Prospectus requirement
The prospectus requirement obliges issuers or offerors to publish approved disclosure when securities are publicly offered or admitted to trading, subject to exemptions.
A prospectus gives investors essential information about an issuer, the securities and the risks of an offering or admission to trading. Under Swiss financial services law, public offers of securities and admissions to trading on a trading venue generally require a prospectus unless an exemption applies. The document must be reviewed by a recognised review body in many cases and must be accurate, complete and understandable. Liability may arise for misleading or incomplete information. Cross-border transactions require separate analysis because EU or other foreign prospectus regimes may also apply.