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  • Federal Council proposal of 3 April 2020 to strengthen the Swiss capital market
    15 September 2020
    Securities

    On 3 April 2020, the Swiss Federal Council opened the consultation procedure for the new proposal to reform the Swiss withholding tax system and the proposal to abolish the transfer stamp duty on trading in certain securities. The consultation period ended on 10 July 2020. The present article provides for an overview over these proposals….


    By

    Stefan Oesterhelt

    Reference: CapLaw-2020-41
    Read more: Federal Council proposal of 3 April 2020 to strengthen the Swiss capital market
  • A new proxy adviser regulation in Switzerland?
    1 July 2020
    Securities

    The Swiss Parliament has adopted a motion requiring the Swiss government to propose a new regulation addressing the conflicts of proxy advisers. The primary focus seems to be on ISS and to a lesser extent on Glass Lewis for their potential dual role in advising institutional investors on voting recommendations and listed companies on corporate…


    By

    Thomas U. Reutter

    /

    Annette Weber

    Reference: CapLaw-2020-24
    Read more: A new proxy adviser regulation in Switzerland?
  • Position Paper on Legends and Selling Restrictions for Cross-Border Offerings of Securities (excluding Collective Investment Schemes and Structured Products) into Switzerland under the Prospectus Regime of the Swiss Financial Services Act
    27 April 2020
    Securities

    (Reference: CapLaw-2020-13)


    By

    CapLaw

    Reference: CapLaw-2020-13
    Read more: Position Paper on Legends and Selling Restrictions for Cross-Border Offerings of Securities (excluding Collective Investment Schemes and Structured Products) into Switzerland under the Prospectus Regime of the Swiss Financial Services Act
  • “What are you, and if so, how many?” – Considerations on Compliance with the new 500-Investor Rule in Practice
    27 April 2020
    Securities

    Under the newly enacted Financial Services Act (FinSA), a prospectus is not required if a public offer of securities is directed at less than 500 investors. This article considers the new 500-investor rule from a practical perspective and proposes guidelines for potential offerors who wish to rely on it. By David Weber (Reference: CapLaw-2020-14)


    By

    David Weber

    Reference: CapLaw-2020-14
    Read more: “What are you, and if so, how many?” – Considerations on Compliance with the new 500-Investor Rule in Practice
  • Sustainability Considerations in Debt Finance Transactions
    27 April 2020
    Securities

    The financial sector plays an important role in addressing climate change issues. While it is recognized that climate change can have an impact on financial stability, the financial sector can contribute to a reduction in greenhouse gas emissions. This article provides an overview of the various green / sustainable financing methods and their main characteristics,…


    By

    Charlotte Rüegg

    Reference: CapLaw-2020-15
    Read more: Sustainability Considerations in Debt Finance Transactions
  • New Rules on the Disclosure of Beneficial Owners and the Death Knell for Bearer Shares
    3 October 2019
    Securities

    On 21 June 2019, the Swiss Federal Assembly passed the Federal Act on the Implementation of the Recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Act) into law. The Act sounds the death knell of bearer shares for non-listed companies. It also introduces criminal law sanctions for breaches…


    By

    Rashid Bahar

    Reference: CapLaw-2019-39
    Read more: New Rules on the Disclosure of Beneficial Owners and the Death Knell for Bearer Shares
  • Expiration of Swiss Stock Exchange Equivalence and Activated Protective Measure
    7 August 2019
    Securities

    On 30 June 2019, the European Commission did not extend the so-called equivalence recognition of the Swiss legal framework applicable to stock exchanges. As a reaction, the Swiss Federal Department of Finance activated countermeasures designed to protect Swiss financial market infrastructures, in particular Swiss stock exchanges. This article provides an overview of the events surrounding…


    By

    Ramona von Riedmatten

    Reference: CapLaw-2019-26
    Read more: Expiration of Swiss Stock Exchange Equivalence and Activated Protective Measure
  • The Rise of Swiss Domestic Covered Bond Programmes
    7 August 2019
    Securities

    In the recent past, Swiss domestically oriented covered bond structures have become increasingly popular. Under recent successfully established domestic, purely Swiss law governed covered bond structures, Swiss issuers have been able to replicate traditional English law elements of covered bonds under Swiss law, enabling the covered bonds to be assigned a triple-A rating. This article…


    By

    Stefan Kramer

    /

    David Borer

    Reference: CapLaw-2019-27
    Read more: The Rise of Swiss Domestic Covered Bond Programmes
  • Discontinuation of LIBOR and Swiss Law-Governed Legacy Bonds – Time to Take a Closer Look
    7 August 2019
    Securities

    LIBOR was – and still is – the dominant reference rate for CHF-denominated floating rate and other variable interest rate bonds. There is still a significant number of outstanding “legacy bonds” with such variable interest rates that have maturities beyond the end of 2021, the announced time for the discontinuation of LIBOR. This article discusses…


    By

    René Bösch

    /

    Eduard De Zordi

    /

    Benjamin Leisinger

    /

    Lee Saladino

    Reference: CapLaw-2019-28
    Read more: Discontinuation of LIBOR and Swiss Law-Governed Legacy Bonds – Time to Take a Closer Look
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