Regulatory

Legal Developments in Financial Market Regulation.

  • 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

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    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
  • FINMA’s enforcement tools to uphold supervisory law: Current toolkit and proposed additions

    During the current debate on the supervision of financial institutions, FINMA’s enforcement instruments have repeatedly been accused of being ineffective, especially when compared to other foreign financial market supervision authorities’ tools. While FINMA has long been opposed to additional enforcement instruments, this has now changed and FINMA has recently proposed three additional tools to strengthen…

    By

    Lukas Roesler

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    Stephanie Walter

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    Read more: FINMA’s enforcement tools to uphold supervisory law: Current toolkit and proposed additions
  • Highlights from FINMA’s Annual Report 2022

    As every year, the Swiss Financial Market Supervisory Authority FINMA has released its annual report, which summarizes the authority’s regulatory and supervisory activity during the past calendar year. This survey highlights a number of points of particular interest from a capital markets law perspective. By Roland Truffer (Reference: CapLaw-2023-26)

    By

    Roland Truffer

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    Read more: Highlights from FINMA’s Annual Report 2022
  • Non-Financial Reporting

    With the entry into force of the reporting obligations on non-financial matters, Swiss listed and/or FINMA-regulated companies will become subject to a comprehensive reporting and disclosure framework on environmental and social matters. The rules on non-financial reporting include in particular detailed disclosure requirements on climate-related matters, all in line with international standards and recommendations. The…

    By

    Patrick Schärli

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    Read more: Non-Financial Reporting
  • Draft Implementing Provisions on the Limited Qualified Investor Fund (L-QIF): A Missed Opportunity for Improving the Competitiveness of the Swiss Fund Market

    On 23 September 2022, the Swiss Federal Council opened the consultation procedure on the draft for an amendment to the Collective Investment Schemes Ordinance (CISO) and a number of fund-related provisions in other ordinances. The core content of the consultation draft (Consultation Draft) is the implementing provisions regarding the Limited Qualified Investor Fund (L-QIF), a…

    By

    Sandro Abegglen

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    Yannick Wettstein

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    Read more: Draft Implementing Provisions on the Limited Qualified Investor Fund (L-QIF): A Missed Opportunity for Improving the Competitiveness of the Swiss Fund Market
  • Position Paper on Disclosure Obligations of the Banking Syndicate in Swiss ECM Transactions

    Swiss law requires the public disclosure of significant shareholdings in Swiss listed companies to increase transparency and ensure equal treatment among market participants. In particular, market participants shall be informed about who actually controls and who is building up or reducing a stake in a Swiss listed company which is particularly relevant in connection with…

    By

    CapLaw

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    Read more: Position Paper on Disclosure Obligations of the Banking Syndicate in Swiss ECM Transactions
  • First Trends of the 2023 AGM Season

    This year’s AGM season is marked by the recent entry into force of the Swiss Corporate Law Reform and the need for companies to adapt their articles of association and decide whether and how to make use of new concepts such as the capital band introduced by the new law. While it is too early…

    By

    Daniel Raun

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    Thomas U. Reutter

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    Read more: First Trends of the 2023 AGM Season
  • FINMA Guidance 02/23: Expiry of Transition Period for Portfolio Managers and Trustees

    On 30 January 2023, the Swiss regulator FINMA published guidance 02/2023 with which it provided an update on the status of the licensing process for portfolio managers and trustees. At the same time, FINMA gave an outlook on its enforcement activities in 2023, which serves as a clear warning for those portfolio managers and trustees that…

    By

    Patrick Schärli

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    Read more: FINMA Guidance 02/23: Expiry of Transition Period for Portfolio Managers and Trustees
  • Corporate ESG Reporting

    Over recent years ESG (environmental, social and governance) matters have increasingly become the focus of a wide-range of investors, and corporates are expected to comprehensively report on these type of topics. In line with this general development and on the back of the so-called “Responsible Business Initiative”, Swiss corporate law has been amended over the…

    By

    Patrick Schärli

    Reference:
    Read more: Corporate ESG Reporting