Regulatory

Legal Developments in Financial Market Regulation.

  • Reporting of Beneficial Ownership in Unlisted Companies according to Article 697j CO – Some Open Points

    On July 1, 2015, new rules regarding reporting of beneficial owners of unlisted companies entered into force in Switzerland (for general remarks on the rules see CapLaw-2015-55). Even four years after their implementation, there are still a number of open questions in practice as regards the application of these rules, both from the perspective of the…

    By

    Alexander Wille

    /

    Lukas Held

    Reference:
    Read more: Reporting of Beneficial Ownership in Unlisted Companies according to Article 697j CO – Some Open Points
  • Corporate Tax Reform – Capital Contribution Principle for Swiss-listed Companies

    On 28 September 2018 the Swiss Parliament approved the final draft bill regarding the corporate tax reform which includes major changes for Swiss-listed companies in relation to the distribution of dividends paid by repayment of capital contribution reserves. It is proposed that Swiss-listed companies may only pay withholding tax-free capital contribution reserves if in the…

    By

    Elga Reana Tozzi

    Read more: Corporate Tax Reform – Capital Contribution Principle for Swiss-listed Companies
  • Replacement of LIBOR – An Approach for the Swiss retail lending market

    The discontinuation of LIBOR, announced for the end of 2021, is foreseeable. At the same time, for lack of suitable alternatives, LIBOR is still the dominant reference rate in the Swiss retail lending market for floating rate borrowings. As a result, Swiss banks active in the mortgage lending market already now face the challenge to…

    By

    René Bösch

    /

    Benedikt Maurenbrecher

    Read more: Replacement of LIBOR – An Approach for the Swiss retail lending market
  • The Proposed Strengthening of Group Action in Swiss Civil Procedure

    In Switzerland, plaintiffs are forced to litigate their claims in court individually, even if they are part of a group that is affected by the same underlying damaging event. In the context of the ongoing partial revision of the Civil Procedure Code the Swiss Federal Council is seeking to facilitate actions for damages for large…

    By

    Thomas Werlen

    /

    Remo Decurtins

    Reference:
    Read more: The Proposed Strengthening of Group Action in Swiss Civil Procedure
  • Revised FINMA Anti-Money Laundering Ordinance

    On 18 July 2018, FINMA published its revised Anti-Money Laundering Ordinance (the AMLO-FINMA). The revised AMLO-FINMA is noteworthy not so much for what it contains, but rather for what it does not contain. By Katrin Ivell (Reference: CapLaw-2018-45)

    By

    Katrin Ivell

    Reference:
    Read more: Revised FINMA Anti-Money Laundering Ordinance
  • EU PRIIPs Regulation and MiFID II – Impact on Debt Capital Markets Offerings

    In January 2018, two next sets of European rules affecting debt capital markets offerings into the European Economic Area (EEA) have come into effect: the PRIIPs Regulation (EU 1286/2014) on key information documents for packaged retail and insurance-based investment products (PRIIPs) and MiFID II (Directive 2014/65/EU on markets in financial instruments). The PRIIPs Regulation requires…

    By

    Dorothee Fischer-Appelt

    Reference:
    Read more: EU PRIIPs Regulation and MiFID II – Impact on Debt Capital Markets Offerings
  • Overview of SIX’s Directive on the Use of Alternative Performance Measures

    For many companies listed on the SIX Swiss Exchange Ltd (SIX), the use of alternative performance measures (APMs) has become a regular tool for communicating the business and financial performance of a company to investors. In light of the widespread use of APMs, their diverse application and the increasing risk of investors being misled, SIX…

    By

    Deirdre Ní Annracháin

    Reference:
    Read more: Overview of SIX’s Directive on the Use of Alternative Performance Measures
  • Practice of the Swiss Financial Market Authorities for Financing Banks

    While the entry into force of the Financial Market Infrastructure Act (FMIA) on 1 January 2016 has brought a number of substantial changes to the Swiss disclosure rules, in particular with regard to the reporting of discretionary voting power related to equity securities, the takeover provisions contained therein have largely remained unchanged. This article examines…

    By

    Julia Tolstova

    /

    Olivia Biehal

    /

    Aurèle Bertrand

    Reference:
    Read more: Practice of the Swiss Financial Market Authorities for Financing Banks
  • Legal Issues in relation to the Transfer of Tokens

    The reliable and easy transfer of assets on a blockchain is a key prerequisite for the economic exploitation and development of new technologies. Asset transfers currently occur through the use and transfer of tokens. If tokens contain a claim against the issuer (e.g. the right to use certain services), then claims under applicable Swiss law…

    By

    Rolf H. Weber

    /

    Salvatore Iacangelo

    Reference:
    Read more: Legal Issues in relation to the Transfer of Tokens