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
  • First Trends of the 2023 AGM Season

    This year’s AGM season is marked by the recent entry into force of the Swiss Corporate Law Reform and the need for companies to adapt their articles of association and decide whether and how to make use of new concepts such as the capital band introduced by the new law. While it is too early…

    By

    Daniel Raun

    /

    Thomas U. Reutter

    Reference:
    Read more: First Trends of the 2023 AGM Season
  • FINMA Guidance 02/23: Expiry of Transition Period for Portfolio Managers and Trustees

    On 30 January 2023, the Swiss regulator FINMA published guidance 02/2023 with which it provided an update on the status of the licensing process for portfolio managers and trustees. At the same time, FINMA gave an outlook on its enforcement activities in 2023, which serves as a clear warning for those portfolio managers and trustees that…

    By

    Patrick Schärli

    Reference:
    Read more: FINMA Guidance 02/23: Expiry of Transition Period for Portfolio Managers and Trustees
  • Notion of “intermediary” in Swiss stamp duty law: Impact on M&A transactions and family offices

    The extensive understanding of the notion of activity as an “intermediary” in Swiss stamp duty law as interpreted by the Swiss Federal Tax Administration and confirmed by the latest case law of Swiss Supreme Court and Swiss Federal Administrative Court has significant practical consequences: Domestic M&A advisors, Family Offices as well as intragroup management companies…

    By

    Stefan Oesterhelt

    /

    Miriam Kämpf

    Reference:
    Read more: Notion of “intermediary” in Swiss stamp duty law: Impact on M&A transactions and family offices
  • CHF 300 Million Senior Bonds of Lonza

    Lonza Group AG, through its wholly-owned subsidiary Lonza Swiss Finance Ltd, successfully placed CHF 300 million 2.1% guaranteed senior bonds due 2029. The bonds are listed on SIX Swiss Exchange.

    By

    CapLaw

    Reference:
    Read more: CHF 300 Million Senior Bonds of Lonza
  • EUR 750 Million Senior Notes of Credit Suisse AG

    In February 2023, Credit Suisse AG completed its issuance of EUR 750 million aggregate principal amount of 5.550 per cent. senior notes due 2026 in two tranches. The Notes were issued under Credit Suisse AG’s Euro Medium Term Note Programme.

    By

    CapLaw

    Reference:
    Read more: EUR 750 Million Senior Notes of Credit Suisse AG
  • Strategic combination of Dufry and Autogrill

    On 3 February 2023, Dufry AG announced its strategic combination with Autogrill through the transfer of a 50.3% stake in Autogrill S.p.A held by Edizione S.p.A to Dufry and a subsequent mandatory public exchange offer for the remaining Autogrill shares at the same terms as Edizione and with a cash alternative of EUR 6.33 per…

    By

    CapLaw

    Reference:
    Read more: Strategic combination of Dufry and Autogrill
  • Pre-IPO Placement of ABB E-mobility

    On 1 February 2023, ABB E-mobility announced an agreement with four minority investors to raise an additional CHF 325 million in a second pre-IPO investment round, in exchange for a total shareholding of approximately 12 percent in the company, bringing the total of funds raised in pre-IPO investments to approximately CHF 525 million.

    By

    CapLaw

    Reference:
    Read more: Pre-IPO Placement of ABB E-mobility
  • GBP 500 Million Senior Notes and USD 3.75 Billion Senior Notes of Credit Suisse Group AG

    In January 2023, Credit Suisse AG completed its issuance of GBP 500 million aggregate principal amount of 7.750 per cent. senior notes due 2026 as well as its registered offering of USD 3.75 billion aggregate principal amount of senior notes. The USD offering consisted of USD 1.25 billion aggregate principal amount of 7.950% senior notes…

    By

    CapLaw

    Reference:
    Read more: GBP 500 Million Senior Notes and USD 3.75 Billion Senior Notes of Credit Suisse Group AG
  • EUR 1 Billion, USD 1.75 Billion and USD 2.25 Billion Senior Notes of UBS Group AG

    In January 2023, UBS Group AG completed its issuances of EUR 1 billion in aggregate principal amount of 4.375 per cent. Fixed Rate/Fixed Rate Callable Senior Notes due January 2031, USD 1.75 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due January 2027 and USD 2.25 billion in aggregate principal amount…

    By

    CapLaw

    Reference:
    Read more: EUR 1 Billion, USD 1.75 Billion and USD 2.25 Billion Senior Notes of UBS Group AG
  • Interogo Holding Pre-IPO Investment in ABB E-Mobility

    The long-term equity strategy fund of Interogo Holding is a foundation-owned international investment group based in Switzerland. Bär & Karrer advised the fund in connection with an investment related to the CHF 200 million pre-IPO placements of ABB E-Mobility. ABB E-Mobility is a global leader in electric vehicle (EV) charging solutions.

    By

    CapLaw

    Read more: Interogo Holding Pre-IPO Investment in ABB E-Mobility