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 (97)
- Regulatory (136)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (490)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: Editorial | The Swiss stablecoin regime in the context of global developments
Editorial | The Swiss stablecoin regime in the context of global developments
The regulatory landscape for stablecoins is evolving at remarkable speed across the globe. A growing number of jurisdictions are moving from exploratory consultations to full legislative implementation, driven by the policy goal to create innovation‑friendly yet prudentially robust frameworks that can accommodate the rapid institutionalisation of digital asset markets. Stablecoins are no longer viewed as…
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Read more: Proposed Regulation of Payment Instrument Institutions under the Swiss Financial Institutions Act: A Critical Analysis
Proposed Regulation of Payment Instrument Institutions under the Swiss Financial Institutions Act: A Critical Analysis
Until 6 February 2026, the Swiss Federal Council consulted on the introduction of a comprehensive regulatory framework for payment instrument institutions through amendments to the Financial Institutions Act. The proposed legislation, published for consultation on 22 October 2025, aims to establish Switzerland as a leading hub for stablecoin issuance while addressing perceived critical gaps in…
Reference: CapLaw-2026-02 -
Read more: Can the Federal Council‘s Proposals Reinvigorate the Swiss FinTech and Crypto Sector?
Can the Federal Council‘s Proposals Reinvigorate the Swiss FinTech and Crypto Sector?
In October 2025, the Swiss Federal Council proposed two new licensing regimes – a payment institution and a crypto institution license – intended to replace the fintech license, which has not lived up to expectations. This article, focusing on the crypto institution license, assesses whether the new framework has the potential to reinvigorate Switzerland‘s fintech…
Reference: CapLaw-2026-03 -
Read more: The New Era of U.S. Cryptocurrency Regulation: An Overview of 2025-2026 Reforms
The New Era of U.S. Cryptocurrency Regulation: An Overview of 2025-2026 Reforms
1) Introduction Significant changes have occurred in the United States’ regulatory environment regarding digital assets since January of 2025. Under President Trump’s administration, federal policy shifted decisively away from the enforcement-heavy approach that characterized the Biden era. This new federal strategy is a complete rethinking of federal agencies’ treatment of cryptocurrency and blockchain technology. It…
Reference: CapLaw-2026-04 -
Read more: The Swiss passporting regimefor foreign prospectuses
The Swiss passporting regimefor foreign prospectuses
Under the Swiss passporting regime for foreign prospectuses, eligible foreign prospectuses and base prospectuses may be used for securities offerings in Switzerland without a Swiss approval process. This passporting regime, often referred to as “automatic prospectus approval“, constitutes an attractive alternative for accessing the Swiss market. Drawing on five years of practical experience, this article…
Reference: CapLaw-2026-05 -
Read more: Practice notice of the Prospectus Office ofSIX Exchange Regulation AG No. 1/2025
Practice notice of the Prospectus Office ofSIX Exchange Regulation AG No. 1/2025
On 25 September 2025, the review bodies of SIX Exchange Regulation AG and BX Swiss AG published a uniform practice notice, which clarifies the current supervisory practice for prospectus reviews under the Swiss Financial Services Act and the Swiss Financial Services Ordinance. The practice notice outlines key procedural aspects, including the commencement of review deadlines,…
Reference: CapLaw-2026-06 -
Read more: Ultima Capital’s Issuance of CHF 100 Million Common Bond Loan
Ultima Capital’s Issuance of CHF 100 Million Common Bond Loan
On 6 January 2026, Ultima Capital SA issued a CHF 100 m common bond loan subscribed for by National Bank of Greece S.A.
Reference: CapLaw-2026-07 -
Read more: Plazza‘s CHF 100 Million Bond
Plazza‘s CHF 100 Million Bond
On 7 January 2026, PLAZZA AG placed a fixed-rate bond of CHF 100 million with a coupon of 1.25% and a term of 5.2 years, maturing on 31 March 2031. The proceeds will be used to refinance bank loans and to finance development and renovation projects. UBS, Zürcher Kantonalbank and Luzerner Kantonalbank coordinated the placement…
Reference: CapLaw-2026-08 -
Read more: UBS Group AG‘s Issuance of USD 3.0 Billion Tier 1 Capital Notes
UBS Group AG‘s Issuance of USD 3.0 Billion Tier 1 Capital Notes
On 8 January 2026, UBS Group AG issued USD 1.5 billion 6.625% Tier 1 Capital Notes and USD 1.5 billion 7.0% Tier 1 Capital Notes.
Reference: CapLaw-2026-09 -
Read more: Swiss Life’s Issuance of CHF 225 Million Hybrid Bonds
Swiss Life’s Issuance of CHF 225 Million Hybrid Bonds
On 13 January 2026, Swiss Life issued CHF 225m subordinated bonds, first callable in January 2032. The bonds were placed with investors in the Swiss Franc market. The bonds will be listed on SIX Swiss Exchange.
Reference: CapLaw-2026-10