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 (99)
- Regulatory (138)
- Takeover (19)
- Derivatives (7)
- News, Deals & Cases (503)
- Events (150)
- Other Areas (8)
CapLaw PDF Archive
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Read more: The New Era of U.S. Cryptocurrency Regulation: An Overview of 2025-2026 Reforms
The New Era of U.S. Cryptocurrency Regulation: An Overview of 2025-2026 Reforms
1) Introduction Significant changes have occurred in the United States’ regulatory environment regarding digital assets since January of 2025. Under President Trump’s administration, federal policy shifted decisively away from the enforcement-heavy approach that characterized the Biden era. This new federal strategy is a complete rethinking of federal agencies’ treatment of cryptocurrency and blockchain technology. It…
Reference: CapLaw-2026-04 -
Read more: The Swiss passporting regimefor foreign prospectuses
The Swiss passporting regimefor foreign prospectuses
Under the Swiss passporting regime for foreign prospectuses, eligible foreign prospectuses and base prospectuses may be used for securities offerings in Switzerland without a Swiss approval process. This passporting regime, often referred to as “automatic prospectus approval“, constitutes an attractive alternative for accessing the Swiss market. Drawing on five years of practical experience, this article…
Reference: CapLaw-2026-05 -
Read more: Practice notice of the Prospectus Office ofSIX Exchange Regulation AG No. 1/2025
Practice notice of the Prospectus Office ofSIX Exchange Regulation AG No. 1/2025
On 25 September 2025, the review bodies of SIX Exchange Regulation AG and BX Swiss AG published a uniform practice notice, which clarifies the current supervisory practice for prospectus reviews under the Swiss Financial Services Act and the Swiss Financial Services Ordinance. The practice notice outlines key procedural aspects, including the commencement of review deadlines,…
Reference: CapLaw-2026-06 -
Read more: Ultima Capital’s Issuance of CHF 100 Million Common Bond Loan
Ultima Capital’s Issuance of CHF 100 Million Common Bond Loan
On 6 January 2026, Ultima Capital SA issued a CHF 100 m common bond loan subscribed for by National Bank of Greece S.A.
Reference: CapLaw-2026-07 -
Read more: Plazza‘s CHF 100 Million Bond
Plazza‘s CHF 100 Million Bond
On 7 January 2026, PLAZZA AG placed a fixed-rate bond of CHF 100 million with a coupon of 1.25% and a term of 5.2 years, maturing on 31 March 2031. The proceeds will be used to refinance bank loans and to finance development and renovation projects. UBS, Zürcher Kantonalbank and Luzerner Kantonalbank coordinated the placement…
Reference: CapLaw-2026-08 -
Read more: UBS Group AG‘s Issuance of USD 3.0 Billion Tier 1 Capital Notes
UBS Group AG‘s Issuance of USD 3.0 Billion Tier 1 Capital Notes
On 8 January 2026, UBS Group AG issued USD 1.5 billion 6.625% Tier 1 Capital Notes and USD 1.5 billion 7.0% Tier 1 Capital Notes.
Reference: CapLaw-2026-09 -
Read more: Swiss Life’s Issuance of CHF 225 Million Hybrid Bonds
Swiss Life’s Issuance of CHF 225 Million Hybrid Bonds
On 13 January 2026, Swiss Life issued CHF 225m subordinated bonds, first callable in January 2032. The bonds were placed with investors in the Swiss Franc market. The bonds will be listed on SIX Swiss Exchange.
Reference: CapLaw-2026-10 -
Read more: UBS Group AG‘s Issuance of USD 3.0 Billion Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme
UBS Group AG‘s Issuance of USD 3.0 Billion Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme
On 13 January 2026, UBS Group AG issued EUR 1.5 billion Fixed Rate/Fixed Rate Callable Senior Notes due February 2031 and EUR 1.5 billion Fixed Rate/Fixed Rate Callable Senior Notes due January 2037 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG’s Swiss gone concern capital requirement.
Reference: CapLaw-2026-11 -
Read more: HIAG’s Issuance of CHF 100 Million Green Bonds
HIAG’s Issuance of CHF 100 Million Green Bonds
On 15 January 2026, HIAG Immobilien Holding AG issued CHF 100 m 1.340% Green Bonds due 2033. Raiffeisen Schweiz Genossenschaft and Basler Kantonalbank acted as Joint Lead Managers. The Green Bonds will be listed on the SIX Swiss Exchange.
Reference: CapLaw-2026-12 -
Read more: NZZ’s Stake Increase in APG SGA – APG Shareholders Approving Opting-up
NZZ’s Stake Increase in APG SGA – APG Shareholders Approving Opting-up
On 23 January 2026, APG SGA AG announced that its shareholders approved a so-called opting-up provision clearing the way for Aktiengesellschaft für die Neue Zürcher Zeitung (NZZ) to increase its stake from 25% to 45% by acquiring shares from existing shareholders JCDecaux SE and Pargesa Asset Management SA. The transaction is based on a share…
Reference: CapLaw-2026-13