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: UBS Group AG’s Issuance of USD 3.25 Billion Fixed Rate/Floating Rate Callable Senior Notes under its Senior Debt Programme
UBS Group AG’s Issuance of USD 3.25 Billion Fixed Rate/Floating Rate Callable Senior Notes under its Senior Debt Programme
On 6 November 2025, UBS Group AG issued USD 2 billion Fixed Rate/Floating Rate Callable Senior Notes due November 2033, and USD 1.25 billion Fixed Rate/Floating Rate Callable Senior Notes due May 2047 under its Senior Debt Programme. The Notes are governed by Swiss law and will be listed on the SIX Swiss Exchange.
Reference: CapLaw-2025-97 -
Read more: Fundamenta Real Estate’s CHF 70 Million Rights Offering
Fundamenta Real Estate’s CHF 70 Million Rights Offering
On 7 November 2025, Fundamenta Real Estate AG completed a CHF 70 million rights offering. The offering resulted in the issuance of 4,119,748 new shares at CHF 17.00 each. The proceeds are intended to be used for investment in ongoing and new property projects, the strengthening of equity, and for general corporate purposes. The rights…
Reference: CapLaw-2025-98 -
Read more: UBS Group AG’s and UBS AG’s Offers to Repurchase Various Series of Outstanding Debt Securities in an Aggregate Principal Amount of USD 7.7 Billion
UBS Group AG’s and UBS AG’s Offers to Repurchase Various Series of Outstanding Debt Securities in an Aggregate Principal Amount of USD 7.7 Billion
On 10 November 2025, (i) UBS Group AG completed its all-cash tender offers with respect to five series of bail-inable (TLAC) bonds that were originally issued by Credit Suisse Group AG, and (ii) UBS AG, acting through its Stamford branch, completed its all-cash tender offers with respect to two series of senior unsecured notes that…
Reference: CapLaw-2025-99 -
Read more: Galderma’s Issuance of CHF 175 Million Bonds due 2033
Galderma’s Issuance of CHF 175 Million Bonds due 2033
On 13 November 2025, Galderma Holding issued CHF bonds with a volume of CHF 175 million. The bonds have a coupon of 0.9425% and will be due in 2030. The bonds will be listed on SIX Swiss Exchange. The bond issuance was managed by BNP Paribas and UBS.
Reference: CapLaw-2025-100 -
Read more: Advent’s Public Tender Offer for u-blox Holding AG
Advent’s Public Tender Offer for u-blox Holding AG
On 26 November 2025, ZI Zenith S.à r.l., a European indirect subsidiary of funds managed and/or advised by Advent International, L.P., completed the public tender offer for all publicly held shares of u-blox Holding AG, a global leader in positioning and wireless communication technologies. The offer price of CHF 135.00 per share in cash results…
Reference: CapLaw-2025-101 -
Read more: EPIC Suisse’s CHF 70 Million Accelerated Bookbuilding
EPIC Suisse’s CHF 70 Million Accelerated Bookbuilding
On 4 December 2025, EPIC Suisse completed the private placement of new shares. Shares worth CHF 70 million were placed. Specifically, 875,000 new shares were placed at a price of CHF 80.00 per share. They were issued from the existing capital band. The new shares will be traded on the SIX Swiss Exchange. The real…
Reference: CapLaw-2025-102 -
Read more: EQT’s Sale of an Additional 10% in Galderma to L’Oréal, Reinforcing L’Oréal’s Strategic Investment in Galderma
EQT’s Sale of an Additional 10% in Galderma to L’Oréal, Reinforcing L’Oréal’s Strategic Investment in Galderma
On 8 December 2025, EQT announced the sale of an additional 10% stake in Galderma Group AG (SIX: GALD) by a consortium led by EQT, which includes Sunshine SwissCo GmbH (SSCO), Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. (all acting as sellers) to L’Oréal S.A. for an undisclosed amount. Following the transaction,…
Reference: CapLaw-2025-103 -
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