A stricter regulatory landscape

02.02.2026

New rules for guarantee providers

On March 1, 2026, the rules of the game for capital markets could fundamentally change.

If unauthorized financial activity becomes a criminal offense, licensing would shift from a "compliance detail" to a core business and risk issue. For those providing guarantee commitments in share issues, this would mark a true paradigm shift: what previously led mainly to supervisory action could then carry criminal consequences.

For years, filling the guarantee book in smaller listed companies has often relied on networks of private investors stepping in when institutional capital was unavailable. Under the proposed legislation, guarantee commitments may risk being classified as professional activity — triggering licensing requirements.

The likely result could be fewer able guarantors, higher costs, and in some cases capital raises that cannot be fully secured by guarantees — hitting listed growth companies hardest.

Put simply — the era of operating in grey zones may be coming to an end.

Licensing is not just legal — it is quality

This is where the difference between market players becomes clear.

For serious, professional actors with the right licenses, this is not a threat — it is an opportunity. As regulation potentially tightens, structure, compliance, and legitimacy become competitive advantages.

Villand Capital is such an actor.

We do not operate in grey zones. We build capital solutions that stand the test of time — legally, regulatorily, and commercially.

With the right licenses in place, we can:

  • Structure guarantee solutions for issuance processes involving guarantee arrangements

In a more regulated market, proper authorization and compliance become a true mark of reliability. With the proposed legislation, the bar is being raised.

What does this mean for companies raising capital?

The question is no longer just about "filling the guarantee book." It is about who provides the guarantee — and on what legal basis.

If the new rules enter into force, working with a licensed partner for guarantee arrangements would become essential. The issue would no longer just be capital — it would be about safeguarding the company, the board, and its shareholders in every guarantee commitment.

Villand Capital — a partner in the new capital market

We see the proposed changes as pointing toward a future where professionalism and structure are likely to become increasingly important — particularly in relation to guarantee commitments.

Villand Capital combines:

  • Deep experience in capital raising

  • Strong understanding of both company and investor perspectives

  • And, crucially, the necessary licenses to act safely and correctly in guarantee contexts

In a world of potentially stricter rules, the question is no longer whether licensing matters — but who actually has it.

Want to secure your next capital raise in a more regulated market?
We help you navigate it the right way.

Villand Capital — capital with clear direction.

If you would like to learn more about how the proposed new rules could affect you and how we can assist, simply fill in the form below, call us, or send us an email.

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