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
  • Digital Realty successfully closes CHF 545 million of Swiss Green Bonds

    Digital Realty (NYSE:DLR), the largest global provider of carrier- and cloud-neutral data center, colocation and interconnection solutions successfully offered CHF 275 million of 0.20 percent bonds due 2026 and CHF 270 million of 0.55 percent bonds due 2029. The bonds were issued by Digital Intrepid Holding B.V., an indirect wholly-owned holding and finance subsidiary of…

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    CapLaw

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    Read more: Digital Realty successfully closes CHF 545 million of Swiss Green Bonds
  • SOPHiA GENETICS SA does IPO on Nasdaq

    On 22 July 2021, SOPHiA GENETICS SA, a Swiss healthcare technology company dedicated to establishing the practice of data-driven medicine as the standard of care and for life sciences research, priced its USD 234 million IPO, consisting of an offering of 13,000,000 ordinary shares at a price of USD 18.00 per share. The ordinary shares…

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    CapLaw

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    Read more: SOPHiA GENETICS SA does IPO on Nasdaq
  • Idorsia Placed CHF 600 million Convertible Bonds

    End of July 2021, Idorsia Ltd successfully placed CHF 600 million senior unsecured convertible bonds due 2028 in a private placement with institutional investors. The net proceeds of the convertible bonds will be used to support commercial product launches in several key markets and to fund the further development of the company’s advancing late-stage pipeline….

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    CapLaw

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    Read more: Idorsia Placed CHF 600 million Convertible Bonds
  • AC Immune Announced Strategic Acquisition and Equity Investment

    AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company pioneering precision medicine for neurodegenerative diseases, on 27 July 2021 announced that it is acquiring Affiris SA’s portfolio of therapeutics targeting alpha-synuclein (a-syn) as well as cash for 7.1 million shares based on a price of USD 8.26 per common share of AC Immune. The acquisition…

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    CapLaw

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    Read more: AC Immune Announced Strategic Acquisition and Equity Investment
  • AC Immune Announces Strategic Acquisition of Industry-leading Parkinson’s Disease Vaccine Candidate and Equity Investment Led by Athos Service GmbH

    AC Immune SA (NASDAQ: ACIU), a clinical-stage biopharmaceutical company pioneering precision medicine for neurodegenerative diseases, yesterday announced that it is acquiring Affiris SA’s portfolio of therapeutics targeting alpha-synuclein (a-syn), notably Affiris PD01, a clinically-validated active vaccine candidate for the treatment of Parkinson’s disease, as well as cash. The all-stock asset acquisition is valued at USD…

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    CapLaw

    Read more: AC Immune Announces Strategic Acquisition of Industry-leading Parkinson’s Disease Vaccine Candidate and Equity Investment Led by Athos Service GmbH
  • Position Paper regarding selected Aspects of the Financial Services Act (FinSA)

    With the entry into force of the Swiss Financial Services Act (FinSA) as of 1 January 2020, new regulatory duties and requirements for Swiss and foreign financial service providers which are active in Switzerland or serve Swiss clients proactively on a cross-border basis were introduced. However, the practical application of the new law revealed that…

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    Olivier Favre

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    Daniel Flühmann

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    Peter Ch. Hsu

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    Ronald Kogens

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    Benjamin Leisinger

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    Reto Luthiger

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    Mark Montanari

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    Thomas Müller

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    Lukas Roesler

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    Patrick Schärli

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    Bertrand Schott

    Reference:
    Read more: Position Paper regarding selected Aspects of the Financial Services Act (FinSA)
  • Are Insurers Permitted to Operate Innovative Business Models?

    Swiss (re)insurers are generally prohibited from conducting business not directly linked to the insurance business. The dispatch of the Swiss Federal Council on the partial revision of the Insurance Supervision Act states that the current prohibition of insurance companies to conduct non-insurance business will remain in place. At the same time, the partial revision of…

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    Hansjürg Appenzeller

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    Kevin M. Hubacher

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    Read more: Are Insurers Permitted to Operate Innovative Business Models?
  • LIBOR transition remains fraught with risk

    Publication of most LIBOR rates will be discontinued at the end of this year. The effects on financial contracts, which refer to a discontinued LIBOR rate to determine a payment obligation and which have a term that runs beyond discontinuation, are unclear and may depend on the facts surrounding the individual contract. Legislators in key…

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    Thomas Werlen

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    Jonas Hertner

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    Dusan Ivanovic

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    Read more: LIBOR transition remains fraught with risk
  • Reverse Factoring: Growing Spot on the Radar of Capital Market Transactions

    The Greensill case and other recent corporate breakdowns have turned the spotlight on the risk of supply chain finance. Since the outbreak of COVID-19, demand for supply chain finance has soared. The main concern is a lack of transparency. The implications of supply chain finance on capital market transactions are highlighted in this article.  By…

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    Ralph Malacrida

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    Read more: Reverse Factoring: Growing Spot on the Radar of Capital Market Transactions
  • Ad Hoc Publicity – New Rules And Their Consequences For SIX Listed Issuers

    As of 1 July 2021, SIX Exchange Regulation Ltd (SER), the supervisory authority for issuers listed at SIX Swiss Exchange (SIX), revises the rules on ad hoc publicity in the Listing Rules (LR) and the Directive on Ad hoc Publicity (DAH). While the changes might not seem substantial at first, some details of the revised…

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    Andrea Rüttimann

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    Read more: Ad Hoc Publicity – New Rules And Their Consequences For SIX Listed Issuers