<h3>Episode 1: «Inbound Cross-border Fund Offerings»</h3>
<p>In this episode <a href="https://www.homburger.ch/en/team/jurg-frick/">Jürg Frick</a> and <a href="https://www.homburger.ch/en/team/vanessa-isler/">Vanessa Isler</a> discuss what foreign funds and their distributors have to keep in mind when they are looking to approach Swiss investors, with a special focus on when a foreign fund or distributor may be providing a financial service under FinSA.</p>


<h3>Episode 2: «Ansässigkeit»</h3>
<p>The FinSA newly regulates the cross-border provision of financial services in Switzerland. When is a foreign financial services provider considered to be based in Switzerland? Under which circumstances do its client advisors have to be registered in Switzerland? And what sanctions apply in case of non-compliance with these rules?</p>
<p>In this episode, <a href="https://www.homburger.ch/en/team/benedikt-maurenbrecher/">Benedikt Maurenbrecher</a> and <a href="https://www.homburger.ch/en/team/stefan-bindschedler/">Stefan Bindschedler</a> answer these and other questions.</p>


<h3>Episode 3: «Reverse Solicitation»</h3>
<p>Financial services rendered by foreign financial services providers at a Swiss client’s own exclusive initiative are not subject to the Financial Services Act («reverse solicitation»). But what exactly are the conditions for the financial services provider to be able to rely on the exemption? And how does reverse solicitation play out within the context of the offering of financial instruments?</p>
<p>Join <a href="https://www.homburger.ch/en/team/stefan-kramer/">Stefan Kramer</a> and <a href="https://www.homburger.ch/en/team/manuel-baschung/">Manuel Baschung</a> for a primer on these and other questions.</p>


<h3>Episode 4: «On Tour with Investors»</h3>
<p>What has to be done – or avoided – when going on a road show to meet potential or existing shareholders or other investors in Switzerland? <a href="https://www.homburger.ch/en/team/david-borer/">David Bore</a>r and <a href="https://www.homburger.ch/en/team/benjamin-leisinger/">Benjamin Leisinger</a> will explain the «dos &amp; don&#8217;ts» when it comes to road shows under the Financial Services Act, in particular as to the concepts of «advertising», the «provision of financial services» and an «offer».</p>


<h3>Episode 5: «Robo Advisors in Switzerland – Regulatory Framework»</h3>
<p>Robo Advisors increasingly gain traction in Switzerland and have been able to record a substantial growth in their assets under management in recent years.</p>
<p>In view of these developments, <a href="https://www.homburger.ch/en/team/hansjurg-appenzeller/">Hansjürg Appenzeller</a> and <a href="https://www.homburger.ch/en/team/alexander-wherlock/">Alexander Wherlock</a> will be giving a comprehensive overview of the regulatory requirements applicable to Robo Advisors conducting business in Switzerland.</p>


<h3>Episode 6: «Retrozessionen»</h3>
<p>Is FinSA a «game changer» for retrocessions? What is the role of general terms and conditions? And can existing waivers be used going forward? In this episode, <a href="https://www.homburger.ch/en/team/katrin-ivell/">Katrin Ivell</a> and <a href="https://www.homburger.ch/en/team/fabrice-eckert/">Fabrice Eckert</a> provide answers to these and other questions.</p>


<h3>&gt; <a href="https://www.homburger.ch/en/financial-market-regulation-hub/">Visit our Hub with a compilation of our publications and more on financial market regulation.</a></h3>


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Homburger advised UBS Switzerland AG on the issuance of CHF 685 m aggregate amount Fixed Rate Covered Bonds

<p>On January 15, 2026, UBS Switzerland AG successfully completed its issuance of CHF 150 m 0.435 per cent. Fixed Rate Covered Bonds due January 15, 2029, CHF 190 m 0.745 per cent. Fixed Rate Covered Bonds due January 15, 2032, and CHF 345 m 1.0225 per cent. Fixed Rate Covered Bonds due January 15, 2036, under its Covered Bond Programme. The Covered Bonds are governed by Swiss law and are listed on SIX Swiss Exchange. The Covered Bonds are indirectly backed by a portfolio of mortgages from UBS Switzerland AG’s domestic mortgage pool.</p>
<p>The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher (both Capital Markets) and included Daniel Hulmann, Yulia Shaburnykova (all Capital Markets), as well as Stefan Oesterhelt (Tax).</p>


Homburger advised UBS Group AG on its issuance of EUR 3 bn Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme

<p>On January 13, 2026, UBS Group AG successfully completed its issuance of EUR 1.5 bn in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due February 2031 and EUR 1.5 bn in aggregate principal amount of Fixed Rate/Fixed Rate Callable Senior Notes due January 2037 under its Senior Debt Programme. The Notes are bail-inable (TLAC) bonds that are eligible to count towards UBS Group AG’s Swiss gone concern capital requirement.</p>
<p>The Notes are governed by Swiss law, and the Notes have been provisionally admitted to trading, and application will be made for definitive admission to trading and listing of the Notes, on the SIX Swiss Exchange.</p>
<p>The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher (both Capital Markets) and included Lee Saladino, Olivier Baum and Daniel Hulmann (all Capital Markets) as well as Stefan Oesterhelt (Tax).</p>


Homburger advised UBS Group AG on its issuance of USD 3 bn Tier 1 Capital Notes with an equity conversion feature

<p>On January 8, 2026, UBS Group AG successfully completed its offering of USD 1.5 bn in aggregate principal amount of 6.625 per cent. Tier 1 Capital Notes and USD 1.5 bn in aggregate principal amount of 7.000 per cent. Tier 1 Capital Notes.</p>
<p>The Notes are &#171;high trigger&#187; regulatory capital instruments that are eligible to fulfill UBS Group AG’s Swiss going concern requirements.</p>
<p>Upon occurrence of a &#171;Trigger Event&#187; or a &#171;Viability Event&#187;, the Notes will be converted into ordinary shares of UBS Group AG in accordance with their terms.</p>
<p>The Notes are governed by Swiss law and have been admitted to trading and are listed on the SIX Swiss Exchange.</p>
<p>The Homburger team was led by Stefan Kramer and Benedikt Maurenbrecher (both Capital Markets) and included Lee Saladino and Olivier Baum (both Capital Markets) as well as Stefan Oesterhelt (Tax).</p>


<p>His other focus is on contractual and regulatory aspects of the activities of banks and other financial institutions, and he regularly represents market participants in related regulatory proceedings and civil litigation.</p>


Benedikt
Maurenbrecher

Homburger advised UBS Switzerland AG on the issuance of CHF 685 m aggregate amount Fixed Rate Covered Bonds

Homburger advised UBS Group AG on its issuance of EUR 3 bn Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme

Homburger advised UBS Group AG on its issuance of USD 3 bn Tier 1 Capital Notes with an equity conversion feature

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Homburger advised UBS Switzerland AG on the issuance of CHF 685 m aggregate amount Fixed Rate Covered Bonds

Homburger advised UBS Group AG on its issuance of EUR 3 bn Fixed Rate/Fixed Rate Callable Senior Notes under its Senior Debt Programme

Homburger advised UBS Group AG on its issuance of USD 3 bn Tier 1 Capital Notes with an equity conversion feature

UpdateFIDLEG Mini SeriesEpisodes 1–6

Financial Market Regulation 2025

Basler Kommentar Fusionsgesetz Art. 108 FusG

Financial Market Regulation 2024

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