The amendments that have been adopted with regard to prospectus requirements reflect current practice in the international bond market. The new provisions also take into account regulatory changes at EU level, as well as the abandonment of the Swiss principle that CHF-denominated bonds may only be offered for sale through a domestic bank or securities dealer.
It will now be generally possible to issue bonds under foreign law and list them on the SWX. Listing will also be possible on the basis of SWX-approved issue programmes. The option of making reference in the listing prospectus to other documentation (known as "incorporation by reference") is another new feature, as is the electronic publication of listing notices.
With these revised rules the SWX is positioning itself as an attractive, recognised platform for international bonds. The new rules also reinforce the framework for CHF bond market in Switzerland. Ultimately, these updated provisions should ensure and increase legal certainty, equal treatment and transparency for the investing public and issuers alike.
