Suchergebnisse für Blockchain-Technologie

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2018 bis ins vierte Quartal 2019

Die «Eidgenössische Finanzmarktaufsicht (FINMA)»¹ wurde auf den 1. Januar 2009 aus der Taufe gehoben² bei widrigen Umständen. Die Grossbank UBS war in Schieflage und einer ihrer ehemaligen Top-Manager Präsident der FINMA. Die neue Behörde war zunächst bloss formell neu, weil sie aus drei Vorgängerbehörden geformt wurde: Eidgenössische Bankenkommission (EBK), Bundesamt für Privatversicherungen …

Aktien als digitalisierte Werte

Shares issued on a distributed ledger have already been designated as a future market standard. The potential of these dlt-shares is also acknowledged by the Swiss government, which has published a preliminary draft on the adaptation of federal law to developments in distributed ledger technology earlier this year. This essay focuses on various mainly private law issues related to the issuance…

L’émission d’actions digitalisées comme moyen de financement de l’innovation et des PME

Switzerland is a world-leading nation in terms of entrepreneurship and promotion of innovation. Its universities produce a high number of start-ups. Its economy is based on a web of small and medium-sized companies, which make for the bulk of the country’s economic activity. Paradoxically though, the Swiss capital markets are relatively inefficient in channeling savings to companies. Only a…

Crowdinvesting mittels Initial Coin Offering – Regulierungsaufgaben im -Token-Universum

Initial coin offerings (ICOs) are a phenomenon with similar characteristics as the cryptocurrency boom. Projects that typically have no history of producing a product or revenue raise capital by issuing their own tokens to investors. Therefore, the Federal Council adopted in December 2018 a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial…

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…

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…

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.

Vollgeld-Initiative und Alternativkonzepte

A full-reserve banking system as requested by a Swiss popular initiative would not bring the promised benefits. Accepting the initiative would entail unforeseeable risks for the Swiss economy. To prevent these risks, vol­untary full-reserve accounts have been suggested to complement the existing fractional reserve system. This article discusses possible concepts for such vol­untary full-reserve…

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…

Die Zukunft des digitalisierten Rechnungswesens

The digitization of economics does not only effect parts on an entity but the entire value chain, notably inclusive of the accounting department. Should we have to expect a revolution in such a way that millions of bookkeepers will be replaced by machines in the near-future? Or do these new technologies have the potential to automate routine tasks while supporting more complex, non-routine…