR 2 billion Fixed Rate/Fixed RateCallable Senior Notes
UBS‘s Issuance of EUR 2 billion Fixed Rate/Fixed RateCallable Senior Notes
On 11 August 2025, UBS Group AG successfully completed its issuance of EUR 1.25 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due 2036 and EUR 750 million in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due 2031 under its Senior Debt Programme. The Notes are bail-inable (TLAC)…
Reference: CapLaw-2025-74 -
Read more: UBS‘ Issuance of CHF 510 million Fixed Rate Covered Bonds
UBS‘ Issuance of CHF 510 million Fixed Rate Covered Bonds
On 13 August 2025, UBS Switzerland AG successfully completed its issuance of CHF 235 million 0.560% Fixed Rate Covered Bonds due 13 August 2030, and CHF 275 million 0.935% Fixed Rate Covered Bonds due 13 August 2035, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX…
Reference: CapLaw-2025-75