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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.

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  • New CSRC Regulations and Trends on GDR Offeringsin Switzerland

    In June 2022, Switzerland witnessed the launch of the China-Switzerland Stock Connect Program, which provides Chinese companies with a streamlined pathway to access the Swiss capital markets through the issuance of so-called global depositary receipts (“GDRs”) on SIX Swiss Exchange. Following a swift start, the success of the Program was tested after the Chinese Securities Regulatory Commission (“CSRC”) announced its intention to introduce new rules for the overseas listing of securities by Chinese listed companies. During the first semester of 2023, a new set of rules came into effect which introduced a series of changes, the consequences of which are…

    By

    Thiago Freixo Claro 

    Reference:
    Read more: New CSRC Regulations and Trends on GDR Offeringsin Switzerland
  • Crypto Markets: Regulators Worldwide Are Sharpening Their Knives

    The long-held myth of crypto markets benefitting from a “legal vacuum” has recently been dismantled once and for all. Whereas the EU has adopted a regulation for markets in crypto-assets (MiCAR), international standard-setters such as the FATF, the FSB, BCBS and IOSCO have issued a series of far-reaching recommendations that are now to be implemented worldwide. Given these significant regulatory headwinds, the crypto industry will inevitably have to go through a process of maturation and consolidation. By Franca Contratto (Reference: CapLaw-2023-38)

    By

    Franca Contratto

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    Read more: Crypto Markets: Regulators Worldwide Are Sharpening Their Knives
  • Switzerland’s Quest for a Safe Haven for Crypto Products

    Tokens such as cryptocurrencies have caused turmoil in the financial market. Regulators are trying to catch up on the latest developments and adapt 20th century legislation to match up with 21st century technology. In this context, the United States Securities and Exchange Commission (“SEC“) has taken enforcement action against two cryptocurrency exchange platforms, Binance and Coinbase, in an attempt to clarify U.S. law applicable to tokens. The Swiss regulators have taken a more pragmatic approach. This article sets out the current situation in the U.S. and then turns to the legal regime in Switzerland. By Thomas Werlen / Simon Weber (Reference: CapLaw-2023-39)

    By

    Thomas Werlen

    /

    Simon Weber

    Reference:
    Read more: Switzerland’s Quest for a Safe Haven for Crypto Products
  • Federal Council Submits Draft Legislation on the Introduction of a Public Liquidity Backstop (PLB) for Systemically Important Banks to the Swiss Parliament

    By Benjamin Leisinger / Daniel Hulmann (Reference: CapLaw-2023-40)

    By

    Benjamin Leisinger

    /

    Daniel Hulmann

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    Read more: Federal Council Submits Draft Legislation on the Introduction of a Public Liquidity Backstop (PLB) for Systemically Important Banks to the Swiss Parliament
  • Spin-off and Listing of Sandoz

    On 4 October 2023, Novartis AG completed the spin-off of the Sandoz generics and biosimilars business, and Sandoz Group AG debuted as independent publicly traded company. The Sandoz shares were listed on SIX Swiss Exchange. The spin-off has been effected through a tax-neutral dividend-in-kind distribution of Sandoz shares to holders of Novartis shares and of Sandoz ADRs to holders of Novartis ADRs that that was previously approved by Novartis shareholders at an extraordinary general meeting. Sandoz is a European champion and a global leader in Generics and Biosimilars.

    By

    CapLaw

    Reference:
    Read more: Spin-off and Listing of Sandoz
  • Autoneum Rights Offering

    On 2 October 2023, Autoneum Holding AG, headquartered in Winterthur, Switzerland, and listed on SIX Swiss Exchange under the ticker symbol AUTN, completed its rights offering launched on 14 September 2023, with net proceeds of approximately CHF 100 million. The net proceeds will be used to partially repay the bridge loan which Autoneum entered into to provide financing for its acquisition of Borgers’ automotive business. Autoneum is a global leader in acoustic and thermal management for vehicles. It operates 67 production facilities worldwide and employs around 16,600 people in 24 countries.

    By

    CapLaw

    Reference:
    Read more: Autoneum Rights Offering
  • Vontobel’s Issuance of AT1 Bonds

    Vontobel has successfully placed new Additional Tier 1 bonds (AT1 bonds) with a nominal value of USD 400 million in two tranches of USD 200 million and a denomination of USD 200,000 each with funds managed by Apollo Global Management. The issue price of the AT1 bonds is 100 percent and payment occurred on 28 September 2023. The AT1 bonds have an expected Baa2 rating from Moody’s. Vontobel Holding AG is assigned an A2 issuer rating by Moody’s.

    By

    CapLaw

    Reference:
    Read more: Vontobel’s Issuance of AT1 Bonds
  • Raiffeisen’s Issuance of Senior Unsecured Bonds 

    On 28 September 2023, Raiffeisen Schweiz Genossenschaft successfully completed its Bond issuance in the amount of CHF 100 million. The bonds are traded and will be formally listed on SIX Swiss Exchange.

    By

    CapLaw

    Reference:
    Read more: Raiffeisen’s Issuance of Senior Unsecured Bonds 
  • UBS’s Issuance of Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme

    On 22 September 2023, UBS Group AG successfully completed its issuance of USD 1.25 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due December 2027, USD 1.5 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due September 2029 and USD 1.75 billion in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due September 2034 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 requirement.

    By

    CapLaw

    Reference:
    Read more: UBS’s Issuance of Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme
  • Equinix’s Inauguaral Issuance of CHF Bonds 

    On 12 September 2023, Equinix, Inc., a globally leading digital infrastructure company, successfully completed its inaugural Swiss issuance of CHF 300 m 2.875% bonds due in 2028. The Bonds were issued by Equinix Europe 1 Financing Corporation LLC and are fully guaranteed by Equinix, Inc. The offering of the Bonds was done by reliance on Regulation S under the U.S. Securities Act.

    By

    CapLaw

    Reference:
    Read more: Equinix’s Inauguaral Issuance of CHF Bonds