Latest updates

Bond issuers will retain quick access to Swiss debt capital market under new regime
  • Banking & Financial Services
  • Switzerland
  • 22 October 2019

As part of its effort to meet EU-equivalent standards, Switzerland is in the process of implementing a comprehensive reform package which will fundamentally change the Swiss financial market regulatory framework and introduce the country's first harmonised and coherent prospectus regulation. The new regime will ensure that bond issuers will continue to have efficient and quick access to the Swiss debt capital market – one of the legislature's key goals.

EU equivalence assessment of Swiss stock exchanges
  • Banking & Financial Services
  • Switzerland
  • 16 July 2019

The Federal Department of Finance recently announced that it was activating the measures adopted by the Swiss Federal Council to protect the Swiss stock exchange infrastructure in anticipation of the expiration of the stock market equivalence granted by the European Commission. Notably, the protective measures do not affect companies with registered offices in Switzerland that are listed and traded exclusively on exchanges outside Switzerland.

Non-public offerings in Switzerland – an endangered species?
  • Banking & Financial Services
  • Switzerland
  • 14 May 2019

If everything goes according to plan, on 1 January 2020 Switzerland will have successfully overhauled its financial market legislation with the entry into force of the Financial Services Act and the Financial Institutions Act. An important element of the overhaul is the introduction of a new comprehensive and harmonised prospectus regime. However, the question remains as to whether non-public offerings as a species will survive in Switzerland.

New emergency measures to protect Swiss stock exchange infrastructure
  • Banking & Financial Services
  • Switzerland
  • 18 December 2018

In order to facilitate EU investment firms' access to trade Swiss shares on Swiss stock exchanges and limit the potential negative impact on the Swiss stock exchange infrastructure once Switzerland loses EU third-country equivalence, the Federal Council recently enacted emergency measures that will take effect from 1 January 2019. Any wilful or negligent breach of the recognition requirement under the new ordinance may result in criminal penalties against foreign trading venues and their responsible bodies.

Revised notices of the SIX disclosure office
  • Banking & Financial Services
  • Switzerland
  • 20 November 2018

The Disclosure Office of the SIX Exchange Regulation recently published useful guidance on its practice relating to certain provisions in the recently enacted Financial Market Infrastructure Act and the related implementing ordinance (the Swiss Financial Markets Supervisory Authority Financial Market Infrastructure Ordinance). The entry into force of the two federal laws has resulted in substantive amendments to some of the disclosure office's notices.

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