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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…

Das schweizerische Bankprivatrecht 2018 / Le droit bancaire privé suisse 2018

Das Jahr 2018 brachte einen reichen Fundus an Entscheiden im privaten Bankrecht. Etliche davon schreiben Geschichten fort, über die wir bereits in früheren Übersichten berichtet hatten. Dazu gehört die Klage des Drogeriekönigs Müller gegen die Bank J. Safra ­Sarasin im Zusammenhang mit den sogenannten Cum-­Ex-Geschäften (r34), die Fortsetzung der Verantwortlichkeitsklage der Glarner…

Transaktionsbezogene vs. portfoliobezogene Anlageberatung unter FIDLEG: keine einfache Abgrenzung

With the entry into force of the Financial Services Act (FinSA) on 1 January 2020 the transaction-related ­investment advice will be introduced as a new category of investment advice to be distinguished from the portfolio-related investment advice. The correct differentiation between the two types of investment recommendations is crucial to determine the scope of application of the suitability…

Dienstleisterketten beim Erbringen von Finanzdienstleistungen: ­Aufsichtsrechtliche Erfassung durch das FIDLEG und vertragsrechtliche ­Haftung der Depotbank

On June 15, 2018 the Parliament passed the new Financial Services Act (FinSA) which presumably will enter into force by the beginning of 2020. The FinSA states new regulatory conduct rules that will apply to financial services providers vis-à-vis their clients. In cases where several financial services providers are involved in the provision of a financial service, the question arises of who has…

Ist die neue Finanzmarkt­regulierung funktionsfähig?

The article describes the causes of financial market crises. It assesses the advantages and disadvantages of the legislative measures taken since the crisis of 2007/­2008. Finally, it outlines what additional or alternative measures could be taken to increase the stability of the financial markets and to improve supervision.