The Swiss capital market is organised around the SIX Swiss Exchange in Zurich and BX Swiss in Bern and supervised by FINMA and the exchanges themselves. The articles collected here explain listing requirements, the prospectus under the Financial Services Act, the disclosure of significant shareholdings, ad hoc publicity, market abuse and insider dealing, and Swiss takeover law. They also trace the history of the Swiss exchanges and show what a listing in Switzerland can offer companies from Asia, the Middle East and Africa that want access to European investors.
The Swiss capital market gives companies access to international investors, a strong currency and one of the most respected financial centres in the world. Listing, prospectus and disclosure rules are demanding but predictable, and they are applied by experienced exchanges and review bodies with a long record of consistent practice.
For issuers from Asia, the Middle East and Africa, Switzerland can serve as a gateway to European investors outside the European Union, while the Swiss franc and the country's political stability add to the appeal of a Swiss listing. The regulatory framework combines federal financial market legislation with the self-regulation of the exchanges, which issue their own listing rules.
An issuer should first determine which exchange and which regulatory standard suit its size, its investor base and its long-term plans. It must then assess whether its financial statements follow an accounting standard that the exchange accepts, whether its governance is ready for public scrutiny and how much time the preparation of a prospectus will realistically require.
A listing brings continuing obligations. Listed companies must publish price-sensitive facts promptly under the ad hoc publicity rules, report on their financial results at regular intervals and observe the rules on the disclosure of shareholdings, insider dealing and market manipulation. These duties require internal processes that function reliably from the first day of trading onwards.
The articles explain listing on SIX Swiss Exchange and BX Swiss, the prospectus under the Financial Services Act, capital raising beyond a public offering, tokenised securities under the DLT Act, and the history of the Geneva stock exchange of 1857.
Pre-IPO financing in Switzerland
Convertible loans, preference shares and shareholder agreements: how a Swiss company raises growth capital in the years before a listing. Read more Capital Raising · TokenisationTokenised shares and bonds under the DLT Act
Ledger-based securities let a Swiss company issue and transfer shares and bonds on a distributed ledger. What the law requires and what issuers should plan for. Read more Digital Assets · PracticeLicences for crypto businesses in Switzerland
Switzerland does not have a single crypto licence. A crypto business needs the licence that corresponds to what it actually… Read more Digital Assets · FundamentalsHow FINMA classifies tokens: payment, utility and asset tokens
Whether a token issue in Switzerland is subject to securities law, banking law or anti-money laundering rules depends on what… Read more Digital Assets · FundamentalsThe DLT Act: ledger-based securities and crypto assets in Swiss law
In 2021 Switzerland adapted its civil, insolvency and financial market law to blockchain technology in a single federal act, commonly… Read more IPO and Listing · OverviewIPO and listing in Switzerland
A Swiss listing gives a company access to one of the deepest pools of private and institutional capital in Europe,… Read more Capital Raising · OverviewRaising capital in Switzerland
Swiss company law gives the board flexible tools to bring in new money quickly, and the prospectus rules leave room… Read more Supervision · FundamentalsFINMA's powers and their limits
The Swiss Financial Market Supervisory Authority (FINMA) licenses and supervises banks, insurers, portfolio managers, trustees and other financial intermediaries. This… Read more Financial History · Stock ExchangeThe Geneva stock exchange of 1850: the first in Switzerland
Geneva is credited with the first stock exchange in Switzerland, founded in 1857 at a time when joint-stock banks, railway… Read more Wealth Management · PracticeWealth management under FinSA and FinIA: the regulatory frame in practice
Since 1 January 2020 independent asset managers in Switzerland require a licence. The transition reshaped the market visibly: of 1,864… Read more