Suchergebnisse für Garantie

Das FIDLEG-Prospektrecht ante portas – Guter Anlegerschutz?

The new Financial Services Act (FinSA) will introduce Switzerland’s first comprehensive prospectus regime. While conceptually modeled after the European Union’s Prospectus Directive and its recent replacement, the Prospectus Regulation, the new Swiss prospectus regime employs traditional Swiss legislation techniques and, constructively, abstains from specifically regulating every detail. The…

Strafprozessuale Kontosperren bei ausstehenden Lombardkrediten – Ein Problem für die kreditgebende Bank

Lombard credits are a widespread financial instrument. They may however lead to problems for the lender, usually a bank, if the assets pledged as a security for the loan become the subject of a seizure by criminal authorities. A seizure renders it impossible for the bank to realize the assets if the borrower is in default with repayment obligations. In order to have the seizure lifted, the bank…

Die Rolle der Zentralbanken – 10 Jahre nach der Finanzkrise

For central banks, the financial crisis 2008 led to new insights, but it also confirmed old insights. Old insights that were confirmed concern crisis management, namely the necessity and effectiveness of the central bank’s role as a lender of last resort. The fact that the Fed could not play this role in the case of Lehman Brothers is an important reason why the crisis worsened significantly. New…

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.

Bankgeschäfte nach der Krise: Safer, simpler, fairer?

Ten years after the global financial crisis, the Financial Stability Board reports that regulation has built a «safer, simpler and fairer financial system». While there are indeed notable improvements in the regulatory architecture, the question remains whether banking, as seen from a retail customer perspective, has become safer, simpler, and fairer. This article argues that, overall, retail…

Validité et efficacité de la clause shotgun en droit suisse

A shotgun clause establishes a mechanism intended to resolve deadlocks in companies with two shareholders with equal stakes. It enables one of the two shareholders to trigger a procedure which will ultimately result in the purchase of all the shares at a fair price. The offeror initiates the procedure by proposing a certain price for the shares. The offeree then decides whether to sell its shares…

Das Finanzmarktauf­sichtsrecht vom vierten Quartal 2017 bis ins vierte Quartal 2018

Seit die Marktteilnehmer aus regulatorischen Gründen oder eigenem Antrieb vermehrt mit regulierten Gegenparteien zusammenarbeiten wollen, gelten finanzmarktaufsichtsrechtliche Bewilligungspflichten nicht nur als Bürde, sondern auch als «Würde». Als schwerer Eingriff in die verfassungsmässig geschützte Wirtschaftsfreiheit bedürfen Bewilligungspflichten einer Grundlage in einem formellen Gesetz.

Die Bewilligungs- und Prospektpflicht im schweizerischen Recht anhand des Crowdfundings

Mit Verfügung vom 4. Juni 2015 stellte die Eidgenössische Finanzmarktaufsicht (nachfolgend FINMA) fest, dass die A. AG (nachfolgend Beschwerdeführerin 1) durch die Bewerbung und Ausgabe des Produkts …

Gouvernance des groupes: «E Pluribus Unum»?

The atomistic vision of the legal independence of a company comprised within a group reflects a historical conception. This view is not consistent with the reality of the group, which has become a predominant model structure in the economic sphere. The recognition in case-​law of the group’s interest would allow the economic phenomenon to be taken into account in a positive manner, while…

«Gute Praxis» der Unternehmensführung: Was gehört sich und was funktioniert?

The legal means influencing the practice of the board are very largely the rules on director’s liability. The case law of the Federal Court has recently made these rules more efficient and more foreseeable through the development of a Swiss version of the Business Judgement Rule (BJR). They could be further improved if the Courts were to integrate Corporate Governance models in the BJR condition…