Securities
Securities Compliance and Market Trends.
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New Legal Provision Enables direct Issuances of Bonds by Swiss Issuers into the US Market for Registered Bonds
With the entry into force of the amendment to the Banking Act relating to bank restructurings on 1 January 2023, another little noticed provision amending the Swiss Code of Obligations has become effective. That provision allows Swiss issuers of debt capital market instruments to directly tap the US market for registered bonds. This contribution explains…
Reference: CapLaw-2023-01 -
Listing and Trading of GDRs on the SIX Swiss
Exchange by Chinese Companies under SER’s
revised Regulatory FrameworkFollowing approval from the Swiss Financial Market Supervisory Authority FINMA, SIX Exchange Regulation’s (SER) revised regulatory framework for global depositary receipts (Hinterlegungsscheine; GDRs) entered into force on 25 July 2022. These long-awaited revised regulations paved the way for the listing and trading of GDRs on the SIX Swiss Exchange (SIX) via the China-Switzerland Stock Connect Program. On…
Reference: CapLaw-2022-35
Exchange by Chinese Companies under SER’s
revised Regulatory Framework -
Transactions on carbon rights in Switzerland: Legislative landscape and perspectives
The object of this article is to provide a first analysis of the possible characterization of carbon credits and derivatives relating to carbon credits under Swiss law. By François Rayroux / Delphine Meylan / Laure Prevignano* (Reference: CapLaw-2022-36)
Reference: CapLaw-2022-36 -
Highlights of the AGM season 2022
This article provides an overview on this year’s AGM season in Switzerland. It looks back at the AGMs already held, discusses the particularities of the season and provides an outlook to the next season. By Anna Peter (Reference: CapLaw-2022-14)
Reference: Reference: CapLaw-2022-14 -
Recent developments on the way to an EU Green
Bonds StandardThis article provides an overview of the Green Bond Regulation proposed by the EU Commission in June 2021 and the most recent developments as the Commission’s proposal makes its way through the EU legislative process, in particular the draft report published by the rapporteur of the European green bond dossier at the EU Parliament in…
Reference: CapLaw-2021-01
Bonds Standard -
SIX publishes revised notice regarding the fulfilment of the disclosure obligations in capital increase transactions and simplified disclosure of lock-up groups
On 1 February 2022, SIX Exchange Regulation (SER) published a revised version of the Disclosure Office Notice I/09 (Notice I/09) confirming its practice on the disclosure obligations regarding subscription rights and lock-up groups, but overhauling the easing provisions relating to the disclosure of relevant positions of both underwriters and lock-up groups in the prospectus. By Alexander…
Reference: CapLaw-2022-02 -
A few thoughts concerning Sparks and its chances of success
Since 1 October 2021, small and medium-sized enterprises (SMEs) with a capitalization of less than CHF 500 million can list their shares on a new stock exchange segment of the SIX Swiss Exchange (SIX). The so-called Sparks segment of SIX offers more relaxed listing requirements compared to those of the main segment. It aims to…
Reference: CapLaw-2022-03 -
PIPEs in the Age of SPACs
Two acronyms have been echoing throughout international capital markets: PIPEs and SPACs. While private investments in public equity “(PIPEs”) have been a traditional financing technique, Switzerland’s regulator FINMA has finally given the green light to SIX Swiss Exchange (“SIX”), Switzerland’s largest stock exchange, to allow listings of special purpose acquisition companies (“SPACs”). International DE-SPAC deals…
Reference: CapLaw-2021-57 -
Corporate Law Reform: Delisting
On 19 June 2020 the Swiss parliament approved a bill introducing a new Swiss corporate law (Aktienrecht). The new Swiss corporate law is expected to come into force in 2023. As part of the reform the decision to delist the shares of a listed company will be made subject to a mandatory vote of the…
Reference: CapLaw-2021-58