Fibi Bank (Switzerland) completes the sale of its banking relationships and clients’ assets to CBH Compagnie Bancaire Helvétique

On 2 June 2017, Fibi Bank (Switzerland) Ltd (Fibi), a subsidiary of The First International Bank of Israel Ltd, and CBH Compagnie Bancaire Helvétique SA (CBH) completed the sale and transfer of Fibi’s banking relationships and clients’ assets to CBH.

Groupe Acrotec places CHF 70 m 3.75% Bonds

Groupe Acrotec SA, a high precision manufacturer of small components and specialised service provider for the watchmaking and industrial sectors, has completed the placement of CHF 70 m 3.75% bonds due 2023. The bonds were issued at 100% of their principal amount and, unless previously redeemed or repurchased and cancelled, will mature on 14 June 2023 at 100% of their principal amount.

Listing of Idorsia

On 16 June 2017, Idorsia Ltd (SIX: IDIA) announced its debut as an independent company newly listed on SIX Swiss Exchange.

Following the transfer of Actelion’s drug discovery and early stage clinical pipeline business to Idorsia, registered Idorsia shares held by Actelion have been distributed to Actelion shareholders by way of a dividend in kind. The distribution of Idorsia shares to Actelion shareholders completes the demerger from Actelion in connection with the all-cash tender offer for all publicly held shares of Actelion Ltd by Janssen Holding GmbH, a Swiss subsidiary of Johnson & Johnson (J&J) for 280 US Dollars in cash per share that will also settle on 16 June 2017.

20th Zurich Conference on Mergers & Acquisition

(20. Zürcher Konferenz Mergers & Acquisitions)

Tuesday, 5 September 2017, Lake Side, Zurich

Quo Vadis – Financial Center Switzerland?

(Quo Vadis – Finanzplatz Schweiz?)

Thursday, 24 August 2017, University Zurich

Financial Markets Regulation – Current Legal Topics

(Finanzmarktregulierung – aktuelle Rechtsprobleme)

Tuesday, 21 November 2017, Hotel Marriott, Zurich

4th Conference on Compliance in the Financial Services Industry

(4. Tagung zur Compliance im Finanzdienstleistungsbereich)

Wednesday, 22 November 2017, Lake Side, Zurich

Capital Markets and Transactions XIII

(Kapitalmarkt – Recht und Transaktionen XIII)

Tuesday, 28 November 2017, Metropol, Zurich

The Extraterritorial Reach of the New EU Share Trading Obligation

The new Market in Financial Instruments Regulation (MiFIR) will introduce a share trading obligation which requires EU investment firms to trade shares on an EU trading venue, an EU systemic internaliser or on an equivalent third country exchange only. Should the Swiss legal framework not be considered equivalent to the EU regulation as of the date of the launch of MiFID II/MiFIR (3 January 2018), EU investment firms would be required to trade dual-listed shares outside of Switzerland, even if the deepest pool of liquidity is in Switzerland. This article briefly describes the EU equivalence regimes in general, the requirements and effects of the relevant equivalence provision with regard to the share trading obligation, as well as its effects on Swiss trading venues.

By Marco Toni / Lea Hungerbühler (Reference: CapLaw-2017-15)

Current market practice of subsequent prospectus review for bonds and derivatives can be maintained under article 53 FinSA

Article 53(1) FinSA introduces a pre-review of prospectuses by a reviewing body, while article 53(2) FinSA allows the Federal Council to provide for exemptions. The Federal Council should continue to allow subsequent reviews substantially in the same way as the regulatory board allows provisional trading. The confirmation pursuant to article 53(2) FinSA is addressed to the reviewing body and confirms formal completeness against the prospectus content lists. Only administrative consequences imposed by FINMA are attached to an incorrect confirmation.

By Matthias Courvoisier (Reference: CapLaw-2017-16)