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
Urs Kägi, 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
  • New White Paper on SIX IPOs Presented at January 2026 Tech IPO Event

    At an event held in January 2026 at the premises of SIX Swiss Exchange, a new white paper was presented that sets out the advantages of conducting an IPO in Switzerland as opposed to the United States. This contribution focuses on legal aspects covered in the white paper.

    By

    Lorenzo Togni

    Reference:
    Read more: New White Paper on SIX IPOs Presented at January 2026 Tech IPO Event
  • Successful SME Listings: Regulatory Design and Market Structure in Sweden 

    The Swedish market has established itself as one of Europe‘s leading stock markets, and in December 2025, The Economist declared Stockholm “Europe‘s new capital of capital.” In 2025, Sweden accounted for more IPOs than any other country in Europe and, in absolute terms, had the highest number of listed companies in Europe even though Sweden, with a population of around ten million, ranks only eighth in the EU in terms of GDP.

    By

    Michaela Ådén

    /

    Christian Lindhé

    Reference:
    Read more: Successful SME Listings: Regulatory Design and Market Structure in Sweden 
  • Proposal for a Sustainable Corporate Governance Act

    On 1 April 2026, the Federal Council introduced the draft Sustainable Corporate Governance Act as a counterproposal to the Responsible Business Initiative 2.0. The proposed legislation seeks to align Swiss law with the latest amendments to corporate sustainability regulations in the EU by instituting broadly framed sustainability due diligence obligations and enhanced sustainability reporting requirements for large to very large Swiss companies. In addition, the draft outlines the creation of a special liability framework and introduces supervisory mechanisms to ensure compliance.

    By

    Andreas Hösli

    Reference:
    Read more: Proposal for a Sustainable Corporate Governance Act
  • FINMA‘s Expectations in Terms of Consolidated Supervision: the FINMA Circular 2025/4 and Beyond

    On 1 July 2025, FINMA Circular 2025/4 on consolidated supervision entered into force. This codification of FINMA‘s longstanding supervisory practice for financial groups in line with international standards enhances regulatory clarity. One year after its entry into force, it makes sense to assess the Circular‘s practical impact and the extent to which consolidated supervision has featured in FINMA‘s recent practice. As this issue will likely remain relevant in the coming years, this contribution examines FINMA‘s expectations as set out in the Circular and as applied in practice.

    By

    Shelby R. du Pasquier

    /

    Philipp Fischer

    Reference:
    Read more: FINMA‘s Expectations in Terms of Consolidated Supervision: the FINMA Circular 2025/4 and Beyond
  • Infracore‘s Initial Public Offering on SIX

    On 9 July 2026, Infracore SA, Switzerland‘s leading specialist in healthcare real estate, successfully completed its initial public offering on SIX Swiss Exchange. Priced at CHF 54 per share, the IPO consisted of 4,209,203 firm shares, comprising 3,703,703 newly issued shares and 505,500 existing shares sold by Infracore‘s largest shareholder, MPT Switzerland Holdings S.à r.l., and an over-allotment option of up to 420,920 existing shares granted by MPT, exercisable on or before 8 August 2026. Trading in the shares on SIX started on 9 July 2026. Based on the offer price of CHF 54 per share, the aggregate offer size (assuming the over-allotment option is exercised in…

    By

    CapLaw

    Reference:
    Read more: Infracore‘s Initial Public Offering on SIX
  • SOPHiA GENETICS‘s Public Offering of USD 57.5 Million of Ordinary Shares

    On 19 June 2026, SOPHiA GENETICS (Nasdaq: SOPH), a global leader in AI-driven precision medicine, closed its underwritten public offering with total gross proceeds of USD 57.5 million. TD Cowen acted as the lead book-running manager for the offering. Guggenheim Securities acted as book-running manager, and BTIG and Craig-Hallum acted as lead managers for the offering.

    By

    CapLaw

    Reference:
    Read more: SOPHiA GENETICS‘s Public Offering of USD 57.5 Million of Ordinary Shares
  • Zürcher Kantonalbank‘s Issuance of EUR 500 Million Bail-in Bonds

    On 17 June 2026, Zürcher Kantonalbank successfully completed a further offering of Bail-in Bonds in the amount of EUR 500 million with a fixed annual coupon of 3.622% (6NC5 structure). The Bail-in Bonds have been designed and issued on the basis of a legal framework allowing Cantonal Banks to issue Total-Loss-Absorbing-Capacity (Gone-Concern Capital). BNP PARIBAS, Commerzbank Aktiengesellschaft, UBS London Branch and Zürcher Kantonalbank acted as Joint Lead Managers.

    By

    CapLaw

    Reference:
    Read more: Zürcher Kantonalbank‘s Issuance of EUR 500 Million Bail-in Bonds
  • SpaceX USD 75 Billion IPO: Swiss Retail Offering

    On 12 June 2026, Space Exploration Technologies Corp. (SpaceX) successfully completed the largest initial public offering ever. The offering included a public offering in the United States as well as concurrent offerings to retail investors in Australia, Canada, Japan, the United Kingdom, certain EU countries, and Switzerland. In Switzerland, the offer to retail investors was made on the basis of a prospectus approved by the German regulator BaFin that was subsequently deposited with the Prospectus Office of SIX Exchange Regulation AG pursuant to article 54(2) of the Swiss Financial Services Act. The SpaceX IPO is the first U.S. IPO to…

    By

    CapLaw

    Reference:
    Read more: SpaceX USD 75 Billion IPO: Swiss Retail Offering
  • VERAXA Biotech‘s Business Combination and NASDAQ Listing

    On 11 June 2026, VERAXA Biotech AG completed its business combination with Voyager Acquisition Corp. and listed on the NASDAQ Stock Market under the ticker symbols “VRXA” and “VRXAW”. Through this transaction, VERAXA strengthened its financial position, including through a USD 27.5 million senior secured note financing and a share purchase agreement for up to USD 50 million. The proceeds will be used to further advance VERAXA‘s oncology pipeline based on its proprietary BiTAC platform, supporting progress towards clinical development and industry partnerships.

    By

    CapLaw

    Reference:
    Read more: VERAXA Biotech‘s Business Combination and NASDAQ Listing
  • Energie 360 Grad AG‘s Issuance of CHF 150 Million Green Bond

    In early June 2026, Energie 360 Grad AG successfully placed a CHF 150 million green bond, maturing in 2034 and carrying a coupon of 1.4%. The bond has been admitted to trading on SIX Swiss Exchange. The proceeds will be used in particular to finance investments in district heating projects and the infrastructure for electric mobility.

    By

    CapLaw

    Reference:
    Read more: Energie 360 Grad AG‘s Issuance of CHF 150 Million Green Bond