Securities

In the aftermath of the turmoil on the global financial markets which has become prominently known and felt since the year 2008, FINMA, first in its discussion paper on regulating the production and distribution of financial products to retail clients (Distribution Report) and now in its position paper on the regulation of the production and distribution of financial products (Position Paper on Distribution Rules) has made proposals on how to better protect clients investing in financial products. This article provides a summary overview over the 18 key points which FINMA makes in its Position Paper on Distribution Rules and, to…

Seven years after the entry into force of the harmonized EU prospectus regime with the EU Prospectus Directive 2003/71/EC (PD) and the EU Prospectus Regulation EC/809/2004 (PR), a major revision of the EU prospectus regime will enter into force on 1 July 2012 when EU member states will be required to implement EU Directive 2010/73/EU (Amending PD) into national law and the amendments to the PR set out in the delegated EU Regulation EU/486/2012 (Amending PR) will enter into force. Many of the changes will affect the prospectus documentation for structured products disproportionately, as one focus point of the change…

In late 2010, we reported on certain key changes to the EU Prospectus Directive (2003/71/EC) as a result of EU Directive 2010/73/EU (Amending Directive) of which Swiss issuers and capital markets practitioners should be aware. See CapLaw-2010-51. Once implemented (i.e. transposed into national law) by the various member states of the European Economic Area (EEA), the amendments will have a significant impact on both debt and equity offerings within the EEA. The deadline for implementation is 1 July 2012. By the same deadline, the European Commission (Commission) must adopt certain delegated acts, i.e. corresponding amendments to Commission Regulation (EC) 809/2044…

In late 2011, SIX Swiss Exchange published a comprehensive guide on Going Public on SIX Swiss Exchange. The guide is the product of a collaboration among some of the leading banks, law firms, audit companies and PR consultants in Switzerland, and provides valuable and interesting in-depth information for companies that are considering going public on SIX Swiss Exchange. The guide has a clear structure and short, but informative, articles complemented with helpful tables and overviews on all important topics that need to be considered in connection with a listing process.