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
  • Zürcher Kantonalbank’s Issuance of EUR 500 Million 2.950% Fixed Rate Bonds

    On 26 January 2026, Zürcher Kantonalbank issued EUR 500 million 2.950% Fixed Rate Bonds due 2031. The senior unsecured bhave been issued under Zürcher Kantonalbank’s Swiss base prospectus consisting of the applicable summary and securities note for the issue of bonds and short term notes of Zürcher Kantonalbank and the registration form for debt securities…

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    CapLaw

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  • UBS Switzerland’s Issuance of CHF 685 Million Fixed Rate Covered Bonds

    On 15 January 2026, UBS Switzerland AG issued CHF 150 million 0.435% Fixed Rate Covered Bonds due 2029, CHF 190 million 0.745% Fixed Rate Covered Bonds due 2032 and CHF 345 million 1.0225% Fixed Rate Covered Bonds due 2036 under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed…

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    CapLaw

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  • Alphabet issues CHF 3,055 Billion in Inaugural Five-tranche Offering

    On 10 February 2026, Alphabet Inc. (Alphabet), the parent company of Google LLC (Google) successfully placed bonds in Switzerland in the aggregate amount of CHF 3.055 billion. The CHF offering was comprised of CHF 905 million aggregate principal amount of 0.4270% senior notes due 2029, CHF 700 million aggregate principal amount of 0.8900% senior notes…

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    CapLaw

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    Read more: Alphabet issues CHF 3,055 Billion in Inaugural Five-tranche Offering
  • Note from the Editors | Strengthening the “Too Big to Fail” Regime in Switzerland

    The collapse of Credit Suisse in March 2023 has served as a powerful catalyst for a renewed and intensified debate on the effectiveness of Switzerland’s ‘too big to fail’ (TBTF) regulatory framework. In response, the Swiss Federal Council has presented a comprehensive package of measures aimed at strengthening banking stability and mitigating the risks posed…

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    CapLaw

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  • EARLY INTERVENTION REGIME

    On 6 June 2025, the Swiss Federal Council published proposed additional powers for the Swiss Financial Market Supervisory Authority FINMA. This article assesses the intended early intervention regime.

    By

    Nina Reiser

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    Read more: EARLY INTERVENTION REGIME
  • A “Swiss Senior Managers Regime”: Less Is More

    The Federal Council welcomes the introduction of a supervisory regime for senior managers of Swiss banks, citing perceived gaps in regulatory accountability. In fact, what is needed is not a new regulatory regime modelled on the British “senior managers regime”, but rather clarification and refinement of the current framework.

    By

    Nicolas Curchod

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    Dusan Ivanovic

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    Read more: A “Swiss Senior Managers Regime”: Less Is More
  • The Proposal to Grant FINMA the Power to Impose Fines

    This article examines the proposal to grant Swiss Financial Market Supervisory Authority (FINMA) the power to impose fines. The initiative, once seen as unlikely, gained renewed attention after the collapse of Credit Suisse and has since been supported by FINMA and considered by the Federal Council and the Swiss Parliament. While proponents emphasise deterrence, international…

    By

    Claudio Bazzani

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    Reto Ferrari-Visca

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    Read more: The Proposal to Grant FINMA the Power to Impose Fines
  • Idorsia Ltd’s Placement of 16.4 Million Shares through Accelerated Bookbuilding

    On 10 October 2025, Idorsia Ltd (SIX-listed) announced the launch of an accelerated bookbuilding offering, which led to the placement of 16.4 million shares at an offer price of CHF 4.00 per offered share, raising aggregate gross proceeds of approximately CHF 65.6 million. J.P. Morgan and UBS acted as Joint Bookrunners and Global Coordinators, and…

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    CapLaw

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    Read more: Idorsia Ltd’s Placement of 16.4 Million Shares through Accelerated Bookbuilding
  • DocMorris Finance B.V.’s Placement of CHF 49.6 Million Convertible Bonds Due 2028 and Early Buyback of Convertible Bonds due 2026

    On 22 October 2025, DocMorris Finance B.V., a subsidiary of DocMorris AG (SIX: DOCM), placed EUR 49.6 million senior unsecured bonds due 2028 and convertible into shares of DocMorris AG. Further, in November 2025, DocMorris Finance B.V. conducted a tender offer for its outstanding convertible bonds due 2026 at 103.5% of the par value plus…

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    CapLaw

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    Read more: DocMorris Finance B.V.’s Placement of CHF 49.6 Million Convertible Bonds Due 2028 and Early Buyback of Convertible Bonds due 2026
  • CoinShares’s Listing of Physical Staked Toncoin ETP on SIX Swiss Exchange

    On 28 October 2025, CoinShares International Limited, with an announced merger with Vine Hill Capital Investment Corp (Nasdaq: VCIC), launched the CoinShares Physical Staked Toncoin – a regulated exchange-traded product offering exposure to TON (The Open Network) listed on SIX Swiss Exchange Zurich, the high-performance blockchain integrated with Telegram’s global ecosystem. This launch combines CoinShares’…

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    CapLaw

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    Read more: CoinShares’s Listing of Physical Staked Toncoin ETP on SIX Swiss Exchange