New Prospectus Requirements In Full Effect

On January 1 2020, the new Swiss Financial Services Act (FinSA) and Financial Services Ordinance (FinSO) on November 6 2019, implementing the provisions of the FinSA, have entered into force. These laws are part of an entirely new regulatory framework governing the Swiss financial markets.

While the majority of the rules entered into force immediately, certain obligations were or still are subject to transition periods. In particular, until December 1 2020, prospectuses could still be established in accordance with the previous, arcane rules of the Swiss Code of Obligations and, as far as SIX Swiss Exchange-listed companies were concerned, in accordance with the former listing rules of the SIX Swiss Exchange. However, since December 1, all new offerings and admissions to a Swiss trading venue must comply with the new prospectus rules.