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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Cowen Acquires Quarton Group

December 2018 - Finance. Legal Developments by BĂ„R & KARRER LTD..

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Cowen Inc., a NASDAQ listed, diversified financial services firm, agreed to acquire the Quarton group, a global financial advisor serving the middle market. Closing is expected in early 2019.

Bär & Karrer Advises the Banking Syndicate in the Rights Offering of ARYZTA

November 2018 - Finance. Legal Developments by BĂ„R & KARRER LTD..

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On 19 November 2018, ARYZTA, a global food business with a leadership position in speciality bakery, completed a capital increase by way of a rights offering structured as a volume underwriting in the amount of approximately CHF 900 million. 97.4% of the shareholders of ARYZTA exercised their subscription rights in the rights offering. The new shares not subscribed were placed in the market.

The banking syndicate comprised BofA Merrill Lynch and UBS as Process Banks and Joint Global Coordinators, Credit Suisse, JP Morgan and HSBC Bank plc as additional Joint Global Coordinators and Crédit Agricole CIB, Mizuho International plc and Rabobank as Joint Bookrunners.

Bär & Karrer acted as legal adviser to the syndicate banks in this transaction. The team included Thomas U. Reutter, Michael Trippel, Alexander von Jeinsen, Annette Weber, Carlo Hunter and Manuela Cassano (all Capital Markets), Dieter Dubs (Listed Companies/Takeover Law) as well as Susanne Schreiber and Lukas Scherer (both Tax).

Derivatives Trading under FMIA: Reporting Obligations

October 2018 - Finance. Legal Developments by BĂ„R & KARRER LTD..

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On 14 September 2018, the Federal Council extended the transition period for the reporting of derivative transactions by small non-financial counterparties (NFC-) until 1 January 2024 under the Financial Market Infrastructure Act (FMIA). The amendment to the Financial Market...

Retrocessions: Criminal Consequences of Non Disclosure

October 2018 - Finance. Legal Developments by BĂ„R & KARRER LTD..

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In a recent decision 6B_689/2016 of 14 August 2018, the Swiss Federal Supreme Court held that the failure to disclose adequately retrocessions may constitute an act of criminal mismanagement. After a short summary of the legal framework governing the disclosure of retrocessions, the present briefing analyses this decision and its practical impact in particular for Swiss financial institutions dealing with external asset managers.

Bär & Karrer Advises Waterland on its Investment in Tineo

October 2018 - Finance. Legal Developments by BĂ„R & KARRER LTD..

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Waterland Private Equity invested in Tineo AG after the carve-out from Quickline Holding AG. Tineo is an integrated enterprise solution provider of data centres, glass-fiber connections, high-speed internet and VoIP services with state-of-the-art infrastructure

17 February 2017: Auris Medical's Public Equity Offering

February 2017 - Finance. Legal Developments by Walder Wyss Ltd.

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Auris Medical Holding AG (NASDAQ: EARS) issued and priced its public offering of 10,000,000 common shares and 10,000,000 warrants, each warrant entitling its holder to purchase 0.70 of a common share.  The common shares and warrants are being sold in units comprised of one common share and one warrant at the public offering price of USD 1.00 per unit. The warrants will be immediately exercisable at a price of USD 1.20 per common share and are exercisable for five years. In connection with the offering, the Company has granted the underwriter a 30-day option to purchase up to 1,500,000 additional common shares and/or 1,500,000 additional warrants at the public offering price less underwriting discounts. The offering is expected to close on or about February 21, 2017, subject to customary closing conditions. Roth Capital Partners is acting as sole book-running manager in the offering. Maxim Group LLC is acting as a financial advisor in the offering.

Auris Medical is a Swiss biopharmaceutical company dedicated to developing therapeutics that address important unmet medical needs in otolaryngology. The shares of Auris Medical trade on the NASDAQ Global Market.

Walder Wyss advises Auris Medical on Swiss law aspects of the transaction. The team is being led by Alex Nikitine (Partner, Capital Markets, Corporate/M&A) and further includes Sarah Schulthess (Associate, Capital Markets, Corporate/M&A), Janine Corti (Counsel, Tax) and Ayesha Curmally (Partner, Notary). Davis Polk & Wardwell advises Auris Medical on US law aspects. Cooley (as to US law) and Pestalozzi (as to Swiss law) act as legal advisors to Roth Capital Partners.

17 February 2017: Cembra Money Bank acquires invoice financing provider SWISSBILLING SA

February 2017 - Finance. Legal Developments by Walder Wyss Ltd.

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Cembra Money Bank has reached an agreement to acquire 100% of the shares of SWISSBILLING. The transaction is expected to close within the first quarter of 2017. The transaction consideration was below CHF 10 million and is expected to have a negative impact of 0.1% on the Group’s CET1 ratio as at closing.

25 January 2017: Zug Estates CHF 100 mio. Bond

February 2017 - Finance. Legal Developments by Walder Wyss Ltd.

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Zug Estates Holding AG (SIX: ZUGN) has successfully issued its first CHF 100 mio. fixed-interest bond with a 0.7% coupon and a 5-year maturity.

30 September 2016: Ascom to divest its Network Testing Division to InfoVista

October 2016 - Finance. Legal Developments by Walder Wyss Ltd.

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Ascom Holding AG (SIX: ASCN) and InfoVista have closed a sale agreement under which InfoVista acquired the Network Testing Division. The transaction is based on a cash-free / debt-free enterprise value of USD 45 million. Ascom received USD 30 million in cash at closing and the remainder of the consideration is in the form of a subordinated vendor loan with a nominal value of USD 15 million, a 7-year maturity and a stated interest rate of 4% p.a.

11 October 2016: Sulzer Ltd – Exemption from the duty to submit a mandatory takover offer

October 2016 - Finance. Legal Developments by Walder Wyss Ltd.

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With decision dated 11 October 2016, the Takeover Board concluded that the refinancing and the potential enforcement of shares in Sulzer Ltd, which serve as a security for the financing banks, does not trigger a duty to launch a mandatory public tender offer for the shares in Sulzer AG for Natixis S.A., Credit Suisse AG, J.P. Morgan Securities Plc, ING Bank N.V., Deutsche Bank (Switzerland) Ltd., Sberbank of Russia as well as Tiwel Holding AG and Renova Holding Limited. Sberbank of Russia was granted an exemption from the obligation to submit a mandatory public tender offer in case that they hold more than 33 1/3% of the voting rights in Sulzer Ltd due to an appropriation of the respective shares in enforcement proceedings.

27 September 2016: Swiss Life – EUR 600 mio. Hybrid Bond

October 2016 - Finance. Legal Developments by Walder Wyss Ltd.

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Swiss Life Ltd has successfully placed a EUR 600 million undated subordinated bond, first callable in May 2027. The coupon until the first call date has been fixed at 4.5%.

News in stock exchange law

November 2012 - Finance. Legal Developments by Kellerhals Attorneys at Law.

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Am 1.1.2013 wird das Börsenrecht verschärft. Die Kontrollprämie bei öffentlichen Übernahmen wird abgeschafft, das Insiderrecht wird ausgedehnt und die FINMA erhält mehr Kompetenzen. ...

MIFID II and “European passport” for Swiss financial service providers: from dream to reality?

January 2012 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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The European Commission adopted on October 20 its draft proposal for a Directive on markets in financial instruments (MIFID II) repealing Directive 2004/39/EC, which surprisingly remained almost uncommented in Switzerland so far.

Position Paper

August 2011 - Finance. Legal Developments by Walder Wyss Ltd.

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Cross-Border Debt Offerings by Foreign Issuers into Switzerland

Regulatory Update on Collective Investment Funds

August 2011 - Finance. Legal Developments by Walder Wyss Ltd.

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Simplified Prospectus to be replaced by Key Investor Document (KID)

Investment funds: Modification of Swiss private placement rules

July 2011 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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Suite à un arrêt récent du Tribunal fédéral, la FINMA est contrainte de revoir son interprétation de la notion d’appel au public au sens de la LPCC.

Following a recent decision the Federal Court, FINMA is constrained to review its interpretation the notion of call the public at of CISA. 

Financing a property acquisition through Pension funds

June 2011 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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Dominique Christin addresses the tax trap if extraordinary contributions have been made during the last 3 years. The article criticizes the recent case-law of the Supreme Court which may have consequences contradictory with the spirit and purpose of the law.

GrenzĂĽberschreitende Finanzdienstleistungen

April 2011 - Finance. Legal Developments by Niederer Kraft & Frey.

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Der Finanzbereich ist auch in der Schweiz einer der am stärksten regulierten Wirtschaftzweige. Sich darin zurechtzufinden ist nicht immer einfach. Nachfolgende Ausführungen sollen dazu einen Einstieg vermitteln. Sie zeigen, dass die Schweiz im Gegensatz zum Ausland und abgesehen vom Bereich der kollektiven Kapitalanlagen und der Versicherungsprodukte, was die Zulässigkeit von grenzüberschreitend angebotenen Finanzdienstleistungen anbelangt, ein sehr liberales Regime kennt.

FINMA-Richtlinie stösst auf rechtliche Barrieren

April 2011 - Finance. Legal Developments by Niederer Kraft & Frey.

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Variable VergĂĽtungen fĂĽr den Finanzsektor stehen im Spannungsfeld zwischen Regulierung und Zivilrecht

Schadenersatzansprüche des Kunden gegen den Vermögensverwalter - Beurteilung typischer Argumente

April 2011 - Finance. Legal Developments by Niederer Kraft & Frey.

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Anhand von an der Tagung besprochenen, fiktiven Fällen soll im vorliegenden Aufsatz auf einige wichtige Problemkreise im Bereich der Informationsund Sorgfaltspflichten im Anlagegeschäft und der Vermögensverwaltung eingegangen werden.

Distribution of financial products - Implementing MiFID in Switzerland?

March 2011 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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The Swiss Financial Market Supervisory Authority (Finma) recently issued its report for enhancing the protection of investors in connection with the distribution of financial products in Switzlerand ("Vertriebsbericht 2010"). 

Devises Ă©mergentes Entre attrait et menace inflationniste

February 2011 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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Les monnaies concernées se situent au-dessous des sommets d’avant-crise. Contrairement à l’opinion répandue. Alors pourquoi tant de propos sur leur prétendues surévaluation?

Material scope of CISA : recent decision of the Swiss Federal Court

February 2011 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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Thierry Amy assesses for the AGEFI, one of the authoritative financial newspapers in Western Switzerland, a recent controversial judgment of the Federal Tribunal broadening the material scope of the Collective Investment Schemes Act (CISA), judgment which seems to confirm an extensive construction of CISA's scope and thus to grant an increased power to FINMA, and whose validity is worth discussing. 

Employee Share Ownership Schemes - New Swiss Federal Act Passed

February 2011 - Finance. Legal Developments by VISCHER.

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Employee share ownership is an important incentive for many employees. On December 17, 2010, the Swiss Federal Parliament in Bern enacted a federal act on the taxation of employee share ownership. The new law will substantially impact many employee share ownership plans. The main aspects of the new rules are as follows:

NewsLetter: February 2011

February 2011 - Finance. Legal Developments by Walder Wyss Ltd.

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European Directive on Alternative Investment Fund Managers - Implications for Switzerland

The Reform Project of Swiss Restructuring Law

January 2011 - Finance. Legal Developments by Umbricht Rechtsanwälte .

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The Swissair Insolvency as the trigger of restructuring reform

BANKING LAW COMMISSION: BACK TO REGULATION

January 2011 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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Under Swiss law, “banks” shall cover all institutions that accept deposits from the public on a professional basis or solicit these publicly in order to finance in any way, for their own account, an undefined number of unrelated persons or enterprises, with which they form no economic unit, or who refinance themselves in substantial amounts from a number of banks which are not significant shareholders and with which they form no economic entity in order to provide any form of financing for their own account to an undefined number of unrelated persons or institutions.

KAPITALEINLAGEPRINZIP – ES BESTEHT HANDLUNGSBEDARF

January 2011 - Finance. Legal Developments by Wenger & Vieli.

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Ausgewählte Fragestellungen zum Entwurf des Kreisschreibens (1. Teil)

UIA banking law commission in Istanbul

December 2010 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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At the occasion of the Annual Congress of the International Association of Lawyers (UIA), one of the largest worldwide organisations of lawyers, which will take place in Istanbul from October 30 to November 3, Dominique Christin and Thomas Goossens participate as speakers to the joint session of the banking and corporate law commissions on the advantages and pitfalls of share call and put options.

Buyback of equity and debt securities in Switzerland

November 2010 - Finance. Legal Developments by Walder Wyss Ltd.

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A substantial number of buyback programmes have been launched in the Swiss equity and debt capital markets over the past three years, with a substantial increase of bonds and convertible bonds buybacks in 2009. Before the financial crisis, issuers launched buybacks to either:

REVIDIERTER KONSUMENTENGERICHTSSTAND – EINE GEFAHR FÜR FINANZDIENSTLEISTER?

November 2010 - Finance. Legal Developments by Niederer Kraft & Frey.

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REVISED CONSUMER COURT - A POTENTIAL FOR FINANCIAL SERVICES?

Vermögensverwaltung III

November 2010 - Finance. Legal Developments by Niederer Kraft & Frey.

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Asset Management III

Private Equity Placements: Part II

November 2010 - Finance. Legal Developments by Wenger & Vieli.

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Comparing the Laws in Switzerland, the European Union, the United Kingdom and the United States: Part II

Private Equity Placements: Part I

November 2010 - Finance. Legal Developments by Wenger & Vieli.

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Comparing the Laws in Switzerland, the European Union, the United Kingdom and the United States: Part I

UIA banking law commission in Istanbul

November 2010 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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At the occasion of the Annual Congress of the International Association of Lawyers (UIA), one of the largest worldwide organisations of lawyers, which will take place in Istanbul from October 30 to November 3, Dominique Christin and Thomas Goossens participate as speakers to the joint session of the banking and corporate law commissions on the advantages and pitfalls of share call and put options.

Managed Accounts - True (r)evolution in alternative investments?

October 2010 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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Given their greater visibility and liquidity, managed accounts have recently been praised by an increasing number of players in the alternative investment industry to rebuild confidence of the investors in the aftermath of the 2008 financial crisis and of the Madoff saga.  

UIA banking law commission in Istanbul

October 2010 - Finance. Legal Developments by BCCC Attorneys-at-law LLC.

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At the occasion of the Annual Congress of the International Association of Lawyers (UIA), one of the largest worldwide organisations of lawyers, which will take place in Istanbul from October 30 to November 3, Dominique Christin and Thomas Goossens participate as speakers to the joint session of the banking and corporate law commissions on the advantages and pitfalls of share call and put options. 

Insolvency of banks and other financial institutions in Switzerland

July 2010 - Finance. Legal Developments by Niederer Kraft & Frey.

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Switzerland’s financial services industry attracts worldwide interest and investment. For that reason, the laws relating to the insolvency of Swiss banks and other financial institutions are of considerable international interest.

Buyback of equity and debt securities in Switzerland

June 2010 - Finance. Legal Developments by Niederer Kraft & Frey.

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A substantial number of buyback programmes have been launched in the Swiss equity and debt capital markets over the past three years, with a substantial increase of bonds and convertible bonds buybacks in 2009. Before the financial crisis, issuers launched buybacks to either:

Buyback of equity and debt securities in Switzerland

April 2010 - Finance. Legal Developments by Walder Wyss Ltd.

More articles by this firm.

A substantial number of buyback programmes have been launched in the Swiss equity and debt capital markets over the past three years, with a substantial increase of bonds and convertible bonds buybacks in 2009. Before the financial crisis, issuers launched buybacks to either:

Recent developments in the regulatory environment for alternative investment service providers

February 2010 - Finance. Legal Developments by Walder Wyss Ltd.

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In the wake of the recent crisis in the international credit markets, alternative investment funds are also a target for new regulations, while Switzerland and other prominent financial centres continue to compete to attract alternative investment funds and asset managers. This article outlines recent developments in the Swiss regulatory environment for alternative investment service providers.

Proposed Swiss Bank Deposits Protection Law

January 2010 - Finance. Legal Developments by Walder Wyss Ltd.

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In response to the recent crisis in global credit markets and the insolvency of numerous banks worldwide, the Swiss Parliament passed an emergency law in December 2008 to expand protection for Swiss bank depositors. On 14 September 2009 public consultation on permanent legislation has begun. This NewsLetter summarizes and appraises the proposed Federal Law on the Protection of Bank Deposits (the ”Deposits Protection Law”or ”DPL”).

Instrumente des Kreditrisikotransfers im schweizerischen Bankenaufsichtsrecht

December 2009 - Finance. Legal Developments by Walder Wyss Ltd.

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The modern instruments of Credit Risk Transfer (CRT) have been in the spotlight since the beginning of the credit crisis. This article describes the banking regulatory framework for CRT in Switzerland. It presents the basic characteristics of CRT instruments (credit derivatives and securitisation instruments) and their regulation in Swiss supervisory banking law. The Swiss regulation is, with a few exceptions, based on the provisions of Basel II. Relevant for CRT instruments are the respective provisions on regulatory capital, risk distribution and risk management. The regulation of credit derivatives differs depending whether the instruments are held in the banking or the trading book and whether the bank is buyer or seller of (credit risk) protection. The regulation of securitisation instruments refers to the Basel IIframework for securitisations in its entirety.

International Offerings of Equity Securities in Switzerland by Non-Swiss Issuers

October 2009 - Finance. Legal Developments by VISCHER.

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Leading Swiss banks and Swiss law firms agree on a joint position in respect of the applicability of Swiss prospectus requirements for cross-border equity securities offerings by non-Swiss issuers into Switzerland. VISCHER endorsed this position paper which provides foreign issuers of shares and their banks with a harmonized view on certain disputed and debated issues.

Proposed Swiss Bank Deposits Protection Law

October 2009 - Finance. Legal Developments by Walder Wyss Ltd.

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In response to the recent crisis in global credit markets and the insolvency of numerous banks worldwide, the Swiss Parliament passed an emergency law in December 2008 to expand protection for Swiss bank depositors. On14 September 2009 public consultation on permanent legislation has begun. This NewsLetter summarizes and appraises the proposed Federal Law on the Protection of Bank Deposits (the ”Deposits Protection Law”or ”DPL”).

New Unified Supervision of Financial Institutions and Financial Intermediaries in Switzerland

July 2009 - Finance. Legal Developments by Walder Wyss Ltd.

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The Federal Law concerning Federal Financial Market Supervision (FINMAG), which created the Financial Market Supervisory Authority (FINMA), enters into full force at the beginning of 2009 and will then place the enforcement of seven federal laws central to the supervision of the financial services industry under FINMA’s unified regulatory roof. This NewsLetter outlines the major features of FINMAG and FINMA.

New Rules on Market Abuse Proposed

June 2009 - Finance. Legal Developments by Walder Wyss Ltd.

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commission of experts established by the Swiss Federal Council to consider how to increase the effectiveness of securities market regulation recently delivered its report (the “Report”) on securities market crimes and market abuse (“Börsendelikte und Marktmissbrauch” ). The Report proposes various revisions to ensure that Swiss securities markets function properly. This NewsLetter outlines the proposals.

Multi-jurisdictional outsourcing: transition and transformation issues

May 2009 - Finance. Legal Developments by Walder Wyss Ltd.

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Outsourcing invariably means change, and change invariably means problems. Nowhere is this correlation more applicable than during the first months or even years of an outsourcing relationship. Frequently reported problems relate to excess costs and delays in the implementation of projects. Operational issues during or after the migration of services can also occur, which can range from minor performance problems to major outages.

Freezing a Defendant's Assets: Enforcement of a Worldwide Freezing Injunction in Switzerland

February 2009 - Finance. Legal Developments by Lalive.

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A powerful weapon in English court proceedings is the worldwide freezing injunction, preventing a defendant from disposing of assets pending the resolution of the underlying substantive proceedings. However, the weapon is only as effective as the claimant’s ability to wield it. In particular, the claimant must be able to enforce the injunction in the jurisdiction where the defendant’s assets are located.

The pledge of moveable property in secured financing transactions

July 2008 - Finance. Legal Developments by Walder Wyss Ltd.

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Swiss law lacks a broad system for creating security interests in moveable property which remains in the possession of the borrower, such as equipment, vehicles and inventory. The lack of a system of nonpossessory security interests make financing transactions which are to be secured with moveable property significantly more difficult and expensive to complete.

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New "hat" for Swiss securities

July 2008 - Finance. Legal Developments by Walder Wyss Ltd.

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The Swiss Federal Council has drafted the new Federal Law on Book-Entry Securities (Bundesgesetz ĂĽber Bucheffekten) (BEG). The BEG creates a new, more readily transferable type of securities and conforms the transfer of Swiss securities to current international standards. The first debates of the Swiss Parliament on the draft BEG are scheduled for November 2007. Earliest entry into force is expected to occur in 2009.
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“Qualified Investors”under the new Federal Collective

October 2007 - Finance. Legal Developments by Walder Wyss Ltd.

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The Federal Collective Investment Schemes Act of 23 June 2006 (the“CISA”)entered into force at the beginning of 2007. This law brought many changesto the landscape of investment fund regulation, including the introductionof a category of investors defined as“qualified investors”to whom interestsin foreign collective capital investments which are not subject to regulationin Switzerland may be offered.

The Duty to Disclose Significant Holdings in Listed Companies

October 2007 - Finance. Legal Developments by Walder Wyss Ltd.

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As of1 July 2007, two important changes regarding the duty to disclose significant holdings in listed companies have entered into force: First, aholder of equity securities has to add all (call) options he holds to his holdings in shares in order to determine whether a threshold triggering the disclosure duty has been reached. Second, options providing for cash settlement are subject to the disclosure duty.

Das Kollektivanlagengesetz – auch steuerlich ein anspruchsvoller Parcours

March 2007 - Finance. Legal Developments by Meyer Lustenberger.

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Das per 1  Januar 2007 in Kraft getretene Kollektivanlagengesetz birgt auch steuerlich einige KnacknĂĽsse, Im vorliegenden Beitrag werden die GrundzĂĽge der geänderten Steuernormen kurz dargestellt. Detailfragen wird die Praxis mit Sicherheit noch einige lösen mĂĽssen.

Mezzanine Financing of Company Takeovers and New Companies

February 2007 - Finance. Legal Developments by Froriep Renggli.

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E i n f ĂĽ h r u n g

Die Realisierung neuer und innovativer Ideen und Produkte namentlich von Jungunternehmen verlangt nach einer entsprechenden Finanzierung. Weil die Erfolgsaussichten zu Beginn des Wachstums schwer abzuschätzen und Sicherheiten für Bankkredite kaum oder nicht vorhanden sind, steigt der Bedarf nach alternativen Finanzierungsmethoden. Die Banken sind im traditionellen Firmenkreditgeschäft zunehmend zurückhaltend. Eine ähnliche Situation ist auch vermehrt bei Unternehmensübernahmen festzustellen. Die Finanzierung von Jungunternehmen und Unternehmensübernahmen mit Mezzanine stellt eine solche alternative Finanzierungsmethode dar, die sich auch in der Schweiz zunehmender Beliebtheit und Verbreitung erfreut.

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Das neue Kollektivanlagengesetz - Stärkung des Finanzplatzes Schweiz

October 2006 - Finance. Legal Developments by Meyer Lustenberger.

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Mit dem voraussichtlich am 1 Januar 2007 in Kraft tretenden, neuen Kollektivanlagengesetz soll der Fondsplatz Schweiz eine dynamische, flexible und moderne Regulierung erhalten. Dabei bleibt abzuwarten, ob resp. wie sich allfällige "Geburtsfehler" des neuen Gesetzes in der Praxis auswirken werden.

Corporate Governance - Transparenz bezüglich Entschädigung von VR und GL

October 2006 - Finance. Legal Developments by Meyer Lustenberger.

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Die neuen Bestimmungen des Obligationenrechts bez  VergĂĽtungen an Mitglieder des Verwaltungsrats und der Geschäftsleitung treten am 1 Januar 2007 in Kraft Es stellen sich u a ĂĽbergangsrechtliche Fragen im Zusammenspiel mit der Richtlinie der SWX Swiss Exchange betr Informationen zur Corporate Governance.

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