<h3>Brexit – Update on Cooperation between Switzerland and the UK in Financial Services</h3>
The withdrawal of the United Kingdom (UK) from the European Union (EU) has been an evergreen topic in politics, the media and legal conferences since the referendum in the UK in June 2016. With the UK, and in particular London, being one of the largest international financial centers in the world, it also brought some headache, in particular with respect to the continued provision of financial services throughout Europe. In order to prevent undesired disruptions in their relations as a result of Brexit, including with respect to the financial sector, the Swiss and UK authorities started discussions early. Through its «Mind the Gap» strategy, the Swiss government had the ambition to avoid legal gaps and to preserve reciprocal rights and obligations that bind the two states (for more on the strategy, see <a href="https://www.dfae.admin.ch/dea/en/home/verhandlungen-offene-themen/offene-themen/brexit.html" target="_blank" rel="noopener">https://www.dfae.admin.ch/dea/en/home/verhandlungen-offene-themen/offene-themen/brexit.html</a>).
As a result of this strategy, a series of bilateral agreements between Switzerland and the UK entered into force on January 1, 2021, immediately after the formal effectiveness (due to the elapse of the transition period) of the Brexit. In essence, these new agreements take over, and continue, the provisions of the bilateral agreements with the EU, in particular in the important fields of freedom of movement, commerce, and police cooperation. The list of agreements which have entered into force includes notably a «service mobility agreement», which governs the short-term cross-border supply of services by natural persons during the next two years, as well as an agreement on insurance providers and life insurance allowing Swiss insurance companies active in direct insurance to operate and establish branches in the UK (and conversely for British insurance companies operating in Switzerland).
Today, the The UK Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021 entered into effect. Through this regulation, the UK grants equivalence to the two Swiss exchanges SIX Swiss Exchange and BX Swiss. This has the effect that the UK will no longer be considered a «jurisdiction which restricts its market participants in trading equity securities of companies with registered office in Switzerland at Swiss trading venues» under the unilateral protective measures taken in November 2018 as a response to the EU&#8217;s denying Switzerland equivalence of its stock exchanges under MiFIR. Switzerland has, therefore, deactivated the protective measure in relation to the UK and the Federal Department of Finance removed UK from the relevant list. As a consequence, the Swiss Financial Markets Supervisory Authority FINMA today also updated its list of recognized trading venues to again include the London Stock Exchange plc and other UK trading venues (<a href="https://www.finma.ch/en/~/media/finma/dokumente/bewilligungstraeger/pdf/planb.pdf?la=en">https://www.finma.ch/en/~/media/finma/dokumente/bewilligungstraeger/pdf/planb.pdf?la=en</a>). This marks a big step towards the normalization and even strengthening of the relationship between Switzerland and the UK, in particular in relation to financial services and products.
The new relationship is seemingly not based on a formal binding international treaty, but rather on a political agreement that shows that both parties are engaged in moving closer in this regard and the traditional and longstanding relationship between Switzerland and the UK on financial services matters. In particular, most recently the Joint Statement between the Swiss Finance Minister Ueli Maurer and the Chancellor of the Exchequer, Rishi Sunak, of June 30, 2020 was issued (see <a href="https://www.newsd.admin.ch/newsd/message/attachments/61959.pdf">https://www.newsd.admin.ch/newsd/message/attachments/61959.pdf</a>). In that Joint Statement, Switzerland and the UK express their shared ambition to conclude an international agreement that will enhance the cross-border market for financial services between the two countries. Switzerland and the UK will work towards mutual recognition with an outcomes-based approach. On that basis Switzerland and the UK will seek to improve access for cross-border provision of financial services for wholesale and sophisticated clients.
At a virtual meeting on January 27, 2021 the Swiss Finance Minister and the UK Chancellor of the Exchequer confirmed their intentions and gave a positive assessment of the exploratory talks held so far. They agreed on the further steps for concrete negotiations on the individual topics in the coming months with a view to conclude an agreement that is based on the principle of mutual recognition of the applicable financial market regulation and the relevant supervisory framework. Such agreement would allow the teaming up of the world&#8217;s largest wealth management center and one of the largest international financial centers in the world – possibly leading to great benefits for financial service providers and clients alike.

RZ_Preview_Brexit_Finance_JR_01

UK grants equivalence to Swiss stock exchanges

Gesellschaftsrecht / M&A

Steuern

Finanzierungen und Anlageprodukte

Wettbewerb

Regulierung

IP / IT

Arbeitsrecht und Vergütung für Führungskräfte

On December 14, 2021, CSL Limited, a global biotechnology company based in Australia (ASX: CSL), and Vifor Pharma AG, a Swiss-based global pharmaceutical company, announced that they had entered into an agreement for CSL to launch an all-cash public tender offer to acquire all publicly held shares in Vifor for USD 179.25 per share, for an aggregate equity value for Vifor of USD 11.7 bn. Vifor&#8217;s board of directors unanimously recommends the offer. Vifor&#8217;s largest shareholder, Patinex AG, holding 23,2%, has agreed to tender its shares into the offer.
Homburger AG is advising CSL Limited on the transaction. The Homburger team is led by partners Dieter Gericke and Daniel Häusermann (Corporate / M&amp;A) and comprises counsel Micha Fankhauser (Corporate / M&amp;A), partners Reto Heuberger and Stefan Oesterhelt (both Tax), Benjamin Leisinger (Financing and Investment Products), Richard Stäuber (Competition, Regulatory), Andri Hess and Luca Dal Molin (both IP / IT), associates Olivier Bühlmann, Francesco Bernasconi and Estelle Piccard (all Corporate / M&amp;A), David Thomann (Competition, Regulatory), Sandrine Chabbey (Financing and Investment Products), Marco Bächtold (Employment &amp; Executive Compensation), Philippe Gobet (Tax), as well as junior associates Adrian Bühlmann, Cédric Berger, Tanja Niederer, Joel Schmidt and Lars Schöni.

Homburger advises CSL with respect to its announced public tender offer to acquire Vifor Pharma 

Kapitalmarkt

Technologie und Digitalisierung

Datenschutz

Credit Suisse

Homburger acted as counsel to Credit Suisse (Switzerland) Ltd. regarding the tokenization of Alaïa SA’s existing (registered) shares and the custody of the tokenized shares. Alaïa SA is one of the fastest growing action sports destinations in Europe. Homburger advised Credit Suisse with regard to all Swiss legal aspects of the transaction.
The tokenisation was effected under Swiss law, in conformity with the Capital Markets and Technology Association («CMTA»)&#8217;s standards, using the Ethereum public blockchain.
The Homburger team was led by partner Stefan Kramer (Capital Markets, Technology and Digital Economy) and included partners Benjamin Leisinger (Capital Markets) and Luca Dal Molin (Data Protection, Technology and Digital Economy) as well as associate Sandrine Chabbey (Capital Markets, Technology and Digital Economy).

Homburger advised Credit Suisse in connection with the successful tokenization and deposit of Alaïa SA’s shares

Finanzmarktrecht

On August 10, 2021, UBS Group AG successfully completed its issuance of USD 2 bn in aggregate principal amount of Fixed Rate/Fixed Rate Senior Notes due August 2027 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG&#8217;s Swiss gone concern requirement.
The Notes are governed by Swiss law and have been provisionally admitted to trading, and application has been made for definitive admission to trading and listing of the Notes, on the SIX Swiss Exchange.
Homburger advised UBS Group AG with respect to all regulatory and transactional aspects of Swiss law. The Homburger team was led by partners Benedikt Maurenbrecher and Stefan Kramer (both Financial Market Regulation / Capital Markets) and included counsel Lee Saladino and associate Sandrine Chabbey (both Capital Markets), as well as partner Stefan Oesterhelt (Tax).

Homburger advised UBS Group AG on its issuance of USD 2 bn Fixed Rate/Fixed Rate Senior Notes under its Senior Debt Programme

Sandrine
Chabbey

Homburger advises CSL with respect to its announced public tender offer to acquire Vifor Pharma

Homburger advised Credit Suisse in connection with the successful tokenization and deposit of Alaïa SA’s shares

Homburger advised UBS Group AG on its issuance of USD 2 bn Fixed Rate/Fixed Rate Senior Notes under its Senior Debt Programme

UK grants equivalence to Swiss stock exchanges

Switzerland paves the way for tokenisation of securities and introduces new DLT trading platforms

New DLT Regulation – latest developments and perspectives

New Swiss DLT Regulation: Status Update and Outlook

Join the Team

Sandrine Chabbey

Karriere

Sprachen

Zulassung

Teams

SandrineChabbey

Homburger advises CSL with respect to its announced public tender offer to acquire Vifor Pharma

Homburger advised Credit Suisse in connection with the successful tokenization and deposit of Alaïa SA’s shares

Homburger advised UBS Group AG on its issuance of USD 2 bn Fixed Rate/Fixed Rate Senior Notes under its Senior Debt Programme

UK grants equivalence to Swiss stock exchanges

Switzerland paves the way for tokenisation of securities and introduces new DLT trading platforms

New DLT Regulation – latest developments and perspectives

New Swiss DLT Regulation: Status Update and Outlook

Join the Team

Sandrine Chabbey

Karriere

Sprachen

Zulassung

Teams

Sandrine
Chabbey