From the magazine SZW-RSDA 6/2019 | S. 582-588 The following page is 582

Prüfung des Prospekts

The Financial Services Act (FinSA), came into force on 1 January 2020 and introduced comprehensive duty for issuers to have prospectuses vetted prior to their publication. In this regard, FinSA is largely modeled according to the EU prospectus regulation. In contrast to the EU, however, the Swiss legislator delegates the responsibility to review prospectuses to private organizations rather than to an existing public authority. They will vet prospectuses and assess completeness, comprehensibility and consistency. As a rule, prospectuses must have been approved by one of the prospectus reviewing bodies prior to publication. An exemption is available for the issuance of securities such as straight bonds, convertible bonds and structured products, which are particularly time-critical. They may be approved after publication, provided the most important information about the issuer and the securities is publicly available and a bank issues a statement to this effect. Proceedings will be…