Suchergebnisse für Datenschutz

Die Registrierungsvereinbarung – insbesondere bei tokenisierten Forderungsrechten

The registration agreement links a certain right to a token or other informational unit on a distributed ledger. In doing so, the issuer creates a ledger-based security, which is an instrument of public faith equivalent to a bearer or «ordre» security and features scriptural legality. The article examines the function and securities law context of the registration agreement, including…

Informationskonzept im neuen Aktienrecht

The information asymmetry between shareholders and managers calls for the implementation of an efficient information concept within stock corporations. In the course of the Swiss Stock Corporation Reform of 2020, the former information concept was partially revised. This article takes a critical look at the revised provisions and puts them in context.

Das Supervisory Privilege für Akten aus dem Aufsichtsverhältnis

The Swiss Supervisory Privilege, which was added to FINMASA in 2016, is a new legal institution. It empowers FINMA to protect documents from the supervisory relationship between a supervised entity and itself by prohibiting their disclosure to third-party authorities and other third parties without FINMA’s consent if there are grounds for doing so that are particularly worthy of protection…

Echtzeitbankenaufsicht – la panacée?

In recent years, the concept of data-based banking supervision has evolved to influence the dynamics between supervisors and supervised institutions. This de­ve­lopment, if accompanied by adequate implementation, undoubtedly improves the quality of banking supervision. However, data-based supervision does not automatically lead to real-time supervision. While it tends to reduce the time lag…

Decentralized Exchanges: Grundlagen, Risiken und ausgewählte aufsichtsrechtliche Aspekte

Decentralized exchanges (DEX) enable traders to interact directly and to exchange their digital assets – such as cryptocurrencies – on a peer-to-peer basis without needing to trust an intermediary or each other. This article first delves into the functioning of DEX with a focus on their price-finding mechanisms. Subsequently, it outlines the main risks of DEX and gives an overview of certain…

Sekundärnutzung von Mobilitätsdaten: Infrastruktur und Governance bei Mobility-as-a-Service

Proponents and opponents hotly debate the so-called secondary use of data in sectors as diverse as health, education, energy and mobility. The parallelism of these discussions has led politicians to call for a framework law on the secondary use of data. By choosing Mobility-as-a-Service (MaaS), a promising service in the mobility sector, this article explores two connected features such a…

Neuerungen und offene Fragen der revidierten Geldwäschereivorschriften im Bereich des Nachmeldeverhaltens von Finanzintermediären

The current revision of the anti-money laundering provisions introduces changes in the area referred to as subsequent reporting that have not undergone much examination thus far. However, these changes also have significant implications for financial intermediaries: With the removal of the time limit for analysis, the maximum time limit for executing client orders following a suspicious activity…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2021 bis ins vierte Quartal 2022

Ohne Vertrauen keine funktionsfähige Gemeinschaft! Was für Staat und Gesellschaft gilt, gilt auch für Unternehmen und deren Mitarbeitende auf allen Stufen. Das unternehmensinterne Kontrollumfeld trägt diesem Umstand Rechnung, was sich in einer angemessenen Breite und Tiefe der Kontrollen ausdrücken muss, ohne die Mitarbeitenden auf Schritt und Tritt zu überwachen. Die Enttäuschung von…

Digitale Generalversammlungen und Verwaltungsratssitzungen

The 19 June 2020 revision of the provisions on the limited by shares company contains various facilitations for the use of technical means in the conduct of general meetings and board meetings. What are the concrete options available and what are the practical implications of these innovations? What do banks need to consider from a prudential perspective? After an overview of the digitization in…

Relative Marktmacht, Geoblocking und Digitalisierung

The rules on relative market power, recently introduced into Swiss competition law, generate far-reaching overlaps with the geo-blocking prohibition that took effect in parallel, as part of Swiss unfair competition law. This contribution analyses these overlaps, with a focus on the “shop like a local” principle which is also known from EU geo-blocking rules. Furthermore, the provision…

Auskunfts- und Einsichtsrecht des Aktionärs – Durchzogene Bilanz der Aktienrechtsrevision

The revision of the Swiss Code of Obligations (CO) concerning the joint stock corporation – which will come into force on 1 January 2023 – substantially alters the shareholders’ rights to ask for information about the affairs of the company and to inspect its ledgers and files. Compared to the present legal situation, which only entitles a shareholder to obtain information during the course of a…

Vergütung der Rechenschaft über Retrozessionen

Based on Art. 400 para. 1 of the Swiss Code of Obligations, financial service providers must inform their clients if they receive payments or other benefits from third parties in connection with their client-related services (so-called inducements, kickbacks, or retrocessions). This article analyzes to what extent and under which conditions financial service providers can charge additional fees…

Le droit bancaire privé suisse 2021 / Das schweizerische Bankprivatrecht 2021

Au moment où nous écrivons ces lignes, la Russie envahit l’Ukraine. L’Union européenne et les États-Unis ont adopté de nouvelles sanctions contre plusieurs centaines de personnalités liées au régime…

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…

Kooperationsformen zwischen Banken und Drittanbietern aus vertrags- und datenschutzrechtlicher Perspektive

Open Banking or Open Finance essentially means the exchange of financial data between different financial service providers including third party providers at the request of the customer. From a civil liability and data protection perspective this paper examines the legal relationships between banks, third party providers, platforms and customers on the basis of four possible «model forms of…

Do Robots Rule Wealth Management? A Brief Legal Analysis of Robo-Advisors

What are the legal duties of robo-advisors in Switzerland? In this article, we focus on the legal framework arising from Swiss financial market law, contract law and data protection law. We also make a comparison with European law. We first explain how robo-advisors work and conclude that, contrary to what their name may suggest, they are primarily portfolio managers. As financial service providers…

KI Sandboxen für die Schweiz?

A sandbox allows companies to test innovative products, services, and business models in a live market environment. Stemming originally from the FinTech sector, sandboxes have recently gained importance, especially in the context of artificial intelligence, where they are intended to serve to resolve the conflict between data protection and innovation by allowing innovation while ensuring that…

Moderne Formen der Generalversammlung im revidierten Aktienrecht 2020

The revision in 2020 of the Swiss law on companies limited by shares (Aktiengesellschaft) as created the legal basis for modernizing the annual general meeting (AGM) of shareholders of limited companies, also making it more flexible. Today’s electronic means of communication have opened up new possibilities for how AGMs can be conducted. Especially in large corporations, but also in smaller…

Regulierung von künstlicher Intelligenz für FinTech-Anwendungen

New methods of artificial intelligence represent one of the greatest promises and most prospective developments of digitalisation. Artificial intelligence has already enabled numerous innovative applications in the areas of image recognition, medicine, language and mobility, and it is also increasingly being used in the financial market, on which this article focuses. In addition to great…

Intelligence artificielle: la titularité des données

Data are at the heart of AI systems. Without data, AI systems are valueless. Data come into play at different phases, both at the input level (training sets, validating sets, testing sets), as well as at the output level. Although the Proposal for AI Regulation released on 21 April 2021 by the European Commission offers a promising regulatory framework as to the governance related to the design…

Digitale Inhalte und Dienstleistungen

The legal classification of access to digital content and services can have a significant impact on the rights and obligations of the parties. While customers regularly assume a comprehensive right of use and disposal, providers want to retain control over assigned digital copies of goods by means of technical precautions and contractual mechanisms. Based on an analysis of the legal foundations…

Fairnessregeln für Mitarbeiterbefragungen in internen Untersuchungen bei Banken

Internal investigations are the appropriate instrument for banks to clarify misconduct within the company. Like other companies, they are obliged to this «catharsis». The core element of internal investigations are the so-called «employee interviews». These interviews can represent a conflict situation for the company em­ployees. In principle, there is a duty to cooperate and to tell the truth…

Vergütungstransparenz in Schweizer Aktiengesellschaften

Die B. AG ist eine Holdinggesellschaft mit einem Aktienkapital von CHF 600 000, welches in 600 000 Namenaktien mit einem Nennwert von je CHF 1 eingeteilt ist. Die Geschwister A.A., C.A. und D.A. sind…

Interessenkonflikte unter dem neuen Aktienrecht

As every person, board members and managers have or represent interests. It is unavoidable and nothing «evil» that these interests may sometimes not be aligned with the interests of the company they serve. However, if not properly dealt with, conflicts of interest may become a problem harming the company. As part of the 2020 revision of corporate law, the Swiss parliament has adopted a new art…

Das schweizerische Bankprivatrecht 2020 | Le droit bancaire privé suisse 2020

Das Jahr 2020 war in vielerlei Hinsicht aussergewöhnlich. Demgegenüber bewegen sich die Entscheide zum privaten Bankrecht, die in diesem Jahr gefällt wurden, zu einem Grossteil im Rahmen des…