CapLaw-2026-57

On 19 August 2026, practitioners, academics and market participants convened at SIX ConventionPoint in Zurich for Kapitalmarktrecht im Fokus 2026. Under the Title “Clarity or Room for Interpretation? Challenges in Interpreting Bond Terms and Conditions“ (Klarheit oder Auslegungsspielraum? Herausforderungen bei der Interpretation von Anleihensbedingungen), the conference examined how standardized bond terms should be interpreted, the interaction between contractual provisions and regulatory requirements and the significance of prospectuses, risk factors and changing market practice. Particular attention was paid to regulatory capital instruments and the Point of Non-Viability (PONV), against the background of the write-down of Credit Suisse AT1 instruments and the…