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Das Kapitalband

The revision of the Swiss law on companies limited by shares, which came into force on January 1, 2023, introduced the capital band («Kapitalband»). This new legal institution leads to more flexibility for the companies with regard to equity financing by giving the shareholders the possibility to authorize the board of directors to increase and decrease the share capital without a prior…

Die Praxis des Jahres 2022 im Übernahmerecht

Dieser Beitrag bespricht die Praxis der Übernahmekommission (UEK) des Jahres 2022. Die UEK erliess dabei im Rahmen von 16 Verfahren¹ insgesamt 21 Verfügungen.

Das Gesellschaftsrecht 2022/2023 | Le droit des sociétés 2022/2023

Im berücksichtigten Zeitraum vom 1. April 2022 bis zum 31. März 2023 wurden wenige Urteile gefällt und nur ein Bruchteil davon wurden veröffentlicht bzw. zur Veröffentlichung vorgesehen. Trotzdem…

Darf die Nationalbank kryptobasierte Sichtguthaben (wCBDC) ausgeben?

This article examines whether the current monetary law provisions permit the issuance of wholesale central bank digital currency (wCBDC) by the Swiss National Bank. After interpreting the relevant competence provisions, the question can in principle be answered in the affirmative, since wCBDC is not a new, third type of central bank money (in addition to banknotes and traditional sight deposits),…

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…

Sekundärnutzung von Mobilitätsdaten: Infrastruktur und Governance bei Mobility-as-a-Service

Proponents and opponents hotly debate the so-called secondary use of data in sectors as diverse as health, education, energy and mobility. The parallelism of these discussions has led politicians to call for a framework law on the secondary use of data. By choosing Mobility-as-a-Service (MaaS), a promising service in the mobility sector, this article explores two connected features such a…

Die Governance von PostFinance – Zwischen Grundversorgungsauftrag, Systemrelevanz und Kreditverbot

This article deals with the governance of PostFinance, a financial institute held by the Swiss Post. PostFinance has on one hand a service obligation for basic payment transaction services. On the other hand, PostFinance is banned from the credit and mortgage business and has to operate on a restricted business model. On top, PostFinance is qualified as a systemically important financial…

Klimawandel

Climate litigation against companies has increased significantly in the past couple of years, not only in the United States, but also in Europe. At the same time, regulation with respect to climate change is developing rapidly, such that it may be difficult for companies to identify which laws apply to them and how they should address the legal risks relating to climate change and climate…