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
-
Read more: St. Gall Conference on Financial Markets Regulation (St.Galler Tagung zur Finanzmarktregulierung)
St. Gall Conference on Financial Markets Regulation (St.Galler Tagung zur Finanzmarktregulierung)
Thursday, 16 November 2023, Zürich Marriott Hotel, Zurich
-
Read more: Capital Markets – Law and Transactions XIX (Kapitalmarkt – Recht und Transaktionen XIX)
Capital Markets – Law and Transactions XIX (Kapitalmarkt – Recht und Transaktionen XIX)
Tuesday, 28 November 2023, Metropol, Zurich
-
Read more: Current Developments in Collective Investment Schemes Law 2023 (Aktuelle Entwicklungen im Recht der kollektiven Kapitalanlagen 2023)
Current Developments in Collective Investment Schemes Law 2023 (Aktuelle Entwicklungen im Recht der kollektiven Kapitalanlagen 2023)
Friday, 8 December 2023, SIX Convention Point, Zurich
-
Read more: Blackout Periods & Trading Plans – An Examination of an Underutilized Tool to Prevent Insider Trading
Blackout Periods & Trading Plans – An Examination of an Underutilized Tool to Prevent Insider Trading
Blackout periods are an important, though lightly regulated, component of the insider trading compliance programs of Swiss listed companies. We analyze a number of trends that are inherent to the design of blackout periods in Switzerland. We also examine the use of trading plans, known as “Rule 10b5-1 plans” in the United States, which may…
Reference: CapLaw-2023-23 -
Read more: Annual Report 2022 of the Disclosure Office of the SIX Exchange Regulation AG
Annual Report 2022 of the Disclosure Office of the SIX Exchange Regulation AG
In its annual report, the Disclosure Office of SIX Exchange Regulation informed the public about its practice and provided an overview of its activities in the reporting year 2022. It further developed its disclosure practice by issuing new recommendations, some of which are summarized herein. In 2022, the Federal Supreme Court also issued a decision…
Reference: CapLaw-2023-24 -
Read more: FINMA’s enforcement tools to uphold supervisory law: Current toolkit and proposed additions
FINMA’s enforcement tools to uphold supervisory law: Current toolkit and proposed additions
During the current debate on the supervision of financial institutions, FINMA’s enforcement instruments have repeatedly been accused of being ineffective, especially when compared to other foreign financial market supervision authorities’ tools. While FINMA has long been opposed to additional enforcement instruments, this has now changed and FINMA has recently proposed three additional tools to strengthen…
Reference: CapLaw-2023-25 -
Read more: Highlights from FINMA’s Annual Report 2022
Highlights from FINMA’s Annual Report 2022
As every year, the Swiss Financial Market Supervisory Authority FINMA has released its annual report, which summarizes the authority’s regulatory and supervisory activity during the past calendar year. This survey highlights a number of points of particular interest from a capital markets law perspective. By Roland Truffer (Reference: CapLaw-2023-26)
Reference: CapLaw-2023-26 -
Read more: EUR 733 million Placement of Shares by DSM-Firmenich
EUR 733 million Placement of Shares by DSM-Firmenich
In June 2023, DSM-Firmenich successfully placed shares by way of an accelerated bookbuilding raising gross proceeds of approx. EUR 733 million. The proceeds will be used for the buy-out of shares not tendered in the exchange offer to DSM shareholders. Goldman Sachs, ABN AMRO and J.P. Morgan acted as joint global coordinators in this transaction.
Reference: CapLaw-2023-27 -
Read more: CHF 275 million Placement of Convertible Loan Notes by Swiss Prime
CHF 275 million Placement of Convertible Loan Notes by Swiss Prime
In June 2023, Swiss Prime Site issued convertible loan notes in the aggregate amount of CHF 275 million to ELM B.V., a repackaging vehicle. ELM in turn issued exchangeable notes, which were placed with investors and are exchangeable into shares of Swiss Prime Site. The use of the repackaging vehicle allows Swiss Prime Site to…
Reference: CapLaw-2023-28 -
Read more: EUR 216.3 million Issuance of Green Senior Unsecured Guaranteed Convertible Bonds by Meyer Burger Technology AG
EUR 216.3 million Issuance of Green Senior Unsecured Guaranteed Convertible Bonds by Meyer Burger Technology AG
In May, 2023, Meyer Burger Technology AG (SIX: MBTN) (Meyer Burger) successfully issued green senior unsecured guaranteed convertible bonds due 2029 in the aggregate amount of EUR 216.3 m. The bonds were placed in a private placement with a coupon of 3.75% per annum. The bonds are issued by Meyer Burger’s subsidiary MBT Systems GmbH…
Reference: CapLaw-2023-29