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
CapLaw PDF Archive
  • Proposed New Information Duties – Need for Limits

    The draft changes proposed in the consultation on the amendment to the Financial Market Infrastructure Act seek to introduce wide-ranging information duties towards the Disclosure Office or FINMA. The nemo tenetur principle and other basic principles of the rule of law, however, warrant specific limits. By Benjamin Leisinger / Reto Ferrari-Visca (Reference: CapLaw-2024-84)

    By

    Benjamin Leisinger

    /

    Reto Ferrari-Visca

    Reference:
    Read more: Proposed New Information Duties – Need for Limits
  • M&A Transactions in the Swiss Financial Market – Part I: Acquiring a Qualified Participation in a Swiss Regulated Entity

    The Swiss financial market laws provide for a number of regulatory notification and approval requirements which must be adhered to in the context of M&A deals involving entities prudentially supervised by FINMA. This article provides an overview of the relevant regulatory requirements applicable to an acquisition of a qualified participation in a Swiss regulated financial…

    By

    Alexander Wherlock

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    Read more: M&A Transactions in the Swiss Financial Market – Part I: Acquiring a Qualified Participation in a Swiss Regulated Entity
  • Spin-off and Listing of Sunrise on the SIX and NASDAQ by Liberty Global

    On 16 October 2024, Liberty Global Ltd. (NASDAQ: LBTYA, LBTYB and LBTYK) and Sunrise Communications AG announced the key dates of the spin-off of Sunrise from Liberty Global. After the spin-off, Sunrise, which is Switzerland’s largest private telecommunications provider, will be an independent, separate publicly traded Swiss company. As part of the spin-off, Liberty Global…

    By

    CapLaw

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    Read more: Spin-off and Listing of Sunrise on the SIX and NASDAQ by Liberty Global
  • Molecular Partners Offers USD 20m of American Depositary Shares

    On 25 October 2024, Molecular Partners AG, a clinical-stage biotech company developing a new class of custom-built protein drugs known as DARPin therapeutics announced that it had priced an underwritten offering of 3,642,988 American Depositary Shares (ADSs) representing 3,642,988 new shares at an offering price of USD 5.49 per ADS amounting to gross proceeds of…

    By

    CapLaw

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    Read more: Molecular Partners Offers USD 20m of American Depositary Shares
  • Viseca Payment Services AG Issued CHF 150m 1.350 per cent. bonds due 2029 

    On 30 October 2024, Viseca Payment Services AG successfully completed its issuance of CHF 150m 1.350 per cent. bonds due 2029. Raiffeisen Schweiz Genossenschaft, UBS AG and Zürcher Kantonalbank acted as Joint Lead Managers.

    By

    CapLaw

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    Read more: Viseca Payment Services AG Issued CHF 150m 1.350 per cent. bonds due 2029 
  • GAM Holding AG’s Rights Offering

    On 15 November 2024, GAM Holding AG, an independent and global asset management firm headquartered in Zurich and listed on the SIX Swiss Exchange M, completed its capital increase and rights offering with net proceeds of approximately CHF 98.2 million. The proceeds from the offering will be used to repay amounts outstanding under a loan…

    By

    CapLaw

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    Read more: GAM Holding AG’s Rights Offering
  • EQT, ADIA and Auba’s placement of Galderma Group AG Shares

    On 25 November 2024, Sunshine SwissCo AG (a consortium led by EQT), together with ADIA and Auba Investment Pte. Ltd., successfully placed 16,000,000 shares in Galderma Group AG at a price of CHF 80.00 per share via an accelerated bookbuilding process. The placement raised CHF 1,280 million in total.

    By

    CapLaw

    Reference:
    Read more: EQT, ADIA and Auba’s placement of Galderma Group AG Shares
  • McDonald’s Corporation issued CHF 550m bonds in aggregate in the Swiss market

    On 26 November 2024, McDonald’s Corporation closed the issuance of two series of CHF bonds, CHF 300,000,000 1.050% Notes due 2028 and CHF 250,000,000 1.30% Notes due 2032. The bonds were issued under McDonald’s Corporation’s USD 20,000,000,000 Global Medium-Term Notes Program. The bonds have been admitted for provisional trading and will be listed on the…

    By

    CapLaw

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    Read more: McDonald’s Corporation issued CHF 550m bonds in aggregate in the Swiss market
  • Public tender offer by One Equity Partners for Cicor Technologies

    On 12 December 2024, OEP 80 B.V. (“OEP”), an indirect subsidiary of OEP VIII GP, LLC., published a mandatory public tender offer for all publicly held shares of Cicor Technologies Ltd. (SIX: CICN) at an offer price of CHF 55.17 per CICN share (corresponding to the volume-weighted average share price during the last 60 trading…

    By

    CapLaw

    Reference:
    Read more: Public tender offer by One Equity Partners for Cicor Technologies
  • Public tender offer by LPSO Holding for Orascom Development Holding

    On 17 December 2024, LPSO Holding Ltd (“LPSO”), the primary holding company of the Sawiris family, the majority shareholder group of ODH, published a voluntary public tender offer for all publicly held shares of Orascom Development Holding AG (SIX: ODHN; “ODH”) at an offer price of CHF 5.60 per ODH share. The offer price marks…

    By

    CapLaw

    Reference:
    Read more: Public tender offer by LPSO Holding for Orascom Development Holding