New Rules On Prospectus And Key Information Document

On 15 June 2018, the Swiss parliament adopted the Swiss Financial Services Act (FinSA) and the Swiss Financial Institutions Act (FinIA). On 24 October 2018, the Swiss Federal Council opened a consultation process regarding the three ordinances implementing these acts, the Financial Services Ordinance (FinSO), the Financial Institutions Ordinance (FinIO) and the Supervisory Organisation Ordinance (SOO), which will last until 6 February 2019. The two acts are expected to enter into force together with the ordinances on 1 January 2020 and will introduce an entirely new regulatory framework governing the Swiss financial markets. Among other provisions, FinSA provides for a general obligation to prepare a prospectus in connection with public offerings of securities and their admission to trading on a trading venue as well as for an ex ante review and approval process by a Review Board. It also provides for an obligation to prepare a key information document in connection