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Editorial

Am 30. August 2023 fand die 15. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter der Leitung von Rolf Sethe und Christoph B. Bühler statt.

Welches «Too-big-to-fail»-Regime braucht die Schweiz?

On March 19, 2023, the Swiss Finance Minister together with the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA announced the rescue operation for Credit Suisse, the second largest Swiss banking group. After having lost the confidence of its customers, creditors and investors and unprecedented deposit outflows a rescue operation by involving the state of Switzerland…

Bonus als Risiko – Zur Regulierung der variablen Vergütung von Bankorganen

The experience with the Credit Suisse crisis of confidence has once again shown that compensation systems are of considerable importance for the risk management of financial institutions. Inappropriate risks and wrong incentives can endanger the substance and profitability of a bank and thus its stability. This article focuses on the regulation of variable compensation of bank boards and analyzes…

Bail-in-Bonds

Following the financial crisis of 2007/08, the bail-in has established itself as the preferred resolution strategy for large banks throughout Switzerland and internationally. According to the concept, it is not the bank’s owners or the state that are to finance a resolution but the bank’s creditors. This is to be achieved by converting a certain type of debt called «bail-in-bonds» into equity…

Neuerungen in der Einlagensicherung

The partial revision of the Banking Act and thus an improved depositor protection came into force on 1^st January 2023. CHF 100 000 will remain protected if a bank goes bankrupt, and the financing of the system is strength­ened. Among other things, the new law brings changes for joint account holders. Parts of the revision came into force immediately. Transitional periods apply to others. CS…

Schutz der Kundenvermögen durch Segregation

Swiss financial market law contains various provisions that serve to protect client assets by means of segregation. With regard to the custody of intermediated securities, a revision entered into force on 1 January 2023: Art. 11a of the Federal Act on Intermediated Securities (FISA) now stipulates an obligation for custodians to hold their own securities and those of their account holders in…

Echtzeitbankenaufsicht – la panacée?

In recent years, the concept of data-based banking supervision has evolved to influence the dynamics between supervisors and supervised institutions. This de­ve­lopment, if accompanied by adequate implementation, undoubtedly improves the quality of banking supervision. However, data-based supervision does not automatically lead to real-time supervision. While it tends to reduce the time lag…

Decentralized Exchanges: Grundlagen, Risiken und ausgewählte aufsichtsrechtliche Aspekte

Decentralized exchanges (DEX) enable traders to interact directly and to exchange their digital assets – such as cryptocurrencies – on a peer-to-peer basis without needing to trust an intermediary or each other. This article first delves into the functioning of DEX with a focus on their price-finding mechanisms. Subsequently, it outlines the main risks of DEX and gives an overview of certain…

Insider Trading im digitalen Zeitalter: Neue Herausforderungen und Risiken

Insider trading has existed since the launch of the very first organized trading venues and is now prohibited in most jurisdictions. The growing digitalization of the financial industry is adding several layers of complexity to the topic and creating both new risks and opportunities for market participants. First, digitalization brings about a higher interconnectivity between the global financial…

Sicherung von strukturierten Produkten nach Art. 70 Abs. 2 FIDLEG

The Financial Services Act (FinSA) is a cross-sectoral regulation but still contains certain historically grown sector-specific provisions. Pursuant to Art. 70 FinSA, offers of structured products to private clients must fulfill regulatory requirements regarding issuer, offeror and collateralization. Particularly, the collateralization of structured products issued by SPVs pursuant to Art. 70 para…

Kooperationsformen zwischen Banken und Drittanbietern aus vertrags- und datenschutzrechtlicher Perspektive

Open Banking or Open Finance essentially means the exchange of financial data between different financial service providers including third party providers at the request of the customer. From a civil liability and data protection perspective this paper examines the legal relationships between banks, third party providers, platforms and customers on the basis of four possible «model forms of…

Feuerproben des neuen Datenschutzgesetzes – Ein «tour d’horizon»

In the area of conflict between diverging individual needs and competing societal interests, a multitude of «trial by fire» awaits the new federal data protection law. One of these is the smartphone, which, as an always-available means of mobile identification and documentation, is well on its way to become an electronic anklet for everyone.

Der «grosse Bruder» DSGVO und das revDSG: Ein vergleichender Überblick

The revised Swiss Data Protection Act is very much influenced by European legislation. In the debate and discussions, the GDPR was and still is in the foreground as the «big brother». However, it is not the GDPR that is the guiding principle in the interpretation of the provisions taken from European law, but the Convention 108+ of the Council of Europe and the Police and Justice Directive of the…

Datenportabilität und ihre Umsetzung

The right to data portability will be introduced, as a first for Switzerland, with the revised Swiss Data Protection Act. Inspired by the GDPR but with a “Swiss finish”, data subjects may (if certain conditions are met) request the controller to transfer “their” personal data to them or another controller. However, a number of questions remain open, for example: Which type of data is subject to…

Können Investitionskontrollen für gleich lange Spiesse sorgen?

Amidst global protectionist tendencies and in view of major takeovers by foreign state-controlled companies calls for increased public control of foreign investment have been getting louder around the globe. Most recently, the Swiss parliament approved a motion obliging the Swiss government to prepare a draft bill regarding foreign investment screening. Apart from national security concerns,…

Aussergerichtliche Sanierung einer Aktiengesellschaft

Die im Baugewerbe tätige A. AG befand sich seit längerem in wirtschaftlichen Schwierigkeiten. Gestützt auf ein Stillhalteabkommen mit den Banken B., C., D., E. und F. verfügte sie über…

Automatisierte Entscheidungen: Grundfragen aus der Perspektive des Privatrechts

Data protection law addresses the issue that more and more (complex) decisions are taken automatically. A closer look at the regulatory approaches of the General Data Protection Regulation (GDPR), the Council of Europe’s Convention 108 and the draft Swiss Federal Act on Data Protection (draft FADP) leads to two conclusions. On the one hand, the scope of application of these provisions is too…

Robot Recruiting

«Robot recruiting» refers to the automation of the recruiting process using data driven technologies. More than half of HR managers expect artificial intelligence to become part of their daily routine in just a few years’ time. Hiring algorithms are said to make hiring more consistent and efficient and even have the potential to remove interpersonal bias from the hiring process. But critics argue…

Haftung für automatisierte Entscheidungen – Herausforderungen in der Praxis

It is now technically possible for decisions to be made by autonomous means without any human involvement. The ability of automated decision making systems to act increasingly autonomously poses new challenges to the current legal framework. For example, in addition to contractual and non-contractual liability bases, proposals are being made for liability under the Swiss Product Liability Act or…

Credit Scoring, AML Software & Risk Profiling: Automatisierte Entscheidungen im Rahmen von Finanzdienstleistungen

Techniques of automated decision making, including profiling are, no doubt, also of interest to financial service providers. This essay describes three such applications (credit scoring, transaction monitoring for AML purposes, risk profiling for investors) and discusses their possible compliance with the requirements under the EU’s General Data Protection Regulation, as well as the proposed new…

Rechtsgeschäftliche Vertretung der Aktiengesellschaft

Die im Rohstoffhandel tätigen Unternehmen A. AG und B. Inc. haben im November 2010 drei Verträge über den Verkauf und Rückkauf von (raffinierter) Kohle im Wert von mehreren Millionen US-Dollar…

Auf dem Weg zu einer digitalen Wettbewerbsordnung – Reaktionen des deutschen Gesetzgebers

Germany changed the Act against Restraints of Competition in 2017, partly in order to give a regulatory answer to the changes of the digital economy. The legislator answered to multi-sided markets with network effects, data-driven business models and the rise of «super platforms». Reforms related to the definition of market and the criteria for market power. A new merger threshold was introduced…

Algorithmen als Anlass für einen neuen Absprachebegriff?

Traditionally, cartels are concluded between natural persons whose behaviour then is imputed to the firms they are acting for. How shall we assess restrictions of competition emanating not from humans, but from algorithms? Long-established definitions of agreements as «concurrence of wills» or «meeting of the minds» do not fit well to the output of machines. Therefore, competition law is…

Relativierung der Regressordnung nach Art. 51 Abs. 2 OR

Die Arbeitgeberin des Geschädigten war damit beauftragt, Kanalisationsleitungen und Schächte in einer Hauptstrasse zu sanieren und abzudichten. Während der Arbeiten im Abwasserkontrollschacht erlitt…

Die virtuelle Generalversammlung

On November 23, 2016, the Federal Council published its proposal for a revised law on companies limited by shares. This article deals with the virtual general assembly, one of the key aspects in the pursued modernisation of the general assembly in the context of the proposed revision. First, it addresses the proposed amendments regarding the virtual general assembly. Second, the article analyzes…