Suchergebnisse für Brexit

Open Finance und Decentralized Finance – Entwicklungen in einem disruptiven Finanzmarktumfeld

The recent technological developments not only impact society in general but they also strongly influence financial markets, even in a disruptive way. Open finance and decentralized finance cause an opening of the financial ecosystem and challenge existing notions; for example, new concepts are needed for the regulation of data access/portability and of digital identity as well as for the…

«Open Banking» in der Schweiz – Herausforderungen an den Schnittstellen von Finanzmarkt-, Datenschutz- und Kartellrecht

«Open Banking» challenges traditional financial institutions in Switzerland and around the world. It poses strategic as well as legal compliance challenges. The present study delimits the (sometimes synonymously used) terms «Open Banking» and «API Banking» to the effect that Open Banking presupposes an access to the banking account (XS2A) on the basis of non-discriminatory criteria. It thus…

Grenzüberschreitendes Angebot von Finanzdienstleistungen und -produkten? Die Eidgenossenschaft schlägt zurück

Until recently, Switzerland applied a strict territorial approach to regulating financial services with a handful of a notable exceptions. After facing protectionist movements from other…

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,…

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…

Towards the European Banking Union: Ins versus Outs

The Banking Union is going to change the structure and organization of banking and financial markets in Europe. It will also bring about noticeable changes in the interaction of these sectors with other parts of our economies, and thus their functioning. Most recent commentary has focussed on the direct, immediate impact of a new Single Supervisor setting up business. Whilst important, the long…

Europareport

Zur Vereinheitlichung der Praxis der nationalen Gerichte in der EU bei der Bemessung von Schäden, die mittelbaren Kunden eines rechtswidrigen Kartells entstanden sein mögen, will die Europäische Kommission eine weitere Hilfestellung leisten. Derzeit veröffentlicht ist der Entwurf der EU-Kommission für «Leitlinien für die nationalen Gerichte zur Schätzung des Teils der auf den mittelbaren Abnehmer…

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,…

Sanktionen

Access to the EU Single Market has always been a key concern of Swiss financial market policy. However, in the aftermath of the crisis, the EU has considerably tightened its third country regime by requiring a demonstration of «equivalent regulatory and supervisory frameworks». Given that the EU has recently implemented tougher sanctions throughout its Single Rulebook, obtaining favorable …

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…