Suchergebnisse für Association

Das FIDLEG-Prospektrecht ante portas – Guter Anlegerschutz?

The new Financial Services Act (FinSA) will introduce Switzerland’s first comprehensive prospectus regime. While conceptually modeled after the European Union’s Prospectus Directive and its recent replacement, the Prospectus Regulation, the new Swiss prospectus regime employs traditional Swiss legislation techniques and, constructively, abstains from specifically regulating every detail. The…

La classification des clients selon la loi sur les services financiers

This article looks at the client categorisation system ­reflected in the new Swiss Federal Act on Financial ­Services. Firstly, it defines the notion of client classification before highlighting similar classification mechanisms already existing under the current law. The article goes on to detail the three categories of clients, namely private, professional and institutional, as well as the…

Compliance-Anforderungen für Schweizer Asset Manager alternativer ­Investmentfonds

The European Directive 2011/61/EU (AIFMD) was a reaction of the European legislator to the financial ­crisis of 2007/2008. The Directive aims to provide for a harmonized and stringent regulatory and supervisory framework for the activities within the EU of all Alternative Investment Fund Managers (AIFM). Due to its fund manager focused approach, AIFMD imposes authorization requirements and…

Die Rolle der Zentralbanken – 10 Jahre nach der Finanzkrise

For central banks, the financial crisis 2008 led to new insights, but it also confirmed old insights. Old insights that were confirmed concern crisis management, namely the necessity and effectiveness of the central bank’s role as a lender of last resort. The fact that the Fed could not play this role in the case of Lehman Brothers is an important reason why the crisis worsened significantly. New…

Ist die neue Finanzmarkt­regulierung funktionsfähig?

The article describes the causes of financial market crises. It assesses the advantages and disadvantages of the legislative measures taken since the crisis of 2007/­2008. Finally, it outlines what additional or alternative measures could be taken to increase the stability of the financial markets and to improve supervision.

TBTF: Do increased capital requirements, bail-in powers and resolution ­authority solve the problem?

In the wake of the financial crisis of 2008, governments across the world decided that it was time to end the bail-out of too-big-to-fail financial institutions. This article considers the strategies deployed in Switzerland to solve the problem: increased capital requirements, including leverage ratios and liquidity requirements, funding of the resolution in the event of a gone-concern,…

Automatischer Informationsaustausch: das Ende des steuerlichen Bankgeheimnisses?

Fundamental changes occurred in Swiss international tax law since 2009. These changes directly effected and fundamentally limited the scope of traditional Swiss banking secrecy with regard to foreign clients and foreign tax authorities. This paper analyses if, from a legal and practical perspective, anything remains of traditional Swiss «tax banking secrecy». The conclusion is that there are…

Führen die neuen Technologien zur Disruption der Finanzmarktregulierung?

Technological developments and respective changes in business models require adaptations of the financial regulations. The need to adopt risk-oriented rules has become apparent already some time ago. Recently, regulators acknowledged the desirability of introducing innovation-supporting rules (for FinTech enterprises). The most disruptive effects, however, come from the new distributed ledger…

Global agieren, lokal profitieren – und keine Verantwortung?

The debate about responsible business conduct has gained new momentum in Switzerland due to the responsible business initiative («Konzernverantwortungsinitiative») which triggered the drafting of a counter-­proposal by the National Council in the context of the ongoing revision of the company law. This contribution situates this debate in the relevant international con­text. The analysis’ focus…

Derivatgeschäfte: Anwendung der FinfraG-Regulierung auf Schweizer Handels- und Industrieunternehmen

The Swiss rules on the conduct in connection with derivative transactions and trading set out in the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA) and its implementing ordinances were enacted more than two years ago, subject to applicable phase-in periods. However, when it comes to their applicability to commercial and industrial…