Prospectus approval

Prospectus approval is the process by which a reviewing body checks a securities prospectus before certain public offers or admissions to trading in Switzerland. The review focuses on completeness, coherence and comprehensibility against applicable disclosure rules, rather than guaranteeing investment quality or truth of all commercial forecasts. Issuers and offerors remain responsible for the content and liability risks. Exemptions may apply depending on investor type, offer size, instrument or transaction structure. Timing is important because marketing, publication and listing steps may depend on approval.