SWITZERLAND Law and Practice Contributed by: Nicolas Wehrli and Melanie Wilhelm, Loyens & Loeff
• Electricity distribution and grid access – the Swiss Electricity Commission (ElCom) oversees tariffs, grid access and transmission activities. Environmental and Sustainability Compliance • Carbon emissions and climate goals – energy companies must meet CO₂ Act targets and climate policy requirements. • Environmental Impact Assessments (EIAs) – man- datory for infrastructure projects, covering air, water, noise and biodiversity. • Waste and hazardous materials – regulated han- dling and disposal, especially for industrial energy operations. Digital Infrastructure and Data Security • 5G network deployment – telecoms must comply with health, emission and cybersecurity standards. • Data centres – subject to data protection laws and critical infrastructure security requirements. Public–Private Partnerships and Government Oversight • Transportation infrastructure – PPPs for roads, rail and airports must meet federal and cantonal stand- ards for financing, construction and safety. • EV charging infrastructure – must comply with technical, interoperability and accessibility regula- tions. Water and Waste Management Infrastructure • Water supply and sanitation – governed by the Swiss Water Protection Act for quality, pollution control and sustainability. • Waste disposal and recycling – facilities must meet environmental standards for pollution control and recycling quotas. Regulatory Bodies Given the strategic relevance of the energy and infrastructure sectors, Switzerland maintains a well- defined regulatory framework. Multiple authorities oversee distinct aspects of energy production, dis- tribution, environmental protection and infrastructure development. These bodies are responsible for issu- ing permits and ensuring compliance with applicable laws, including the following.
• The Swiss Federal Office of Energy (SFOE) – leads energy policy, renewables, grid oversight and Energy Strategy 2050 implementation. • The Swiss Electricity Commission (ElCom) – regu- lates electricity tariffs, grid operations and market compliance. • The Federal Office for the Environment (FOEN) – ensures environmental compliance for air, water, biodiversity and waste. • The Swiss Federal Nuclear Safety Inspectorate (ENSI) – oversees nuclear safety and decommis- sioning. • Cantonal and local authorities – issue permits for construction, land use and EIAs • Swissgrid – manages transmission grid operations and expansion. The duration of proceedings required to obtain the necessary permits and approvals depends on the specific case and typically on the complexity of the matter. 5.2 Primary Securities Market Regulators The primary securities market regulators for public M&A transactions in Switzerland are the Swiss Finan- cial Market Supervisory Authority (FINMA) and the Swiss Takeover Board. 5.3 Restrictions on Foreign Investments Switzerland currently does not have a general foreign direct investment (FDI) screening regime. However, certain sectors, such as banking, real estate, avia- tion, telecommunications, broadcasting, and nuclear energy, are subject to regulatory or licensing require- ments that may restrict foreign ownership. On 15 December 2023, the Federal Council adopted a dispatch introducing new investment screening legislation. The proposed law targets acquisitions by foreign state-controlled investors in critical sectors (eg, electricity grids, water supply, and transport infra- structure), subject to turnover thresholds. Reflecting Switzerland’s traditionally cautious approach to broad FDI controls, the draft law is narrower in scope than comparable regimes abroad. In September 2024, the National Council approved the Investment Screening Act, expanding its scope to
381 CHAMBERS.COM
Powered by FlippingBook