Beiträge

Pièges fiscaux du contrat de prêt

This contribution deals with the tax « traps » of the loan agreement. Loans are usually quite simple from a tax standpoint since they are neutral. Yet, the author examines three specific instances where things do not turn out so well. The first of which is the cancellation of ­indebtedness, which may result in taxable income ­(Article 16 par. 1 or Article 18 par. 1 Direct Federal Tax Law)…

Les données bancaires pseudonymisées – Du secret bancaire à la protection des données

Law strictly restricts the transfer of personal data and data protected by banking secrecy, especially outside of Switzerland. Personal data is defined as all information relating to an identified or identifiable person. Similarly, legal scholarship and case law hold that banking secrecy protects only client identifying data. The ability to identify the relevant person is thus core to both data…

Les frais de procédure et d’investigation sous pression

There has been a sharp increase in appeals relating to FINMA’s investigation and litigation costs. This article takes up recent case law and examines in detail all the legal questions that have been submitted to the federal judges over the past twelve months. The current FINMA’s practice of charging procedural costs to individuals and legal entities irrespective of whether or not they are subject…

Corporate Purpose and Board of Directors: Means and Ends of Corporate Governance

(Enlightened) shareholder value is a widespread opinion among legal scholars and lawmakers in Switzerland. In other countries, we observe today a clear shift in favor of stakeholder governance. In this article, we advocate that shareholders are one among several constituencies that make possible the achievement of corporate purpose. Hence, corporate law and practice should promote corporate…

Good Corporate Governance: Von der Zielsetzung zur Unternehmens­organisation – am Beispiel des neuen Aktienrechts

The authors start out by noting that the term and discussion around corporate governance developed from a technical designation without content to a concept of «good» corporate governance that increasingly prescribes the ways, not the goals of corporate governance. Likewise, the question whether a corporate governance system is good or bad is not measured in light of its efficiency in achieving…

Prüfungsrecht und -pflicht der AG in Bezug auf das Aktieneigentum ihrer Aktionäre, v.a. auch im Zusammenhang mit den neuen Vorschriften des Global Forum-Gesetzes

In the recent past the ownership (title) due diligence in share deals, i.e. the due diligence regarding the seller’s unencumbered ownership in the sold shares, became more and more important in practice, as experience shows that in a high percentage of cases there are se­rious issues in this respect. This leads to the question on the scope of the examination rights and examination obligations of…

Les clauses statutaires relatives au transfert des actions de la société anonyme

This article deals with the admissibility of statutory acquisition clauses with regard to the right of the free transmissibility of shares (Art. 685 ss of the Swiss Code of Obligations, CO) and the prohibition of additional obligations at shareholders’s cost (Art. 680 CO). In order to resolve this issue, a distinction must be made between statutory acquisition clauses relating to the shares of…

Entrepreneuriat et incapacité: responsabilité illimitée et direction de sociétés

The contribution focuses on persons under an adult protection measure that deprives them (totally or partially) of civil capacity (legal capacity). The authors consider that the need for protection of these persons is incompatible with any status involving unlimited liability for debts related to a going concern as well as with the functions of a manager of a commercial company. This…

Generalversammlungen von AG: «Landsgemeinden» oder «Chatrooms»?

Digitalization will cause a fundamental change regarding general meetings of Swiss stock corporations. Currently, Swiss corporate law provides that shareholders must be physically present, or validly represented at a general meeting and may not participate in writing or by electronic means; the «COVID-19 regime», however, allows e.g. «cyber general meetings». The new Swiss law on corporations,…

Prospektpflicht nach FIDLEG

Switzerland has modernized its prospectus law by introducing new extensive rules in the Financial Services Act. The legislator closely considered the existing rules of SIX Swiss Exchange for the admission to trading and the rules applicable in the EEA. Fundamental changes are the mandatory review by a review body of prospectuses to be published in case of a public offer. In connection with the…