B-18-01 FINMA Circ. 18/1

Following a merger, the acquiring company may be condemned by the SIX for a violation committed by the transferring company. In addition, the CEO's conviction must be announced, even if it concerns acts committed within another company (award (final) by the SIX Court of Arbitration of August 26, 2024). A managing director and CEO of a company listed on the SIX is convicted of professional fraud and disloyal management within another company. The listed company merges with another company (acquiring[...]

Cross-border financial market supervision and effective international cooperation are essential for the stability and integrity of the world's financial markets. To this end, the Federal Council has just launched a consultation on amendments to the Financial Market Supervisory Authority Act (LFINMA), the Audit Supervision Act (ASA) and the Swiss National Bank Act (NBA) to adapt the Swiss legal framework to the current conditions for international cooperation. This commentary focuses exclusively on the proposed amendments to LFINMA. The preliminary draft seeks[...]

In a ruling dated 16 January 2024 (B_4185/2020), the Federal Administrative Court (FAT) upheld a FINMA decision of 19 June 2020 finding that a Swiss company and one of its directors had, as a group, engaged in unlawful securities trading, in the absence of authorisation, as an issuing house that had offered securities in the form of investment tokens to the public on a professional basis. As part of an initial coin offering (ICO) with a foreign issuer, the Swiss[...]

On May 17, the Europe Middle East & Africa Credit Derivatives Determinations Committee (DC) of the International Swaps and Derivatives Association (ISDA) issued an initial ruling on the absence of government intervention constituting a credit event for credit default swaps (CDS) on Credit Suisse's subordinated bonds for the amortization of Additional Tier 1 (AT1) bonds. The day after its decision, the DC received a second request to establish whether a bankruptcy constituting a credit event had occurred in respect of[...]