CapLaw-2025-21

Article 120 of the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA) mandates that directly or indirectly crossing specific voting rights thresholds in companies listed in Switzerland must be disclosed to ensure market transparency. This includes indirect acquisitions or disposals of shares by way of financial instruments. In the context of contingent convertible bonds (CoCos, regulatory instruments that convert into shares upon certain events, ensuring the maintenance of sufficient capital) issued by Swiss issuers and underwritten by banking syndicates, the purchase rights and sale positions calculated in accordance with the terms of the…