Securities

While Swiss investment foundations have been used quite often for indirect real estate investments of Swiss pension plans in the past, recently, more market participants have been using the real estate investment foundation as an attractive real estate offering for their eligible clients. In addition to the general regulatory and civil law framework that applies…

On 26 March 2015, Credit Suisse issued USD 4 billion senior unsecured debt that intends to be eligible to meet the Financial Stability Board’s proposal and envisaged future Swiss standards for instruments counting towards a total loss absorbency capacity (TLAC) requirement. By René Bösch/Benjamin Leisinger (Reference: CapLaw-2015-15) 1) Background and Developments a) The Idea In…

Proxy adviser have now come to play an important role for listed companies in Switzerland with a significant free float. The breadth of the phenomenon is relatively recent and coincided with the enactment and entry into force of the Ordinance against Excessive Compensation for listed companies (OaEC; Verordnung gegen übermässige Vergütungen in börsenkotierten Unternehmen (VegüV)),…

SIX Exchange Regulation, the regulatory body of the main Swiss stock exchange, has confirmed plans to overhaul its regulatory listing standards. The sub-division into Main Standard and Domestic Standard will be abolished and issuers may choose between an International and a National or Swiss Standard. The only major difference between the two new regimes will…

As the free flow of funds in and out of China is still regulated by the Chinese government, the Chinese financial market is basically closed to foreign investors. Although there are visible steps towards opening China’s tightly controlled capital markets, the length of time it will take for China to fully open up its financial…

On 1 March 2014, SIX Exchange Regulation’s revised Directive on Delisting came into force. The introduction of a shareholders’ right to challenge the period set between the delisting announcement and the last day of trading is probably the most significant change. Such period may be set by the SIX Exchange Regulation between 3 and 12…

One of the key changes of the new Swiss laws on market abuse that entered into force on 1 May 2013 was the introduction of administrative law rules on insider trading and market manipulation which apply to all market participants. As a result thereof, Swiss publicly listed companies should, among other things, revisit their current…

Starting 6 October 2014, securities tradable on SIX Swiss Exchange and SIX Structured Products Exchange and settling through the Swiss central securities depository SIX SIS will settle after two business days. By René Bösch/Benjamin Leisinger (Reference: CapLaw-2014-12)

On 29 July 2013, the Federal Supreme Court decided on article 9(2) SESTO-FINMA, one of the provisions whereby FINMA intended to implement the regulation set forth in article 20 SESTA on disclosure duties for substantial positions in companies listed in Switzerland. The Federal Supreme Court ruled that article 9(2) SESTO-FINMA has no legal basis in…