<p>The Swiss National Council has completed its deliberations on the partial revision of the Cartel Act (CartA), adopting several core elements of the reform. This marks a significant step toward modernizing Swiss competition law. The draft legislation now enters the conciliation process. The revised provisions are not expected to take effect before 2026.</p>
<h3><strong>1. Clarity on Key Points of the Revision</strong></h3>
<p>The following elements were broadly supported and have been adopted:</p>
<ul>
<li><strong>Modernization of merger control</strong> through the introduction of the SIEC test (significant impediment to effective competition), along with streamlined notification requirements.</li>
<li><strong>Strengthening of private antitrust enforcement</strong>, particularly by expanding legal standing for civil claims.</li>
<li><strong>Adjustments to procedural law</strong>, including a reinforcement of the ex officio investigation principle in administrative proceedings.</li>
</ul>
<h3><strong>2. Key Issues Pending in the Conciliation Process</strong></h3>
<p>Several differences between the National Council and the Council of States remain to be resolved:</p>
<ul>
<li>For <strong>hardcore restrictions of competition</strong>, the National Council supports a case-by-case effects-based assessment, relying on both qualitative indicators and quantitative elements.</li>
<li>The National Council rejects the Council of States’ proposed limitation of the <strong>presumption of price-fixing</strong> to minimum and fixed prices and maintains the current, broader wording.</li>
<li>The National Council further advocates for a <strong>similar effects-based test for abuse of dominance cases</strong>.</li>
</ul>
<h3><strong>3. What This Means for Businesses</strong></h3>
<p>Companies operating in Switzerland should anticipate the following impacts:</p>
<ul>
<li><strong>Lower intervention thresholds in merger control</strong>, potentially resulting in more frequent in-depth (Phase II) reviews.</li>
<li><strong>Stricter evidentiary standards for competition authorities</strong>, if the effects-based approach is adopted, when proving anticompetitive agreements or abuse of dominance.</li>
<li><strong>Facilitated access to civil litigation</strong>, with lower hurdles for filing antitrust damages claims.</li>
</ul>


Cartel Act Revision: National Council Sets the Course

<h3>Background</h3>
<p>As per 1 January 2022, the antitrust prohibition of abusive conduct has been extended to companies with relative market power: Not only dominance, but also relative market power must not be abused. A company is considered to have relative market power if another company does not have sufficient and reasonable alternative options and therefore is dependent on the former company. Companies with relative market power must in principle treat dependent companies equally with respect to prices, discounts as well as other terms and conditions. In addition, the possibility for dependent companies to purchase goods or services from outside of Switzerland at the local prices and conditions must not be restricted. The introduction of relative market power aims at the so-called &#8222;high-price island&#8220; Switzerland and is a result of the Fair-Price Initiative (see the <a href="https://homburger.ch/en/insights/fair-price-initiative-implemented-by-parliament" target="_blank" rel="noopener">Homburger Bulletin dated 17 March 2021</a>).</p>
<p>After the existence or abuse of relative market power has been rejected in earlier rulings by both the Swiss Competition Commission (COMCO) and the Cantonal Court of Basel-Landschaft (in a case under civil law), the COMCO has now, for the first time, found an abuse of relative market power and ordered measures.</p>
<h3>Abuse of Relative Market Power Regarding French-language Books</h3>
<p><em>Distribution of French-language books in France and Switzerland</em></p>
<p>French-language books are mainly marketed by publishing houses. Booksellers at the retail level generally purchase books directly from the publishing houses. There are a few regional wholesalers in France for smaller booksellers and to address gaps in the product range.</p>
<p>In France, publishers such as Madrigall are legally obliged to set fixed retail prices (book price fixing), on the basis of which they grant discounts to booksellers.</p>
<p>Since 2007, Swiss booksellers have no longer been subject to such fixed book prices and set their own retail prices. However, their purchase prices in Switzerland for French-language books are based on the retail prices set in France, which are adjusted by a surcharge (e.g. customs duties and exchange rate adjustments) and converted into recommended Swiss retail prices. From these prices, Swiss booksellers receive individual discounts from the publishing houses, which determine the final purchase price.</p>
<p>It is generally permitted for Swiss booksellers to purchase books directly in France and import them into Switzerland independently, as the Swiss bookseller Payot intended to do.</p>
<p><em>Market power of Madrigall</em></p>
<p>In order to determine whether a company has relative market power, the COMCO relies on the following criteria:</p>
<ol>
<li><em>Dependency</em>: Does the undertaking concerned have sufficient and reasonable alternative options? The COMCO examines this question in three steps:
<ol>
<li>Determination of the alternative options</li>
<li>Determination of the possible implications of alternative options</li>
<li>Assessment of the proportionality of the implications</li>
</ol>
</li>
<li><em>Lack of countervailing power of the dependent company</em>: Is there an uneven distribution of power between the companies with regard to the business in question?</li>
<li><em>Gross negligence</em>: Is the dependency due to the dependent company&#8217;s own misconduct?</li>
</ol>
<p>Madrigall is one of the largest publishing groups in France, comprising approximately 15 publishing houses. The COMCO has concluded that Payot is dependent on Madrigall as a bookseller, as there are no sufficient and reasonable alternative options for Payot. Neither wholesalers in France and Switzerland nor the grey market can supply Payot with the required quantity of books under acceptable conditions. A complete withdrawal from Madrigall books would result in a considerable loss of sales and a notable reduction in the attractiveness of Payot as a generalist bookseller, given that Madrigall offers a highly renowned product catalogue.</p>
<p>With regard to the question of countervailing power, the COMCO found that there is a clear imbalance in the disadvantages that the two companies would face if the distribution relationship were to be terminated. While Madrigall has numerous distribution options in French-speaking Switzerland, Payot is completely dependent upon Madrigall. The question of gross negligence was deemed irrelevant, since generalist booksellers like Payot are effectively forced to offer Madrigall&#8217;s books. Furthermore, these books can only be obtained through Madrigall&#8217;s (exclusive) distribution system. Madrigall therefore has a relative market power over Payot as a bookseller in French-speaking Switzerland.</p>
<p><em>Abuse</em></p>
<p>It is not prohibited for an undertaking to have a relative market power. It is prohibited to abuse such relative market power.</p>
<p>The COMCO has determined that Madrigall has abused its relative market power in this case by demanding significantly higher purchase prices from Payot than from French booksellers. Madrigall sought to justify the higher purchase prices for Payot by arguing that additional costs were involved in direct delivery to Switzerland. However, according to the COMCO, Madrigall can only prove that a small part of these additional costs arise solely because Payot operates in Switzerland and not in France. These include higher labour costs in Switzerland and damages incurred from removing labels before returning books. According to the COMCO, the other costs claimed (e.g. conversion costs) do not justify a permanent increase in purchase prices. Consequently, there is an abuse of Madrigall&#8217;s relative market power.</p>
<p><em>Measures of the COMCO</em></p>
<p>The COMCO obliges Madrigall to offer Payot the same conditions as those granted to French booksellers in the event of direct delivery from France. However, Madrigall has the option of increasing the purchase price based on proven additional costs or adjusting the discount accordingly.</p>
<p>Should Madrigall infringe the imposed measures, the COMCO can open a new investigation and, if necessary, impose sanctions. However, the abuse of relative market power in itself, in contrast to the abuse of a dominant market position, does not result in any direct sanctions.</p>
<h3>Previous Rulings on Relative Market Power</h3>
<p><em>COMCO&#8217;s order of discontinuation of 24 June 2024 regarding Fresenius Kabi</em></p>
<p>On 24 June 2024, the COMCO closed its investigation into the international pharmaceutical company Fresenius Kabi. The subject of the investigation was the accusation of abuse of relative market power in that Fresenius Kabi prevented or refused Galexis AG from purchasing products (drink and tube feeding solutions) from abroad at more favorable conditions.</p>
<p>The COMCO dismissed the existence of relative market power due to a lack of dependency. It came to the conclusion that Galexis AG had sufficient and reasonable alternative options. However, even if Fresenius Kabi had relative market power, the COMCO considered that there would be no abuse of this power, since the conditions offered by suppliers abroad were at most only slightly better and Galexis AG would therefore not have been exploited.</p>
<p><em>Decision of the Cantonal Court of Basel-Landschaft of 13 December 2023</em></p>
<p>On 13 December 2023, the Cantonal Court of Basel-Landschaft ruled on precautionary measures requested by A. GmbH against B. GmbH, based in Germany, for abusing relative market power. A. GmbH had been the sole distributor of B. GmbH products in Switzerland for 27 years and in 2022 purchased approximately 90% of its total sales volume from B. GmbH. A. GmbH claimed that B. GmbH abused its relative market power by terminating the long-standing partner conditions with a notice period of only six months. This threatened the existence of A. Ltd. as it was unable to reorganize itself within this timeframe.</p>
<p>The Cantonal Court came to the conclusion that A. GmbH was not able to sufficiently demonstrate that it would suffer a disadvantage that could not be easily remedied as a result of the termination of the partner conditions. The alleged price increases and the risk of insolvency were not sufficiently substantiated. Furthermore, A. GmbH was unable to demonstrate the existence of a relationship of dependency between the two parties. The mere assertion of dependency, whether product-related or company-related, was insufficient. Even if a dependency had existed, it would have been the result of unsound business decisions on the part of A. GmbH. The latter should have taken measures in a timely manner to diversify its suppliers and to provide contractual safeguards.</p>
<h3>Implications for Companies</h3>
<p>The decision taken by the COMCO regarding French-language books has implications for companies operating internationally. They should review, on a case-by-case basis, the dependency of their respective Swiss contractual partners. In contrast to the assessment of market dominance, the determination of relative market power is not based on the characteristics of the company in question, but on the nature of the relationships with its individual contractual partners.</p>
<p>If there is relative market power, the company in question should take appropriate steps to prevent an abuse. For example, it should ensure that requests from Switzerland to be supplied abroad are not rejected. While price increases with reference to Switzerland are not excluded in principle, such increases must be convincingly justified with specific additional costs in view of the COMCO decision regarding French-language books.</p>
<p>In general, a company with relative market power must adapt its behavior to comply with the prohibition of abuse set forth in Article 7 of the Swiss Cartel Act. In particular, dependent companies must, in principle, be treated equally with regard to prices, discounts and other terms and conditions. In addition, companies with relative market power may be required to demonstrate that contract terminations or exclusivity agreements can be justified based on objective reasons.</p>


Homburger Bulletin Fair Price Initiative

First Finding of Abuse of Relative Market Power

<h3>Federal Council Proposes to Align Current Rules With the EU Corporate Sustainability Reporting Directive</h3>
<p>On June 26, 2024, the Swiss Federal Council opened a consultation process regarding potentially stricter corporate sustainability reporting for Swiss companies. The proposed amendment (the <strong>Draft Amendment</strong>) of articles 964a &#8211; 964c of the Swiss Code of Obligations (<strong>CO</strong>) is intended to bring the current Swiss non-financial matter reporting provisions in line with the EU Directive 2022/2464 of December 14, 2022 on corporate sustainability reporting (Corporate Sustainability Reporting Directive, <strong>CSRD</strong>). The consultation process lasts until October 31, 2024.</p>
<p>Rather than fully replicate the CSRD, the Federal Council has proposed modifying the existing reporting requirements on non-financial matters under the CO, including by broadening its scope of application, with the effect that more companies will be required to prepare and publish a report on sustainability aspects. According to the Federal Council, whereas the existing reporting obligations affect around 300 companies, the proposed rules would obligate approximately 3,500 companies to report on risks relating to the environment, human rights, and corruption, and the measures they are taking to mitigate these risks.<a href="#_ftn1" name="_ftnref1">[1]</a></p>
<p>The main changes proposed by the Draft Amendment are summarized in the table under Section A, followed by a more detailed discussion of key aspects of the Draft Amendment.</p>
<h3>A. Overview of Key Changes to the Existing Rules</h3>
<h4>1. Scope:</h4>
<p><img decoding="async" src="https://cms.homburger.ch/wp-content/uploads/2024/06/Tabelle-Scope-1.jpg" /></p>
<h4>2. Content:</h4>
<p><img decoding="async" src="https://cms.homburger.ch/wp-content/uploads/2024/06/Tabelle-Content-1.jpg" /></p>
<h4>3. Reporting standard:</h4>
<p><img decoding="async" src="https://cms.homburger.ch/wp-content/uploads/2024/06/Tabelle-Reporting-1.jpg" /></p>
<h4>4. Audit / assurance requirements:</h4>
<p><img decoding="async" src="https://cms.homburger.ch/wp-content/uploads/2024/06/Tabelle-Audit-1.jpg" /></p>
<h4>5. Approval requirements:</h4>
<p><img decoding="async" src="https://cms.homburger.ch/wp-content/uploads/2024/06/Tabelle-Approval-1.jpg" /></p>
<p>&nbsp;</p>
<h3>B. Key Aspects of the Draft Amendment</h3>
<h4>1. Extended Scope</h4>
<p>The proposed modified sustainability reporting provisions would apply to the following entities:</p>
<ol>
<li>«Public interest entities» (<em>Gesellschaften des öffentlichen Interesses</em>);</li>
<li>Companies that exceed two of the following figures in two consecutive financial years: (i) total assets of CHF 25 million; (ii) revenue of CHF 50 million; (iii) 250 full-time employee positions per year on average;</li>
<li>Companies obliged to prepare consolidated financial statements and that exceed two of the thresholds in (b) above in two consecutive financial years.</li>
</ol>
<p>As of today, only «public interest entities» with at least 500 full-time equivalents on annual average in two consecutive financial years that exceed either the relevant balance sheet total (CHF 20 million) or revenue threshold (CHF 40 million) in two consecutive financial years are subject to the non-financial matters reporting requirements.</p>
<p>Under the Draft Amendment, «public interest entities» are generally subject to the new reporting requirement, regardless of whether they meet any of the quantitative thresholds described in item (b) above, unless they qualify as an exempted small company (as further described below). In addition, any company, irrespective of whether it qualifies as a «public interest entity», that satisfies two of the three quantitative thresholds described in item (b) above on a standalone or a consolidated basis would also have to establish a sustainability report. The Draft Amendment also contemplates reducing the «full-time equivalents» from 500 to 250.</p>
<p>Companies that would otherwise have to report but are controlled by another company that prepares a Swiss law sustainability report or an equivalent report under foreign law are exempt. Also exempt are small companies that alone or together with domestic or foreign companies that they control do not exceed two of the applicable thresholds (viz. total assets of CHF 450,000, sales revenue of CHF 900,000, 10 full-time employees on annual average in two consecutive years).</p>
<h4>2. Annual Sustainability Report: Format</h4>
<p>Companies subject to the Draft Amendment would continue to be obliged to produce an annual sustainability report. The annual sustainability report may be prepared as a separate report or, in alignment with the CSRD, it may be integrated into the management report pursuant to article 961c CO. The report must be in an electronic reporting format established in accordance with an internationally recognized standard, namely the one used by the EU member states.</p>
<h4>3. Reporting Requirements</h4>
<p>Compared to the existing non-financial matter reporting, the Draft Amendment further expands and specifies the scope of the information on sustainability. The current law&#8217;s terminology would largely be replaced with new terms that have a similar meaning. The information to be reported on is described as follows:</p>
<ul>
<li>Environmental factors (<em>e.g.</em>, climate protection &#8211; including greenhouse gas emissions, water and marine resources, resource utilization and the circular economy, soil, water, and air pollution, and biodiversity and ecosystems &#8211; as well as human health and safety and the use of renewable and non-renewable energy, including exposure to coal and oil-and gas-related activities);</li>
<li>Social aspects, including employee matters (<em>e.g.</em>, measures to protect various interest groups (such as shareholders, employees, and customers), working conditions, diversity, measures against violence and harassment, disability accommodations, and work-life balance);</li>
<li>Human rights aspects; and</li>
<li>Governance aspects (<em>e.g.</em>, the role of the board of directors and management in respect of sustainability aspects, the strategy for linking incentives for board and management members to sustainability aspects, internal controls and risk management systems related to sustainability, policies and measures to combat corruption).</li>
</ul>
<p>In line with the reporting requirements under the Federal Ordinance on Reporting on Climate of November 23, 2022, which became effective on January 1, 2024, the Draft Amendment requires in-scope companies to report on the statues regarding achieving the net-zero greenhouse gas emissions target by 2050 to limit global warming to 1.5°C above pre-industrial levels. This will include reporting on Scope 1, Scope 2 and, where applicable, Scope 3 greenhouse gas emissions in accordance with the current GHG Protocol Corporate Accounting and Reporting Standard.</p>
<p>The Draft Amendment would also expressly require reporting on governance matters, beyond reporting on the combat of corruption.</p>
<p>Like the existing law, the Draft Amendment continues to list specific sustainability aspects that must be described in the report in more detail, such as the company&#8217;s business model and strategy, applied due diligence processes in respect of sustainability aspects, material risks the company faces with respect to sustainability aspects or material financial, and non-financial performance indicators. However, the list included in the Draft Amendment adds new items, such as a description of the time-bound sustainability targets that the company has set itself, a description of the role of the board of directors in relation to sustainability, or information on any incentive systems linked to sustainability that are offered to directors and executives.</p>
<p>The most significant change to current non-financial matter reporting is that all information must be provided in compliance with the standards used in the EU (<em>i.e.</em>, the European Sustainability Reporting Standards (ESRS)) or another equivalent standard for sustainability reporting (the explanatory report also mentions the IFRS Sustainability Disclosure Standards or the Global Reporting Initiative (GRI) as examples). The selected standard must be adopted in its entirety. The Federal Council will designate the standards that are equivalent to the ESRS in an ordinance.</p>
<p>Under the Draft Amendment, the applicable standard will be determined by the board of directors; however, the standard may also be determined based on a shareholder vote at a general meeting.</p>
<p>Further information regarding the specific reporting matters is available in the Federal Council&#8217;s related explanatory report.<a href="#_ftn1" name="_ftnref1">[1]</a></p>
<h4>4. Double Materiality Principle</h4>
<p>The Draft Amendment clearly establishes the principle of «dual materiality» in line with the CSRD. The sustainability report must therefore disclose the information necessary to understand the impact of the company&#8217;s activities on sustainability issues and the impact of sustainability issues on the company&#8217;s business, financial performance, and position.</p>
<p>In contrast with the current law, in which the principle of «double materiality» already applies, the proposed draft seeks to clarify that, in accordance with EU law, information must be disclosed that is material under both aspects as well as information that is material under only one aspect.</p>
<h4>5. «Comply or Explain»</h4>
<p>The option available under the current law to waive reporting on certain sustainability topics under certain conditions («comply or explain») would no longer be available under the Draft Amendment. The «comply or explain» approach is also not available under the CSRD framework.</p>
<h4>6. New Auditing and Assurance Requirements</h4>
<p>The current law does not impose any audit or assurance requirements on the reporting of non-financial matters. By contrast, under the Draft Amendment, the sustainability information included in the report must be made subject to assurance. Either independent audit firms<a href="#_ftn2" name="_ftnref2">[2]</a> or conformity assessment bodies (<em>Prüfgesellschaft</em>) may provide assurance.</p>
<p>The Federal Council will determine, taking into account international developments, including EU law, whether any assurances from audit or conformity assessment bodies should take the form of a «positive» / reasonable assurance or a «negative» / limited assurance. The EU contemplates introducing a positive reasonable assurance requirement by October 1, 2028.</p>
<p>In addition, in respect of companies subject to an ordinary audit pursuant to article 728a CO, the Draft Amendment would require the statutory auditor to conduct an audit on whether there are material inconsistencies between the information in the sustainability report and the audited standalone and consolidated financial statements. This audit review does not include a material audit of the accuracy of completeness of the information published in the sustainability report.</p>
<h4>7. Shareholder Vote</h4>
<p>The Draft Amendment maintains the requirement that the sustainability report be approved by shareholders at each annual general meeting. The CSRD does not require shareholder approval of sustainability reports. The explanatory report to the Draft Amendment expressly states that the shareholder vote on the sustainability report is binding, and not advisory, contrary to the currently prevailing practice under the existing law.<a href="#_ftn3" name="_ftnref3">[3]</a></p>
<h4>8. Criminal Law Provisions</h4>
<p>The criminal law sanctions for an inaccurate or incomplete report remain unchanged in substance. A fine of up to CHF 100,000 will be imposed on anyone who intentionally makes false statements in the reports, fails to make the required reports, or fails to comply with the legal obligation to keep and store the report.</p>
<h4>9. Timeline</h4>
<p>The Federal Council will determine the date on which the new provisions become effective. Companies will then have two years to adapt to the new law. During this two-year transition period, the current law will apply.</p>
<h6><a href="#_ftnref1" name="_ftn1">[1]</a>   <em>See </em>Federal Council, «Änderung des Obligationenrechts (Transparenz über Nachhaltigkeitsaspekte): Erläuternder Bericht zur Eröffnung des Vernehmlassungsverfahrens», 25-33 (<em>available at </em><a href="https://www.newsd.admin.ch/newsd/message/attachments/88435.pdf">https://www.newsd.admin.ch/newsd/message/attachments/88435.pdf</a>).</h6>
<h6><a href="#_ftnref2" name="_ftn2">[2]</a>   Pursuant to article 6a of the Auditor Oversight Act of December 16, 2005</h6>
<h6><a href="#_ftnref3" name="_ftn3">[3]</a>   <em>See </em>Federal Council, «Änderung des Obligationenrechts . . .» at 36-37.</h6>
<h6><a href="#_ftnref1" name="_ftn1">[1]</a>   <em>See </em>Federal Council, &#8222;Nachhaltige Unternehmensführung: Bundesrat schlägt strengere Regeln für Berichterstattung vor&#8220; (June 26, 2024), <em>available at </em><a href="https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-101585.html">https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-101585.html</a>.</h6>
<p>&nbsp;</p>


Homburger_Illu_ZPO_BH_Preview_2020_10 (2)

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Homburger News

<p>On June 5, 2025, Homburger was named «Switzerland Firm of the Year» at the LMG Life Sciences EMEA Awards. Further, Homburger received for the second time in a row the «Impact Deal of the Year» award for advising Novo Nordisk on the acquisition of three production sites, following Novo Holding&#8217;s acquisition of Catalent. The Homburger team comprised Andreas Müller and Anna Peter as well as other experts from the Corporate / M&amp;A, Regulatory, Employment and Executive Compensation, and Tax teams.</p>
<p>The awards honor leading law firms and lawyers in the life sciences sector and recognize complex, influential transactions in this field.</p>


Homburger honored with LMG Life Sciences awards for «Switzerland Firm of the Year» and «Impact Deal of the Year»

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20250326 - Legal 500 Rankings 2025

The Legal 500 Rankings 2025: Homburger top ranked

<p>The Legal 500 has ranked Homburger Tier 1 in 13 categories and recognized us in an additional 9 practice areas: Banking and Finance; Capital Markets; Commercial, Corporate and M&amp;A; Competition; Construction; Data Privacy and Data Protection; Dispute Resolution: Arbitration; Dispute Resolution: Litigation; Employment; Fintech; Healthcare and Life Sciences; Insolvency and Corporate Recovery; Insurance; Intellectual Property; Private Client; Public Law; Real Estate; Regulatory, Compliance and Investigations; Sports Law; Tax; TMT and Transport.</p>
<p>Over all ranked categories, 52 of our lawyers achieved individual rankings: <a href="https://www.homburger.ch/en/team/alexander-wherlock" target="_blank" rel="noopener">Alexander Wherlock</a>, <a href="https://www.homburger.ch/en/team/allegra-arnold" target="_blank" rel="noopener">Allegra Arnold</a>, <a href="https://www.homburger.ch/en/team/andreas-burger" target="_blank" rel="noopener">Andreas Burger</a>, <a href="https://www.homburger.ch/en/team/andreas-muller" target="_blank" rel="noopener">Andreas Müller</a>, <a href="https://www.homburger.ch/en/team/andri-hess" target="_blank" rel="noopener">Andri Hess</a>, <a href="https://www.homburger.ch/en/team/angelika-murer" target="_blank" rel="noopener">Angelika Murer</a>, <a href="https://www.homburger.ch/en/team/anna-peter" target="_blank" rel="noopener">Anna Peter</a>, <a href="https://www.homburger.ch/en/team/balz-gross" target="_blank" rel="noopener">Balz Gross</a>, <a href="https://www.homburger.ch/en/team/benedikt-maurenbrecher" target="_blank" rel="noopener">Benedikt Maurenbrecher</a>, <a href="https://www.homburger.ch/en/team/benjamin-leisinger" target="_blank" rel="noopener">Benjamin Leisinger</a>, <a href="https://www.homburger.ch/en/team/claudia-suter" target="_blank" rel="noopener">Claudia Suter</a>, <a href="https://www.homburger.ch/en/team/claudio-bazzani" target="_blank" rel="noopener">Claudio Bazzani</a>, <a href="https://www.homburger.ch/en/team/daniel-daeniker" target="_blank" rel="noopener">Daniel Daeniker</a>, <a href="https://www.homburger.ch/en/team/daniel-haeberli" target="_blank" rel="noopener">Daniel Haeberli</a>, <a href="https://www.homburger.ch/en/team/daniel-hasler" target="_blank" rel="noopener">Daniel Hasler</a>, <a href="https://www.homburger.ch/en/team/daniel-hausermann" target="_blank" rel="noopener">Daniel Häusermann</a>, <a href="https://www.homburger.ch/en/team/david-oser" target="_blank" rel="noopener">David Oser</a>, <a href="https://www.homburger.ch/en/team/david-thomann" target="_blank" rel="noopener">David Thomann</a>, <a href="https://www.homburger.ch/en/team/dieter-gericke" target="_blank" rel="noopener">Dieter Gericke</a>, <a href="https://www.homburger.ch/en/team/dieter-grunblatt" target="_blank" rel="noopener">Dieter Grünblatt</a>, <a href="https://www.homburger.ch/en/team/dilber-devitre" target="_blank" rel="noopener">Dilber Devitre</a>, <a href="https://www.homburger.ch/en/team/fabrice-eckert" target="_blank" rel="noopener">Fabrice Eckert</a>, <a href="https://www.homburger.ch/en/team/felix-dasser" target="_blank" rel="noopener">Felix Dasser</a>, <a href="https://www.homburger.ch/en/team/flavio-romerio" target="_blank" rel="noopener">Flavio Romerio</a>, <a href="https://www.homburger.ch/en/team/frank-gerhard" target="_blank" rel="noopener">Frank Gerhard</a>, <a href="https://www.homburger.ch/en/team/franz-hoffet" target="_blank" rel="noopener">Franz Hoffet</a>, <a href="https://www.homburger.ch/en/team/gabrielle-nater-bass" target="_blank" rel="noopener">Gabrielle Nater-Bass</a>, <a href="https://www.homburger.ch/en/team/georg-rauber" target="_blank" rel="noopener">Georg Rauber</a>, <a href="https://www.homburger.ch/en/team/gregor-buhler" target="_blank" rel="noopener">Gregor Bühler</a>, <a href="https://www.homburger.ch/en/team/hansjurg-appenzeller" target="_blank" rel="noopener">Hansjürg Appenzeller</a>, <a href="https://www.homburger.ch/en/team/jeremy-reichlin" target="_blank" rel="noopener">Jeremy Reichlin</a>, <a href="https://www.homburger.ch/en/team/julian-schwaller" target="_blank" rel="noopener">Julian Schwaller</a>, <a href="https://www.homburger.ch/en/team/jurg-frick" target="_blank" rel="noopener">Jürg Frick</a>, <a href="https://www.homburger.ch/en/team/kirsten-wesiak-schmidt" target="_blank" rel="noopener">Kirsten Wesiak-Schmidt</a>, <a href="https://www.homburger.ch/en/team/laetitia-fracheboud" target="_blank" rel="noopener">Laetitia Fracheboud</a>, <a href="https://www.homburger.ch/en/team/luca-dal-molin" target="_blank" rel="noopener">Luca Dal Molin</a>, <a href="https://www.homburger.ch/en/team/marcel-dietrich" target="_blank" rel="noopener">Marcel Dietrich</a>, <a href="https://www.homburger.ch/en/team/mariella-orelli" target="_blank" rel="noopener">Mariella Orelli</a>, <a href="https://www.homburger.ch/en/team/miguel-sogo" target="_blank" rel="noopener">Miguel Sogo</a>, <a href="https://www.homburger.ch/en/team/philippe-baumann" target="_blank" rel="noopener">Philippe Baumann</a>, <a href="https://www.homburger.ch/en/team/rene-bosch" target="_blank" rel="noopener">René Bösch</a>, <a href="https://www.homburger.ch/en/team/reto-heuberger" target="_blank" rel="noopener">Reto Heuberger</a>, <a href="https://www.homburger.ch/en/team/richard-stauber" target="_blank" rel="noopener">Richard Stäuber</a>, <a href="https://www.homburger.ch/en/team/roman-baechler" target="_blank" rel="noopener">Roman Baechler</a>, <a href="https://www.homburger.ch/en/team/stefan-bindschedler" target="_blank" rel="noopener">Stefan Bindschedler</a>, <a href="https://www.homburger.ch/en/team/stefan-blunschi" target="_blank" rel="noopener">Stefan Blunschi</a>, <a href="https://www.homburger.ch/en/team/stefan-gaumann" target="_blank" rel="noopener">Stefan Gäumann</a>, <a href="https://www.homburger.ch/en/team/stefan-kramer" target="_blank" rel="noopener">Stefan Kramer</a>, <a href="https://www.homburger.ch/en/team/stefan-oesterhelt" target="_blank" rel="noopener">Stefan Oesterhelt</a>, <a href="https://www.homburger.ch/en/team/stefanie-pfisterer" target="_blank" rel="noopener">Stefanie Pfisterer</a>, <a href="https://www.homburger.ch/en/team/tanja-niederer" target="_blank" rel="noopener">Tanja Niederer</a>, <a href="https://www.homburger.ch/en/team/tobias-kaufmann" target="_blank" rel="noopener">Tobias Kaufmann</a>.</p>
<p>The Legal 500 as a part of Legalease, a provider of legal market information, analyses the capabilities of law firms across the world and publishes annual rankings based upon extensive research.</p>


20250320_UBS

Homburger advised UBS on the merger of pension foundations

<p>In December 2024, UBS took another step in the integration of Credit Suisse and closed the mergers of the vested benefits foundations (Pillar 2 &#8211; FZG) of UBS and Credit Suisse as well as of the Pillar 3a foundations of UBS and Credit Suisse. These mergers ensure that all beneficiaries of the foundations have equal access to the service offerings of UBS.</p>
<p>The Homburger team advising on the mergers comprised Andreas Müller, Francesco Bernasconi and Thierry Burckhardt (all Corporate / M&amp;A) and Peter Müller (Tax / Pensions).</p>


Regulatory

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First Finding of Abuse of Relative Market Power

Swiss Corporate Sustainability Reporting

Homburger honored with LMG Life Sciences awards for «Switzerland Firm of the Year» and «Impact Deal of the Year»

The Legal 500 Rankings 2025: Homburger top ranked

Homburger advised UBS on the merger of pension foundations

Möglichkeiten und Grenzen von Datenübermittlungen ins Ausland durch Schweizer Banken

Der rechtliche Umgang mit historisch belastetem Kulturerbe in der Schweiz

Kartellrechtliche Anforderungen an die Agentur im Automobilvertrieb - Erkenntnisse für die Praxis im Zusammenhang mit der Vorabklärung Mini-Agenturmodell