The Swiss Federal Council has opened a consultation process regarding the obligation to prepare a prospectus in connection with public offerings of securities and their admission to trading on a trading venue and the requirement to provide a key information document in connection with the offering of certain financial instruments to retail investors.

The two pieces of regulation are expected to enter into force together with the ordinances on January 1, 2020, and will introduce an entirely new regulatory framework governing the Swiss financial markets. The three ordinances implementing these acts are the Financial Services Ordinance (FinSO), the Financial Institutions Ordinance (FinIO) and the Supervisory Organisation Ordinance (SOO), which will be in force until February 6, 2019. Swiss law firm Bär & Karrer said in a briefing that

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