Caution is needed when buying bearer shares after 1 May 2021

As of 1 May 2021, all bearer shares of the Swiss stock corporations have been converted by law into registered shares. An exception applies for listed shares and shares which are structured as book-entry securities (Bucheffekten).

We advise you to be cautious when buying bearer shares of Swiss stock corporations after 1 May 2021. It could be that these no longer have any value nor any resulting rights due to the legal conversion into registered shares.