Suchergebnisse für Aufsicht über Wertpapierfirmen

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…

EU-Product-Governance – Ein Vorbild für die Schweiz?

In 2020 the Financial Services Act (FinSA) entered into force. The provisions on rules of conduct and organizational duties are more or less based on the provisions of MiFID II. However, the regulatory complex on product governance has not been adopted by the Swiss legislator. This article examines whether this decision was convincing. As a result, it turns out to be wise, because the EU-product…

Angemessenheits- und Eignungsprüfung nach FIDLEG

On 1 January 2020 the Financial Services Act (FinSA) entered into force. Depending on the service offered the new supervisory law obliges investment advisors and portfolio managers to conduct an appropriateness test or a suitability test. This article evaluates the new regime and compares it with the relevant contractual duties and the provisions of the European supervisory law.

Fortress Europe: Die Äquivalenzverfahren der EU im Bereich der Finanzdienstleistungen

The European Union is by far the most important ­market for Swiss cross-border financial services. So far, the key strategy for market access has been to tailor Swiss financial regulation so as to achieve equivalence with EU law. However, the analysis of the current equivalence procedures reveals that equivalence is not the door opener one had hoped for. Core activities such as deposit-taking,…

Europareport

Mit Urteil vom 19. April 2018 hat der Gerichtshof der Europäischen Union («EuGH») in der Rechtssache C-525/16 mehr Klarheit zu dem Tatbestandsmerkmal «Benachteiligung im Wettbewerb» im Sinne des Art. 102 AEUV geschaffen.

Europareport

Nicht nur der Europäische Gerichtshof («EuGH»), sondern auch der Unionsgesetzgeber hat sich kürzlich mit den Spezialregeln des Unionsrechts beschäftigt, die in Abweichung vom allgemeinen Kartellrecht für all diejenigen Unternehmen gelten sollen, die als Landwirte, Verarbeiter oder Handelsunternehmen im Agrarsektor im Sinne der Art. 39 ff. AEUV tätig sind:

Die regulatorische Antwort auf FinTech: Evolution oder Revolution? Eine Verortung aktueller Entwicklungen

While technological improvements have shaped the financial industry and its regulation for decades, FinTech is the buzzword of the hour. Rapidly developing digital technologies allow new market entrants to disrupt the traditional intermediary-based provision of financial services (I.). These new businesses – in particular those that operate payment systems or engage in crowdfunding – may clash…

Financial Benchmarks: Bedeutung, Problematik und regulatorische Ansätze

Financial benchmarks have become important reference points in the global financial market guiding worldwide obligations in financial contracts in the amount of hundreds of billions of US-Dollars. Since July 2012, after the attempted manipulation of Libor became known, the issues of credibility and representativeness of such widely used financial benchmarks are in the spotlight of the global…

Organisierte Handelssysteme im neuen FinfraG – Versuch einer ­regulatorischen Kategorisierung

The new Financial Market Infrastructures Act (FMIA) introduced a new regulatory framework for trading venues and organized trading that was inspired by EU regulations EMIR, MiFID II and MiFIR that concep­tually distinguishes between stock exchanges, multila­teral trading facilities (MTFs) and organized trading facilities (OTFs). Among these regulatory categories the OTF poses various difficulties…

Internationale Standards in der schweizerischen Finanzmarktaufsicht

This article illustrates that a general commitment to internationally agreed standards in financial market regulation is in Switzerland’s best interest. It allows Switzerland to participate and shape decisions in standard-setting fora, thus fostering global financial stability and ensuring a level playing field for all players. Compliance with key standards is also a precondition for defending…