On 1 February 1997 the Swiss Federal Statute on Exchanges and Securities Dealing (the "BEHG")(partly) entered into force. It subjects securities dealers, including underwriters, to a prior authorisation. Prior to the entry into force of the BEHG the business of an underwriter required a banking licence. This requirement has now been replaced by the requirement of the licence as a securities dealer.
As a consequence of the above change, the Swiss National Bank (Swiss Central Bank) allows as from 1 February 1997 that securities dealers within the meaning of the BEHG may act as lead managers in bond issues denominated in Swiss francs. This role was formerly reserved to banks within the meaning of the Swiss banking law. Apart from this amendment, the anchorage principle remains valid, i.e. the lead manager of a bond issue denominated in Swiss francs must be either a bank or a securities dealer within the meaning of the Swiss banking law or the BEHG and such lead manager must carry out its typical function (syndication, book-running, allotment etc.) through its personnel and offices in Switzerland. As in the past, the anchorage principle also applies to the tranches denominated in Swiss francs of medium-term note programmes meaning that the dealer must be either a bank or securities dealer under the respective Swiss law.
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