{"id":24466,"date":"2026-03-09T08:24:39","date_gmt":"2026-03-09T07:24:39","guid":{"rendered":"https:\/\/lindemannlaw.ch\/insights\/credit-suisse-at1-bonds-legal-challenges-ahead\/"},"modified":"2026-03-10T15:13:31","modified_gmt":"2026-03-10T14:13:31","slug":"credit-suisse-at1-bonds-legal-challenges-ahead","status":"publish","type":"post","link":"https:\/\/lindemannlaw.ch\/fr\/insights\/credit-suisse-at1-bonds-legal-challenges-ahead\/","title":{"rendered":"Obligations AT1 du Credit Suisse : Le Tribunal f\u00e9d\u00e9ral examine la radiation de la FINMA"},"content":{"rendered":"<h2 class=\"p1\">Obligations AT1 du Credit Suisse : Le Tribunal f\u00e9d\u00e9ral examine la radiation de la FINMA<\/h2>\n<h2 style=\"font-weight: 400;\"><strong>Introduction<\/strong><\/h2>\n<p>Comme le mentionne un <a href=\"https:\/\/www.fuw.ch\/at1-anleihen-credit-suisse-klage-vor-bundesgericht-190385975360\">article du FuW<\/a>: L&rsquo;annulation des obligations Additional Tier 1 (AT1) \u00e9mises par le Cr\u00e9dit Suisse reste l&rsquo;un des aspects les plus controvers\u00e9s du sauvetage d&rsquo;urgence de la banque en mars 2023.<\/p>\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"Lindemann Law \u00d7 FuW on AT1 Bonds fr\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/jM0loTfHwhc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<p class=\"p1\">Lors de la reprise du Credit Suisse par UBS sous l&rsquo;\u00e9gide du gouvernement, l&rsquo;Autorit\u00e9 f\u00e9d\u00e9rale de surveillance des march\u00e9s financiers (FINMA) a ordonn\u00e9 la d\u00e9pr\u00e9ciation compl\u00e8te des obligations AT1 d&rsquo;une valeur nominale d&rsquo;environ 16 milliards de francs suisses. <span class=\"s1\"><b>l&rsquo;amortissement complet des obligations AT1 d&rsquo;une valeur nominale d&rsquo;environ 16 milliards de francs suisses.<\/b><\/span>.<\/p>\n<p class=\"p1\">Cette d\u00e9cision a d\u00e9clench\u00e9 de nombreux recours juridiques de la part des investisseurs. \u00c0 la suite d&rsquo;un r\u00e9cent arr\u00eat du <span class=\"s1\"><b>Tribunal administratif f\u00e9d\u00e9ral suisse<\/b><\/span>le litige est maintenant port\u00e9 devant le <span class=\"s1\"><b>Tribunal f\u00e9d\u00e9ral suisse<\/b><\/span>qui d\u00e9cidera en dernier ressort de la l\u00e9galit\u00e9 de l&rsquo;intervention de la FINMA.<\/p>\n<h4><b>Contexte du litige<\/b><\/h4>\n<p class=\"p1\">Les obligations AT1 sont des instruments de capital hybride introduits apr\u00e8s la crise financi\u00e8re mondiale pour renforcer la r\u00e9silience des banques. Elles sont con\u00e7ues pour absorber les pertes en cas de crise et font partie du cadre r\u00e9glementaire de B\u00e2le III.<\/p>\n<p class=\"p1\">Dans le cadre du sauvetage du Cr\u00e9dit Suisse, la FINMA a ordonn\u00e9 une d\u00e9pr\u00e9ciation compl\u00e8te de ces instruments. <span class=\"s1\"><b>d\u00e9pr\u00e9ciation compl\u00e8te de ces instruments<\/b><\/span> dans le cadre des mesures d&rsquo;urgence visant \u00e0 soutenir la reprise d&rsquo;UBS.<\/p>\n<p class=\"p1\">Cette mesure s&rsquo;est av\u00e9r\u00e9e controvers\u00e9e car <span class=\"s1\"><b>ont re\u00e7u une compensation dans le cadre de l&rsquo;op\u00e9ration de rachat, alors que les investisseurs de l&rsquo;AT1 ont \u00e9t\u00e9 totalement \u00e9limin\u00e9s.<\/b><\/span>Ce qui a incit\u00e9 les investisseurs \u00e0 contester la l\u00e9galit\u00e9 de la d\u00e9cision.<\/p>\n<h4><b>Arr\u00eat du Tribunal administratif f\u00e9d\u00e9ral<\/b><\/h4>\n<p class=\"p1\">En <span class=\"s1\"><b>octobre 2025<\/b><\/span>le Tribunal administratif f\u00e9d\u00e9ral suisse a rendu une d\u00e9cision importante dans une affaire de premier plan. Le tribunal a conclu que l&rsquo;ordonnance de la FINMA <span class=\"s1\"><b>n&rsquo;avait pas de base l\u00e9gale suffisante au regard du droit suisse<\/b><\/span>.<\/p>\n<p class=\"p1\">L&rsquo;arr\u00eat a soulev\u00e9 la possibilit\u00e9 que la r\u00e9duction de valeur ait \u00e9t\u00e9 ill\u00e9gale. Toutefois, l&rsquo;arr\u00eat n&rsquo;est pas encore d\u00e9finitif.<\/p>\n<p class=\"p1\">La FINMA et UBS ont ensuite fait appel, portant l&rsquo;affaire devant le <span class=\"s1\"><b>Tribunal f\u00e9d\u00e9ral suisse<\/b><\/span>.<\/p>\n<h4><\/h4>\n<h4><b>\u00c9tat actuel de la proc\u00e9dure<\/b><\/h4>\n<p class=\"p1\">Le Tribunal f\u00e9d\u00e9ral s&rsquo;est d\u00e9j\u00e0 pench\u00e9 sur une importante question de proc\u00e9dure.<\/p>\n<p class=\"p1\">Il a accord\u00e9 <span class=\"s1\"><b>l&rsquo;effet suspensif au recours<\/b><\/span>Cela signifie que la d\u00e9cision du Tribunal administratif f\u00e9d\u00e9ral n&rsquo;entre pas en vigueur pour le moment. Par cons\u00e9quent, les obligations AT1 restent d\u00e9pr\u00e9ci\u00e9es et sans valeur jusqu&rsquo;\u00e0 ce que la Cour rende un arr\u00eat d\u00e9finitif.<\/p>\n<p class=\"p1\">Un jugement d\u00e9finitif n&rsquo;est pas attendu dans l&rsquo;imm\u00e9diat.<\/p>\n<h4><b>Implications potentielles<\/b><\/h4>\n<p class=\"p1\">La d\u00e9cision \u00e0 venir pourrait clarifier plusieurs questions cl\u00e9s du droit bancaire et du droit des march\u00e9s financiers suisses :<\/p>\n<ul>\n<li>\n<p class=\"p1\">l&rsquo;\u00e9tendue des pouvoirs d&rsquo;intervention de la <span class=\"s1\"><b>pouvoirs d&rsquo;intervention de la FINMA<\/b><\/span> dans les situations de crise bancaire ;<\/p>\n<\/li>\n<li>\n<p class=\"p1\"><span class=\"s1\">le <\/span><b>le traitement juridique des instruments de capital AT1<\/b><span class=\"s1\"> dans les sc\u00e9narios de r\u00e9solution ;<\/span><\/p>\n<\/li>\n<li>\n<p class=\"p1\"><span class=\"s1\">la responsabilit\u00e9 <\/span><b>la responsabilit\u00e9 potentielle de la Conf\u00e9d\u00e9ration suisse ou des autorit\u00e9s de r\u00e9gulation<\/b><span class=\"s1\">.<\/span><\/p>\n<\/li>\n<\/ul>\n<p class=\"p1\">Compte tenu de l&rsquo;importance mondiale des instruments AT1 dans les structures de capital des banques, l&rsquo;issue de cette affaire est suivie de pr\u00e8s par les investisseurs et les r\u00e9gulateurs du monde entier.<\/p>\n<h4><b>Conclusion<\/b><\/h4>\n<p class=\"p1\">Le litige concernant les obligations AT1 du Credit Suisse est susceptible de devenir un cas de r\u00e9f\u00e9rence en mati\u00e8re de r\u00e9glementation financi\u00e8re suisse. La d\u00e9cision du Tribunal f\u00e9d\u00e9ral d\u00e9terminera si la d\u00e9pr\u00e9ciation de 16 milliards de francs suisses d&rsquo;obligations AT1 \u00e9tait l\u00e9galement justifi\u00e9e et pourrait influencer la mani\u00e8re dont des interventions de crise similaires seront g\u00e9r\u00e9es \u00e0 l&rsquo;avenir.<\/p>\n<h4 class=\"p4\"><b>Questions concernant la r\u00e9glementation des march\u00e9s financiers ou les r\u00e9clamations des investisseurs ?<\/b><b><\/b><\/h4>\n<p class=\"p1\">LINDEMANNLAW conseille les investisseurs, les institutions financi\u00e8res et les entreprises sur des questions complexes de r\u00e9glementation financi\u00e8re et des litiges transfrontaliers.<\/p>\n<p><em>Clause de non-responsabilit\u00e9 : Cette publication contient uniquement des informations g\u00e9n\u00e9rales et ne constitue pas un avis juridique. L&rsquo;appr\u00e9ciation juridique d\u00e9pend toujours des circonstances du cas d&rsquo;esp\u00e8ce. Pour obtenir un avis juridique sur votre situation sp\u00e9cifique, veuillez nous contacter directement. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Obligations AT1 du Credit Suisse : Le Tribunal f\u00e9d\u00e9ral examine la radiation de la FINMA Introduction Comme le mentionne un article du FuW: L&rsquo;annulation des obligations Additional Tier 1 (AT1) \u00e9mises par le Cr\u00e9dit Suisse reste l&rsquo;un des aspects les plus controvers\u00e9s du sauvetage d&rsquo;urgence de la banque en mars 2023. Lors de la reprise [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":24465,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Obligations AT1 du Credit Suisse : Le Tribunal f\u00e9d\u00e9ral examine la radiation de la FINMA","_yoast_wpseo_title":"Obligations AT1 du Credit Suisse : D\u00e9fis juridiques \u00e0 venir","_yoast_wpseo_metadesc":"Le Tribunal f\u00e9d\u00e9ral suisse examinera la l\u00e9galit\u00e9 de la radiation par la FINMA de 16 milliards de francs suisses d'obligations AT1 du Credit Suisse, suite \u00e0 un arr\u00eat du Tribunal administratif f\u00e9d\u00e9ral. Principales implications pour les investisseurs et la r\u00e9glementation financi\u00e8re.","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[60],"tags":[],"related_contact":[201,424],"expertise":[174],"class_list":["post-24466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Obligations AT1 du Credit Suisse : D\u00e9fis juridiques \u00e0 venir<\/title>\n<meta name=\"description\" content=\"Le Tribunal f\u00e9d\u00e9ral suisse examinera la l\u00e9galit\u00e9 de la radiation par la FINMA de 16 milliards de francs suisses d&#039;obligations AT1 du Credit Suisse, suite \u00e0 un arr\u00eat du Tribunal administratif f\u00e9d\u00e9ral. 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