Spin-off of Novartis’ Alcon Business and Listing of Alcon Shares on the SIX and the NYSE

Alcon Inc., the largest eye care device company in the world, with complementary businesses in surgical and vision care, announced its debut as an independent, publicly traded company and the completion of its separation from Novartis on 9 April 2019, the day the company’s shares began trading on the SIX Swiss Exchange and New York Stock Exchange (NYSE). The Alcon shares are also included in the Swiss Market Index (SMI). In light of Alcon’s market capitalization of more than CHF 28bn (at close of trading on SIX on the first day of trading), it was the largest spin-off and listing on the SIX in a decade at least.

St. Gallen Corporate Law Day

(St.Galler Gesellschaftsrechtstag)

Thursday, 23 May 2019, SIX ConventionPoint Zurich
https://irphsg.ch/weiterbildung/tagungen/2019-2/st-galler-gesellschaftsrechtstag-2019/

Seminar “16th Zurich Conference on Developments in Financial Market Law”

(Seminar “16. Zürcher Tagung zu Entwicklungen im Finanzmarktrecht”)

Tuesday, 4 June 2019, Lake Side, Zurich
http://www.eiz.uzh.ch/weiterbildung/seminare/

SZW Corporate Law Convention 2019

(SZW-Tagung zum Aktienrecht 2019)

Tuesday, 4 June 2019, University of Zurich
https://www.szw-tagung.ch/

7th Annual URPP Conference, FinSA/FinIA: The Financial Centre Facing New Challenges

(7. Jahrestagung des Universitären Forschungsschwerpunkts Finanzmarktregulierung UZH, FIDLEG/FINIG: Der Finanzplatz vor neuen Herausforderungen)

Wednesday, 5 June 2019, Rechtswissenschaftliches Institut der Universität Zürich
https://www.finreg.uzh.ch/en/events.html

Spin-off of Alcon

Today, Novartis AG completed the spin-off of the Alcon eye care devices business, and Alcon Inc. debuted as independent publicly traded company. The Alcon shares were successfully listed on the SIX Swiss Exchange Ltd. and the New York Stock Exchange. They are also included in the Swiss Market Index (SMI), which comprises the 20 largest Swiss listed stocks.

Asset Backed Securities Under the Financial Services Act

The Financial Services Act of 15 June 2018 (FinSA) and the consultation draft Financial Services Ordinance (draft FinSO) dated 24 October 2018 include significant new rules for the distribution of financial instruments and the regulation of financial services in Switzerland. This article discusses the potential impact of the new rules on Asset-Backed Securities (ABS) in relation to the timing of prospectus review and approval, the obligation to prepare a Key Investor Document (KID) and the regulation of services typically provided by investment banks in connection with ABS transactions. The article is based on the version of draft FinSO published for public consultation.

By Daniel Adler / Daniel Bono (Reference: CapLaw-2019-01)

The Rise of Green, Social and Sustainability Bonds – The Swiss Perspective

The global market for green, social and sustainable investment is growing at an increasing rate. This is the result of considerable growth of both the demand for, and the supply of, capital for green, social and sustainable projects. Despite Switzerland having a highly developed and efficient capital market and being one of the world’s largest cross-border wealth management centres, the Swiss market for green, social and sustainability bonds is only just beginning to gain momentum. In view of this, the author expects this sector to significantly grow in the coming years.

By Andreas Josuran (Reference: CapLaw-2019-02)

Corporate Tax Reform – Capital Contribution Principle for Swiss-listed Companies

On 28 September 2018 the Swiss Parliament approved the final draft bill regarding the corporate tax reform which includes major changes for Swiss-listed companies in relation to the distribution of dividends paid by repayment of capital contribution reserves. It is proposed that Swiss-listed companies may only pay withholding tax-free capital contribution reserves if in the same amount a dividend will be paid from taxable distributable reserves (so-called 50/50 rule).

By Elga Reana Tozzi (Reference: CapLaw-2019-03)

Replacement of LIBOR – An Approach for the Swiss retail lending market

The discontinuation of LIBOR, announced for the end of 2021, is foreseeable. At the same time, for lack of suitable alternatives, LIBOR is still the dominant reference rate in the Swiss retail lending market for floating rate borrowings. As a result, Swiss banks active in the mortgage lending market already now face the challenge to provide for a transition to a successor rate when entering into new contracts. And the same challenge exists generally, both in the retail and the institutional market.

By René Bösch / Benedikt Maurenbrecher (Reference: CapLaw-2019-04)