Suchergebnisse für Bankkredit

Die Abschaffung der Sachübernahmevorschriften im neuen Aktienrecht

Under current Swiss corporate law the acquisition of assets from a shareholder intended prior the formation of the company is subject to the same rules as a payment of subscribed capital by contribution in kind. An (intended) acquisition of assets occurs when the company intends or undertakes to acquire certain assets of its shareholders or of a person closely related to a shareholder soon after…

Die Auswirkungen des Covid-19-Solidarbürgschaftsgesetzes auf das Aktienrecht

In spring 2020, the Swiss Federal Council launched, among other things, the Covid-19 credit programme in response to the Covid-19 pandemic. About 20% of all Swiss corporations have subsequently taken out a Covid-19 loan. Initially, the Covid-19 Joint and Several Surety Ordinance («Covid-19-Solidarbürgschaftsverordnung») served as the legal basis of the credit programme. Later the ordinance was…

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,…

Ursachen der Finanzkrise und seitherige Regulierungsentwicklung

A number of causes have triggered the crisis such as subprime mortgage loans in the US, the lack of regulation of derivatives and also remuneration systems which set wrong incentives. The crisis lead to the abolishment of the banking secrecy at the international level. It was replaced by the automatic exchange of information in tax matters which is now the standard. The crisis initiated the…

Aktuelle Rechtsprechung zum Aktienrecht

Over the last two years, Swiss company law jurisprudence has been subject to numerous developments and clarifications. The following article discusses selected examples of recent federal and cantonal case law. A first section deals with a Federal Supreme Court decision on the attribution of company bodies’ knowledge to the legal entity. It provides an in-depth analysis of the de­cision and sets…

Vertrauen in Geld

Money plays a crucial role in the traditional and in the digital economy. But money only constitutes a value if civil society has trust and confidence in the realizability of currency «investments» (acceptance of money, exchange partner, stability of currency). Recently proposals have been made to redefine the monetary instruments and to eliminate cash; notwithstanding the economic background of…

Vertrauen, Kredit und Kreditsicherheiten

The relationship between creditor and debtor has often been described as a quintessential relationship based on trust, as evidenced by etymological origin of the term credit. Credit relationships are indeed shaped by the risk of opportunistic behavior of the debtor and principal agent problems. Limiting these risks by providing adequate incentives for cooperative behavior is a key objective in…

Neuerfindung des Finanzsektors?

Although digitalization embraces practically all areas of society and economy, in the financial sector, the use of these new technologies started very early and were particularly intense. As financial products are largely based on information, the usage of such technologies are also the basis for financial systems, payment infrastructures, trading platforms and crypto-currencies. Owing to the…

Finanzinnovationen und Risikotransfer auf Kapitalmärkten: Grundsätzliches und Aktuelles

Since centuries capital markets play a key role in the allocation of risk. They improve the possibilities for individuals as well as institutions to diversify or transfer part of their risks more efficiently. Over the years, many innovations – in terms of contracts, processes or institutions – have contributed to improve this process by widening the range of risks covered by financial contracts…

Risiken bei systemrelevanten Institutionen: wirtschaftspolitische Analyse am Beispiel der Schweiz

The financial crisis has demonstrated the enormous economic costs of the failure of systemically relevant financial institutions. The size and interconnectedness of such institutions creates external effects and the fact that governments are de facto forced to prevent their bankruptcy creates moral hazard. In both cases econo­mic theory clearly suggest that the regulatory framework should aim at…