Share Offering by AC Immune

AC Immune SA (Nasdaq: ACIU) completed an underwritten offering of 14.3 million of its common shares at a price of USD 3.50 per share. The gross proceeds from the offering, before deducting the underwriting discounts and commissions and other offering expenses, amounted to approximately USD 50.1 million.

EUR 1.5 bn Bonds Issuance by Roche

On 4 December 2023, Roche Finance Europe B.V. issued EUR 1.5 bn Bonds guaranteed by Roche Holding Ltd. The transaction consists of a EUR 600 m tranche due December 2027 and a EUR 900 m tranche due December 2036. The bonds will be listed on the SIX Swiss Exchange and have been admitted to trading on the Open Market of the Frankfurt Stock Exchange.

GDR Offering and Listing on SIX Swiss Exchange by Shenzhen Senior Technology Material Co., Ltd

Shenzhen Senior Technology Material, whose A Shares are listed on Shenzhen Stock Exchange, sold 12,684,800 GDRs representing five A-Shares each at an offer price of USD 9.46, raising gross proceeds of approximately USD 120.0 million from the offering. Trading in the GDRs on SIX Swiss Exchange commenced on 18 December 2023.

Acquisition of R&S Group by VT5 and Listing on SIXSwiss Exchange

On 13 December 2023, the Swiss SPAC VT5 Acquisition Company AG completed its De-SPAC transaction. On that date, it closed the acquisition of R&S Group, completed an offering of new and redeemed shares, and had its first day of trading on SIX Swiss Exchange as the newly renamed company R&S Group Holding AG.

3rd Conference on Control Systems (3. Tagung zu Kontrollsystemen)

Thursday, 14 March 2024, Paulus Akademie, Zurich

21st Zurich Stock Corporation Law Conference(21. Zürcher Aktienrechtstagung)

Thursday, 21 March 2024, Metropol, Zurich

21st Zurich Conference on Developments in Financial Market Law (21. Zürcher Tagung zu Entwicklungen im Finanzmarktrecht)

Tuesday, 21 May 2024, Lake Side, Zurich

St. Gall Conference on Corporate Law (St. Galler Gesellschaftsrechtstagung 2024)

Tuesday, 4 June 2024, SIX Convention Point, Zurich

Prospectus Requirements for Public Offerings of Securities in Switzerland under the FinSA: Exemptions for Offerings to Employees

Under the Financial Services Act (FinSA), Switzerland has enacted comprehensive rules governing prospectus requirements for public offerings of securities. This article aims to provide a brief overview of the prospectus requirement, focusing on two specific exemptions: Article 37 (1) (g) FinSA for offerings to current or former directors, officers, or employees, and the exemption from the requirement to prepare a key information document for employee options on equity securities.

By Benjamin Leisinger (Reference: CapLaw-2023-56)

Update on Risk-Absorbing Capital Instruments under the Revised Insurance Regulations

In this article, the authors provide an update on the changes with respect to the future treatment of risk-absorbing capital instruments under the revised Swiss insurance regulations, following the conclusion of the partial revision of the regulatory framework for the supervision of Swiss insurance undertakings earlier this year. This article serves as an update to the authors’ previous article on risk-absorbing capital instruments, which was published in CapLaw 3/2022 based on an earlier draft of the revised Ordinance on the Supervision of Private Insurance Undertakings. 

By Hansjürg Appenzeller / Vanessa Isler (Reference: CapLaw-2023-57)