<h3>Legal Classification of FINMA Circulars</h3>
FINMA is obliged to apply and enforce the laws and ordinances issued by the legislator. In accordance with article 7(1)(b) of the Federal Act on the Swiss Financial Market Supervisory Authority, FINMA regulates the application of financial market legislation by means of circulars, among other things. FINMA circulars merely serve to create transparency regarding FINMA&#8217;s supervisory practice and to clarify questions of interpretation; they are not of a legislative nature and must not introduce any obligations that deviate from or go beyond the law or ordinance (article 5(2) of the Ordinance to the Financial Market Supervision Act).
<h3>Key Points of the FINMA Circular</h3>
The circular &#8220;Duties of conduct under FinSA/FinSO&#8221; contains several key points, some of which were amended during the consultation process:
<ul>
<li>Services excluded (or covered) by the FinSA: According to article 3(3)(b) of the Ordinance on Financial Services (FinSO), the placement of financial instruments with or without a firm underwriting commitment and related services are not considered financial services within the meaning of article 3(c) of the Federal Act on Financial Services (FinSA). The explanatory notes to the FinSO of November 6, 2019 of the Federal Department of Finance FDF already stated that the FinSA serves to protect investors, i.e. in this context it is aimed at the offering of financial instruments to investors, but not at the relationship of the service provider with companies and their shareholders as partners who finance themselves via the capital market. The FINMA-Circular 2025/2 takes up this wording. FINMA&#8217;s explanatory notes to the circular provide further clarity: neither the financial services providers nor the company seeking financing are to be regarded as particularly worthy of protection in relation to an investment activity. The FinSA serves to protect investors and not issuers. However, if the service relates directly to the relationship between the financial service provider and its clients in their capacity as investors and thus &#8220;clients&#8221; within the meaning of article 3(c) FinSA, the placement of financial instruments may constitute a financial service. 
In our understanding, this corresponds to the situation as held by the majority of literature and existing practice to date. Members of a syndicate or banks, securities firms or pure intermediaries (reine Vermittler) acting exclusively for the issuers or e.g. selling founders, who do not perform this activity for their clients acting as investors on the buy side, are not subject to FinSA. As the literature focuses here on the de facto appearance and bona fide understanding of the buyers, organizational or other measures (e.g. disclaimers or clarifications) must be taken/reviewed to ensure that this role is also recognizable as such.</li>
<li>Duty to provide information: The FINMA-Circular 2025/2 also contains FINMA practice and requirements for fulfilling the duty to provide information under FinSA.
<ul>
<li>Compared to the draft circular, however, the requirements for the form of the information have been simplified. Information on the form of the information is now dispensed with and reference is made instead to existing statutory provisions (article 9(3) FinSA in conjunction with article 12 FinSO).</li>
<li>The circular provides for various information obligations regarding risk disclosure on contracts for difference (CFDs). In contrast to the draft, the final circular adds quarterly information for private clients who have suffered a total loss of margin on CFDs in the last 12 months. This is intended to increase transparency and enable clients to better understand the risks.</li>
<li>The final circular provides for a requirement to inform about the nature and extent of concentration risks insofar as risk concentrations in client portfolios that are not customary in the market are not excluded in asset management and portfolio-related investment advice and specifies customary types of such information.</li>
</ul>
</li>
<li>Requirements regarding the appropriateness and suitability test: Financial service providers create risk profiles of their clients by obtaining information for the appropriateness and suitability test. According to the FINMA-Circular 2025/2, all information required for the appropriate performance of the appropriateness and suitability test must be obtained. Financial service providers must check the knowledge and experience of clients for each relevant investment category. In the case of asset management and portfolio-related investment advice, they also must take into account the investment strategy and financial instruments used. The required level of detail of the inquiries depends on the complexity and risk profile of the investments and the investment strategies.</li>
<li>Securities lending: The FINMA-Circular 2025/2 also specifies the minimum information required and to be documented when using clients&#8217; financial instruments (securities lending). This includes whether the financial service provider acts as a counterparty (principal) or as an agent, that the ownership of financial instruments is transferred to the counterparty and that there is only a claim to the same type and quantity being repurchased, that in the event of bankruptcy of the counterparty, there is only a non-privileged monetary claim, etc.</li>
<li>Client information when considering own financial instruments: Financial service providers inform customers whether the market offering considered by the financial services provider in the selection of financial instruments includes only their own, both their own and third-party, or only third-party financial instruments. When considering its own financial instruments, the financial services provider must avoid creating specific incentives in the remuneration of the persons involved in the rendering of the financial services and the customers must be informed about unavoidable conflicts of interest resulting from considering its own financial instruments.</li>
<li>Compensation from third-parties / retrocessions: FINMA specifies its expectations regarding the form and content of client information on third-party compensation / retrocessions that the financial services provider receives and retains with the consent of its customer.</li>
</ul>
The information about retrocessions in the financial services provider&#8217;s standard contracts must be visually highlighted and must be physically available to the customer or easily accessible electronically.
In respect of the content of the information to be disclosed, the ranges of third-party compensations of the different classes of financial instruments as well as the ranges of third-party compensation based on the portfolio value and the applied investment strategy have to be provided in case of an asset management relationship. According to the FINMA, the same disclosure standard applies in case of portfolio-related investment advice. As the investment decision is with the customer when providing only investment advice, the financial services provider will need to determine the ranges of third-party compensation based on the recommended investment strategy and irrespective of whether the customer follows the recommended investment strategy in order to meet the FINMA&#8217;s expectation expressed in the circular.
The financial service providers disclose the actual amounts received to the customers upon request, generally free of charge. Exceptionally, in the case of extraordinary effort, such as multiple exercises of the right to information within a year, a moderate, at most cost-covering flat fee may be charged.
Compared to the consultation draft, not only have individual points in the FINMA-Circular 2025/2 itself been adjusted, but also various explanations. It is advisable to read these explanations carefully in order to better understand the nuances of FINMA&#8217;s statements in the circular. In our opinion, this applies in particular with regard to the delimitations concerning article 3(3)(b) FinSO and to better understand the differences between asset management, portfolio-related investment advice and transaction-related investment advice in the FINMA-Circular 2025/2.
<h3>Need for Action</h3>
Despite the amendments to the final circular, there is still a need for action in certain areas. In particular:
<ul>
<li>Article 3(3)(b) FinSO: For service providers who are not subject to FinSA (and do not intend to be), an analysis of their own activities and practice is recommended. Service providers must be sure for whom they are acting and how and/or whether the necessary clear (organizational, etc.) separation exists. The bona fide impression must also be critically scrutinized and, if necessary, it must be ensured through training, disclaimers and other measures that the services are not subject to FinSA.</li>
<li>Information on retrocessions: In order to retain third-party compensation, financial service providers must make customers aware of the third-party compensation expected to be received by the financial services provider. FINMA expects from the financial services provider that such information in standard contracts is highlighted visually or, alternatively, disclosed in a separate letter or form. This information must be physically presented to customers or easily accessible electronically. A general reference to the financial service provider&#8217;s website is not considered sufficient.</li>
</ul>
As FINMA expects the same disclosure for portfolio-related investment advice as for portfolio management, the financial services provider will need to determine and disclose the ranges of third-party compensation based on the recommended investment strategy for the portfolio.
The new FINMA circular &#8220;Duties of conduct under FinSA/FinSO&#8221; comes into force on January 1, 2025 and is intended to increase transparency and legal certainty in the financial services sector. It remains to be seen how financial service providers will implement the new requirements and what further adjustments will be necessary in practice.

Homburger Bulletin

FINMA Circular "Duties of Conduct Under FinSA/FinSO"

Swiss Federal Council publishes Report on Banking Stability

<h3>Overview</h3>
Under its regulations, SIX Swiss Exchange (SIX) permits the listing of derivatives (Derivatives) and exchange-traded products (ETPs) with crypto-assets as the underlying instrument.
Derivatives within the meaning of the SIX listing rules are listed financial instruments with standardized features that are characterized by their value being dependent on the relevant underlying instrument, including one or more crypto assets (Crypto-Linked Derivatives). ETPs are listed and non-interest-bearing debt instruments that track the performance of an underlying asset either on a delta-1 or leveraged basis. Whilst initially established for the trading of ETPs with commodities as underlying, since the first issuance of an ETP with a crypto asset as underlying (Crypto-Linked ETPs, and together with Crypto-Linked Derivatives, Crypto-Linked Products) on SIX in November 2018, the designated ETP-segment of SIX has become increasingly popular for the issuance of Crypto-Linked ETPs. As of the middle of 2023, 170 ETPs were listed on SIX, with the vast majority being Crypto-Linked ETPs.
ETPs and Derivatives qualify as structured products within the meaning of article 3(a)(4) of the Federal Act on Financial Services (FinSA). As structured products, ETPs and Derivatives are subject to the relevant provisions of FinSA, such as the applicable prospectus requirements for public offerings or an admission to a trading venue in Switzerland and the rules on the offering of structured products pursuant to article 70 FinSA. Additionally, Crypto-Linked Products must satisfy the applicable listing requirements of SIX in order to be eligible for listing.
On February 15, 2024, after a long period of discussions with market participants and the Swiss Financial Supervisory Authority FINMA (FINMA), SIX Exchange Regulation (SER) published the new Directive on Crypto-Assets as Underlying Instruments (DCA) and a revised version of the Additional Rules for the Listing of Exchange Traded Products (ARETP), the Additional Rules for the Listing of Derivatives (ARD) and the Directive on the Procedures for Exchange Traded Products (DPETP, collectively, the SIX Crypto Regulations), setting out revised listing requirements for Crypto-Linked Products listed on SIX. The revised SIX Crypto Regulations aim to expand the universe of crypto-assets that are eligible as underlyings of Crypto-Linked Products and to better protect investors in Crypto-Linked ETPs.
<h3>Expansion of Universe of Eligible Underlyings</h3>
The eligibility criteria for crypto-assets to qualify as a permitted underlying of a Crypto-Linked Product have been further specified in the new DCA, leading to more liberal rules for issuers of Crypto-Linked Products. Crypto-assets satisfying the following eligibility criteria, qualify as permitted underlyings:
<ul>
<li>Eligible Crypto-Assets: From a functional perspective, payment tokens, utility tokens and asset tokens (to the extent they do not economically represent an equity interest; see below) qualify as eligible underlyings for Crypto-Linked Products. The ARETP and the ARD refer to FINMA&#8217;s «Guidelines for enquiries regarding the regulatory framework for initial coin offerings» dated February 16, 2018 (the ICO Guidelines), for the definition of the terms asset token and hybrid asset token. In contrast, asset tokens or hybrid asset tokens that from an economic perspective represent an equity security (article 12a(2) ARETP and article 17a(3) ARD), such as a share (Aktie) or a participation certificate (Partizipationsschein), do not qualify as eligible underlyings for Crypto-Linked Products.</li>
</ul>
In addition, from a technical perspective, the underlying crypto-asset must be a coin that runs on the Distributed Ledger Technology (DLT) (article 12a(2) ARETP and article 17a(2) ARD). This means that the relevant crypto-assets must be based on open-source software (such as Ethereum) that functions on the principles of blockchain technology. Thereunder, a consensus protocol must be applied and transactions must be verified by network participants. Finally, the procedure and the requirements for the issuance of additional units of the relevant crypto asset must be clearly defined (article 2(1) DCA). As a consequence, so-called privacy coins that allow for and facilitate private and anonymous blockchain transactions are not permitted underlyings for Crypto-Linked Products (article 12a(3) ARETP and article 17a(3) ARD).
<ul>
<li>Liquidity, Market Capitalization and Trading History: The SIX overcame its focus on the top 15 ranking on CoinMarketCap/coins. Pursuant to article 2(2) DCA, at the time of applying for provisional admission to trading of the Crypto-Linked Products in question, the underlying crypto-asset must cumulatively:
<ul>
<li>have a market capitalization of USD 500 million;</li>
<li>demonstrate an average daily liquidity of at least USD 50 million over the past 30 calendar days prior to submission of the listing application; and</li>
<li>have a trading history of at least 180 calendar days.</li>
</ul>
</li>
</ul>
In order to evidence that the requirements relating to liquidity, market capitalization and trading history are satisfied the information published on any of the following websites can be used: <a href="http://www.coinmarketcap.com">www.coinmarketcap.com</a>; <a href="http://www.coingecko.com/en">www.coingecko.com/en</a>, or <a href="http://www.cryptocompare.com">www.cryptocompare.com</a>.
The additional eligibility criteria remain substantially the same (but have been moved to article 2 DCA), meaning that it must be ensured (i) that the prices for the crypto asset are set regularly and are publicly available on the internet and (ii) the crypto-asset can be traded directly against an established fiat currency and that a price feed is available via a reputable information system, such as SIX Financial Information, Bloomberg or Reuters (article 2(3) DCA). Finally, the trading of the relevant crypto-asset must be possible on at least one trading venue satisfying certain minimum requirements (article 2(4) DCA).
The eligibility criteria for crypto-assets under the revised SIX Crypto Regulations will increase the number of crypto-assets qualifying as permitted underlyings and will, as a consequence, grant the issuers of Crypto-Linked Products more flexibility to include additional underlyings. Under the previous SIX regulations only the top 15 crypto-assets based on market capitalization on CoinMarketCap/coins qualified as eligible underlyings for Crypto-Linked Products. Under the revised SIX Crypto Regulations, more flexible and liberal criteria have been introduced. Based on information provided by SIX, 52 crypto-assets currently listed on <a href="http://www.coinmarketcap.com">www.coinmarketcap.com</a> would satisfy the requirements relating to liquidity, market capitalization and trading history under the revised SIX Crypto Regulations, leading to a considerable expansion of the universe of permitted underlyings for Crypto-Linked Products.
<h3>Collateralization and Regulatory Status of the Custodian</h3>
Since ETPs qualify as structured products within the meaning of article 3(a)(4) FinSA, the requirement that a structured product offered to retail investors in Switzerland and issued by a special purpose vehicle must be collateralized, if not guaranteed by a bank licensed under the Federal Act on Banks and Savings Institutions (FBA), a securities firm licensed under the Financial Institutions Act (FinIA) or insurance company licensed under the Federal Insurance Supervisory Act (ISA), generally applies to ETPs (article 70(2) FinSA). Therefore, the collateral set-up of ETPs will generally have to satisfy the requirements stipulated under article 70 FinSA and article 96 of the Swiss Financial Services Ordinance.
Additionally, the collateral set-up must satisfy the requirements under the SIX Crypto Regulations. The collateralization requirements for Crypto-Linked ETPs remain substantially the same under the revised ARETP, whereas it has been clarified under article 14 ARETP that Crypto-Linked ETPs, in line with past market practice, can be collateralized by granting an enforceable security interest over the claim (Herausgabeanspruch) relating to the underlying crypto-assets against the relevant custodian of the collateral, to the extent that (i) the relevant crypto-assets are held readily available for the issuer and (ii) the assets can either be allocated individually to the issuer or are allocated to a partnership and it is clear which share of the collective assets the issuer is entitled to.
In order to strengthen the collateralization structure, the revised SIX Crypto Regulations require that the custodian of the crypto-assets serving as collateral is subject to prudential supervision. This requirement will ensure that there is always a regulated institution involved in the issuance set up of Crypto-Linked ETPs, either as issuer, guarantor or custodian.
Pursuant to the revised ARETP, the following institutions qualify as eligible custodians for crypto-assets serving as collateral for Crypto-Linked ETPs:
<ul>
<li>custodians within the meaning of article 4(2) of the Federal Intermediated Securities Act (FISA), being in particular (i) banks within the meaning of the FBA, (ii) securities firms within the meaning of FinIA, (iii) fund management companies within the meaning of FinIA, and (iv) DLT trading facilities within the meaning of the Financial Market Infrastructure Act;</li>
<li>persons pursuant to article 1b FBA (FinTech-license): and</li>
<li>foreign institutions that are subject to equivalent supervision.</li>
</ul>
The revised ARETP provides that the Regulatory Board of SIX Exchange Regulation may demand that suitable documents are provided as evidence of the crypto asset custodian’s regulatory status.
<h3>Confirmation on Compliance with Article 70 FinSA</h3>
Since In connection with the collateralization set up an additional requirement has been introduced under article 15a ARETP as to compliance of the issuance and collateralization structure with article 70 FinSA. Thereunder, the issuer must include a declaration in the listing application in which the issuer affirms:
<ul>
<li>that (i) it or the guarantor is a bank pursuant to the FBA, an insurance company pursuant to the ISA or a securities firm within the meaning of the FinIA or a foreign institution subject to equivalent supervision, or (ii) that the collateralization structure of the ETP complies with article 70(2)(b) FinSA; and</li>
<li>if applicable, that the custodian holds the assets serving as collateral on behalf of the issuer and is an eligible custodian within the meaning of article 14(4) ARETP (see above); and;</li>
<li>if applicable, that the custodian keeps the assets serving as collateral for the ETPs available at all times and that the assets can either be allocated individually to the issuer or are allocated to a partnership (Gemeinschaft) and it is clear which share of the collective assets the issuer is entitled to.</li>
</ul>
The revised SIX Crypto Regulations explicitly specify that it is the issuer&#8217;s responsibility to properly assess the collaterization and ensure it complies with the regulations of SIX Swiss Exchange.
<h3>Additional Prospectus Requirements</h3>
The revised SIX Crypto Regulations introduce a number of additional requirements that will ultimately, if not already implemented, have to be reflected in the relevant (base) prospectus of the issuers and terms and conditions of Crypto-Linked Products:
<ul>
<li>Investor Put Option / Issuer Call Option: Pursuant article 6a ARETP, ETPs that do not provide for a fixed maturity (perpetual or open-ended products), must provide for an individual right of return in favor of the holders (Investor Put Option) and a right of termination for the issuer (Issuer Call Option). To the extent, the relevant (base) prospectus or terms and conditions, respectively, of an issuer does not already include such rights, the issuer will upon updating the (base) prospectus be required to add an Investor Put Option and an Issuer Call Option to the terms and conditions of the relevant ETPs. It is expected that an annual investor put right – analogous to articles 2 and 3 of the SIX Directive on Debt Securities with Specific Structures – is still sufficient.</li>
<li>Suspension of Trading: Under article 5 DCA, SIX Swiss Exchange and/or the SER may temporarily suspend trading of Crypto-Linked Products at the request of the issuer or upon its own initiative if this is deemed necessary in exceptional circumstances, in particular in the event of suspected price manipulation, falsification of liquidity or criminal activity. Further, for Crypto-Linked ETPs, SER may pursuant to article 28 ARETP, additionally order a suspension in trading, if the ongoing listing requirements are no longer fulfilled, in particular, if the custodian loses its regulatory status required under article 14(4) ARETP. If trading has been suspended for a continuous period of three months, the relevant Crypto-Linked Derivatives and/or Crypto-Linked ETPs, as applicable, can be delisted by SER.</li>
</ul>
Pursuant to article 4 DCA, the relevant (base) prospectus of an issuer of Crypto-Linked Products must include an express reference to the suspension and termination rights introduced under the revised SIX Crypto Regulations.
<ul>
<li>Risk Disclosure: Finally, pursuant to article 4 DCA, and in line with past practice of SER and the Swiss prospectus review bodies, the relevant (base) prospectus of an issuer of Crypto-Linked Products must outline (i) the key differences and pertaining risks between traditional fiat currencies and the relevant underlying crypto-assets, in particular relating to the lack of an intrinsic value, the trading on unregulated exchanges, low trading volume and higher volatility and (ii) the specific risks inherent to Crypto-Linked Products, in particular, the fraud risks and risks arising from possible hacker attacks.</li>
</ul>
<h3>Transitional Provisions / Grandfathering</h3>
The revised SIX Crypto Regulations will enter into force on April 1, 2024. Crypto-Linked Products issued prior to the entry into force will remain listed, with the following transitional provisions applying. Within six months of the entry into force:
<ul>
<li>Issuers of Crypto-Linked Products must submit a revised prospectus to SER, satisfying the additional requirements set out under article 4 DCA (see above «Additional Prospectus Requirements») (article 8 DCA); and</li>
<li>Issuers of Crypto-Linked ETPs must additionally submit a declaration in accordance with article 15a (see above «Confirmation of compliance with article 70 FinSA»), and if applicable satisfy the requirements applicable to the utilized custodian pursuant to article 14(4) and (6) ARETP.</li>
</ul>
If these requirements are not satisfied by October 1, 2024, the relevant Crypto-Linked Products will be delisted extraordinarily by SER.
<h3>Next Steps for Issuers</h3>
Due to the limited transitional period, it is advisable that issuers of Crypto-Linked Products swiftly assess which changes need to be made in relation to their (base) prospectuses and more generally their issuance and collateralization set-up in order to ensure full compliance by October 1, 2024. In particular:
<ul>
<li>Issuers of Crypto-Linked Products should ensure that their (base) prospectuses include all required information stipulated under article 4 DCA (and for Crypto-Linked ETPs additionally article 6a ARETP). Whilst the relevant (base) prospectuses currently used by issuers of Crypto-Linked Products will typically already include a risk disclosure satisfying the requirements stipulated under the revised SIX Crypto Regulations, most issuers will need to include a reference to the newly introduced suspension rights of SER, and, if not already included an Investor Put Option under the terms and conditions. For issuers of Crypto-Linked Derivatives, ensuring compliance with article 4 DCA will satisfy the newly introduced requirements under the revised SIX Crypto Regulations.</li>
<li>Issuers of Crypto-Linked ETPs will additionally be required to ensure that their collateralization set-up satisfies the new requirements set out under the ARETP, in particular the inclusion of an adequately prudentially regulated custodian. The introduction of the requirement to utilize a custodian licensed and prudentially supervised by FINMA, such as a bank, a FinTech-license holder, a securities firm or a foreign financial institution subject to equivalent supervision is likely the most profound change introduced under the revised SIX Crypto Regulations. Considering that the majority of the issuers of Crypto-Linked ETPs currently use custodians domiciled outside of Switzerland, it will have to be assessed on a case-by-case basis, whether these custodians are subject to an equivalent supervision outside of Switzerland. Ultimately, this question will be determined by SER. As a consequence, issuers utilizing foreign custodians should as a matter of urgency submit a relevant application to SER seeking confirmation on the eligibility of the utilized custodian under the ARETP. To the extent the relevant custodians are not subject to an equivalent supervision outside of Switzerland, issuers should seek to effect a transfer of their collateralization set-up to a custodian satisfying the requirements of the ARETP or engage, for example, a bank acting as guarantor.</li>
</ul>

Homburger Bulletin SIX Crypto Rules Preview

SIX Publishes New Directive on Crypto-Assets as Underlying Instruments 

Financing and Investment Products

Alchemy-web-640x140

Homburger News

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In July 2024, Alchemy US Holdco 1, LLC renewed its credit financings and entered into a term loan credit agreement with HPS Investment Partners, LLC as term loan agent and an ABL credit agreement with KeyBank National Association as ABL agent and joint collateral agent. The accession of Alchemy Transatlantic-S GmbH and the granting of the comprehensive security package involving various jurisdictions was completed in October 2024. Homburger advised Alchemy on all aspects of Swiss law with the transaction.
Alchemy produces non-ferrous metal powders, with a focus on copper and aluminum powder, serving diverse end-markets including chemicals, automotive, and industrial sectors worldwide.
The Homburger team was led by Daniel Haeberli and included Simone Gloor and Manuel Adassery (all Financing) as well as Stefan Oesterhelt (Tax).

Homburger advised Alchemy US Holdco 1 LLC on the refinancing of its term loan and ABL credit agreements

Elanco_grey_640x140

On August 13, 2024, Elanco Animal Health Incorporated and Elanco US Inc. entered into an incremental assumption agreement to obtain an incremental term facility. The granting of the comprehensive security package involving various jurisdictions was completed on September 9, 2024. Homburger advised the Elanco entities incorporated in Switzerland with any aspects of Swiss law with the transaction.
The Homburger team was led by Daniel Haeberli and included Simone Gloor and Julia Koch (all Financing) as well as Stefan Oesterhelt (Tax).

Homburger advised Elanco International, Inc. on its incremental term facility

Capital Markets

Amag Leasing

On July 10, 2024, AMAG Leasing successfully completed its issuance of CHF 100 m 1.700 per cent. Fixed Rate Auto Covered Bonds due 2028 under its CHF 1.5 bn Auto Covered Bond Programme irrevocably guaranteed by AMAG Leasing Auto Covered Bond AG (the Programme). The Auto Covered Bonds are indirectly backed by a portfolio of lease assets originated by AMAG Leasing. AMAG Leasing has become the leading car leasing company in Switzerland, with a portfolio currently comprising over 181,000 contracts valued at more than CHF 5 bn. AMAG Leasing is a subsidiary of AMAG Group, which is the largest mobility company in Switzerland.
Homburger acted as sole legal advisor advising AMAG Leasing as Issuer and Zürcher Kantonalbank as Sole Arranger and Sole Lead Manager and Luzerner Kantonalbank AG and Raiffeisen Schweiz Genossenschaft as Co-Managers. The Homburger team was led by partner Daniel Haeberli (Capital Markets / Financing) and included partners Stefan Kramer (Capital Markets) and Stefan Oesterhelt (Tax), associates Daniel Hulmann and Daniel Junginger as well as junior associate Margaux Stanton (all Capital Markets / Financing).

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Homburger advised Alchemy US Holdco 1 LLC on the refinancing of its term loan and ABL credit agreements

Homburger advised Elanco International, Inc. on its incremental term facility

Homburger advised AMAG Leasing AG on the CHF 100 m Auto Covered Bond Issuance

FINMA Circular "Duties of Conduct Under FinSA/FinSO"

Swiss Federal Council publishes Report on Banking Stability

SIX Publishes New Directive on Crypto-Assets as Underlying Instruments

Blockchain & Cryptocurrency Regulation 2025: Switzerland

Fintech 2025: Switzerland

Acquisition Finance 2024

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Homburger advised Alchemy US Holdco 1 LLC on the refinancing of its term loan and ABL credit agreements

Homburger advised Elanco International, Inc. on its incremental term facility

Homburger advised AMAG Leasing AG on the CHF 100 m Auto Covered Bond Issuance

FINMA Circular "Duties of Conduct Under FinSA/FinSO"

Swiss Federal Council publishes Report on Banking Stability

SIX Publishes New Directive on Crypto-Assets as Underlying Instruments

Blockchain & Cryptocurrency Regulation 2025: Switzerland

Fintech 2025: Switzerland

Acquisition Finance 2024

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