Suchergebnisse für Prospekte

Sicherung von strukturierten Produkten nach Art. 70 Abs. 2 FIDLEG

The Financial Services Act (FinSA) is a cross-sectoral regulation but still contains certain historically grown sector-specific provisions. Pursuant to Art. 70 FinSA, offers of structured products to private clients must fulfill regulatory requirements regarding issuer, offeror and collateralization. Particularly, the collateralization of structured products issued by SPVs pursuant to Art. 70 para…

SPACs aus Schweizer Sicht

Special Purpose Acquisition Companies (SPACs) have been in use in the US for many decades and in their current form since roughly two decades with almost 1000 SPAC listings over these twenty years. A SPAC is a listed company that aims at acquiring or combining with an operating company to bring that company public (so called De-SPAC). For that purpose the founders and sponsors invest capital to…

Prospektrechtliche Gleichbehandlungspflicht bei Ausnahmen von der Prospektpflicht

In the absence of a duty to publish a prospectus, art. 39 of the Swiss Financial Services Act (FinSA) obliges offerors and issuers to treat investors equally when providing them with material information on a public offer of securities. This provision is applicable in cases in which securities are offered to the public or admitted to trading on a trading platform if the obligation to publish a…

Prospektpflicht nach FIDLEG

Switzerland has modernized its prospectus law by introducing new extensive rules in the Financial Services Act. The legislator closely considered the existing rules of SIX Swiss Exchange for the admission to trading and the rules applicable in the EEA. Fundamental changes are the mandatory review by a review body of prospectuses to be published in case of a public offer. In connection with the…

Der Kundenschutz und die FINMA – heute und morgen

To effectively protect financial market clients, an integrated approach combining prudential and conduct supervision is most conducive to achieving the desired results. It has already been applied in principles-based Swiss financial market regulation and supervision and is practised in a risk-oriented manner. Besides public financial market law, further aspects such as civil law and criminal law…

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…

Grenzüberschreitendes Angebot von Finanzdienstleistungen und -produkten? Die Eidgenossenschaft schlägt zurück

Until recently, Switzerland applied a strict territorial approach to regulating financial services with a handful of a notable exceptions. After facing protectionist movements from other…

Fortress Europe: Die Äquivalenzverfahren der EU im Bereich der Finanzdienstleistungen

The European Union is by far the most important ­market for Swiss cross-border financial services. So far, the key strategy for market access has been to tailor Swiss financial regulation so as to achieve equivalence with EU law. However, the analysis of the current equivalence procedures reveals that equivalence is not the door opener one had hoped for. Core activities such as deposit-taking,…

Das FIDLEG-Prospektrecht ante portas – Guter Anlegerschutz?

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…

Compliance-Anforderungen für Schweizer Asset Manager alternativer ­Investmentfonds

The European Directive 2011/61/EU (AIFMD) was a reaction of the European legislator to the financial ­crisis of 2007/2008. The Directive aims to provide for a harmonized and stringent regulatory and supervisory framework for the activities within the EU of all Alternative Investment Fund Managers (AIFM). Due to its fund manager focused approach, AIFMD imposes authorization requirements and…