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
  • UBS Group Notes Issuances

    Between 11 and 13 January 2022, UBS Group AG successfully completed the issuance of USD 1.5 bn in aggregate principal amount of Fixed Rate/Fixed Rate Senior Notes due February 2033 and USD 1.5 bn in aggregate principal amount of Fixed Rate/Fixed Rate Senior Notes due February 2043 under its Senior Debt Programme as well as…

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  • BKB Bonds Issuance

    On 11 January 2022, Berner Kantonalbank AG announced the successful placement of CHF 200 m 0.85 per cent. Tier 2 bonds. Zürcher Kantonalbank acted as Structuring Advisor and Lead Manager and Berner Kantonalbank AG acted as Co-Manager. The bonds were listed on the SIX Swiss Exchange.

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    CapLaw

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  • SFS acquires Hoffmann SE

    On 22 December 2021, SIX listed SFS Group has announced the entry into an agreement to join forces with and acquire 100 per cent of Hoffmann SE. The current owners of Hoffmann SE agreed to contribute 100% of the shares of Hoffmann SE to the SFS Group. Hoffmann SE is a leading international systems partner…

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    CapLaw

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  • UBP Bonds Issuance

    On 15 December 2021, Union Bancaire Privée UBP SA (UBP) made its first issuance of bonds listed on the SIX Swiss Exchange, in an aggregate amount of CHF 335 million, maturity 2026.cap

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  • Liechtensteinische Landesbank Intends to Fully Acquire its 75% Subsidiary Bank Linth LLB

    Liechtensteinische Landesbank AG (LLB) intends to increase the shareholding in its subsidiary Bank Linth LLB AG (Bank Linth) to 100%. For this purpose, LLB has published on 27 January 2022 the pre-announcement for a public takeover offer to acquire the approximately 25% of Bank Linth held by the public. LLB offers the shareholders of Bank…

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    CapLaw

    Read more: Liechtensteinische Landesbank Intends to Fully Acquire its 75% Subsidiary Bank Linth LLB
  • SFS acquires Hoffmann SE

    The current owners of Hoffmann SE agreed to contribute 100% of the shares of Hoffmann SE to the SFS Group, which is listed on the SIX Swiss Exchange. Hoffmann SE is a leading international systems partner for quality tools which is active in over 50 countries with around 3,000 employees. A part of the purchase…

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  • PIPEs in the Age of SPACs

    Two acronyms have been echoing throughout international capital markets: PIPEs and SPACs. While private investments in public equity “(PIPEs”) have been a traditional financing technique, Switzerland’s regulator FINMA has finally given the green light to SIX Swiss Exchange (“SIX”), Switzerland’s largest stock exchange, to allow listings of special purpose acquisition companies (“SPACs”). International DE-SPAC deals…

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    Ralph Malacrida

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    Thomas U. Reutter

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  • Corporate Law Reform: Delisting

    On 19 June 2020 the Swiss parliament approved a bill introducing a new Swiss corporate law (Aktienrecht). The new Swiss corporate law is expected to come into force in 2023. As part of the reform the decision to delist the shares of a listed company will be made subject to a mandatory vote of the…

    By

    Lukas Roesler

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    Read more: Corporate Law Reform: Delisting
  • Sparks – The new SIX equity segment for SMEs

    On 1 October 2021, revised regulations of SIX Exchange Regulation (SER) – the self-regulatory supervisory body for issuers listed at SIX Swiss Exchange (SIX) – entered into force. The key part is the enactment of a new regulatory standard Sparks where small and medium-sized enterprises (SMEs) can list and trade their equity securities. This article provides…

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    Christian Schneiter

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    Peter Kühn

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  • Ad hoc Reporting and Supplements under the Financial Services Act

    The Financial Services Act and its implementing ordinance require prospectuses to be supplemented in case a new price-sensitive fact has arisen between the time of approval of the prospectus and final completion of a public offer or opening of trading on a trading venue. Such supplements have to be approved by the competent Reviewing Body,…

    By

    René Bösch

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    Benjamin Leisinger

    Reference:
    Read more: Ad hoc Reporting and Supplements under the Financial Services Act