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From the magazine SZW-RSDA 5/2018 | S. 451-461 The following page is 451

Das FIDLEG-Prospektrecht ante portas – Guter Anlegerschutz?

Eine Würdigung im nationalen und internationalen Kontext

The new Financial Services Act (FinSA) will introduce Switzerland’s first comprehensive prospectus regime. While conceptually modeled after the European Union’s Prospectus Directive and its recent replacement, the Prospectus Regulation, the new Swiss prospectus regime employs traditional Swiss legislation techniques and, constructively, abstains from specifically regulating every detail.

The new Swiss prospectus regime adheres to the information paradigm, vesting issuers and their advisors with significant discretion when drafting a prospectus, leaving room for individual style in structure, format and presentation, so long as it is within the four corners of the minimum content requirements. At the same time, the FinSA also gives credence to the intermediary paradigm by marrying the new prospectus regime with information duties at the point of sale.

The article discusses the interplay between these two paradigms in relation to the new Swiss prospectus regime. It does so in the…

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