Suchergebnisse für Garantie

Editorial

Am 30. August 2023 fand die 15. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter der Leitung von Rolf Sethe und Christoph B. Bühler statt.

Welches «Too-big-to-fail»-Regime braucht die Schweiz?

On March 19, 2023, the Swiss Finance Minister together with the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA announced the rescue operation for Credit Suisse, the second largest Swiss banking group. After having lost the confidence of its customers, creditors and investors and unprecedented deposit outflows a rescue operation by involving the state of Switzerland…

Bonus als Risiko – Zur Regulierung der variablen Vergütung von Bankorganen

The experience with the Credit Suisse crisis of confidence has once again shown that compensation systems are of considerable importance for the risk management of financial institutions. Inappropriate risks and wrong incentives can endanger the substance and profitability of a bank and thus its stability. This article focuses on the regulation of variable compensation of bank boards and analyzes…

Bail-in-Bonds

Following the financial crisis of 2007/08, the bail-in has established itself as the preferred resolution strategy for large banks throughout Switzerland and internationally. According to the concept, it is not the bank’s owners or the state that are to finance a resolution but the bank’s creditors. This is to be achieved by converting a certain type of debt called «bail-in-bonds» into equity…

Verfügt die FINMA über genügend wirksame und scharfe Instrumente gegen (höchste) Bankmanager?

In March 2023, Crédit Suisse (CS) had to be taken over by UBS. It was the first global systemically important bank to face imminent resolution since the financial crisis of 2007–2008. Unlike UBS in 2008, CS remained well capitalized until the end. But clients had lost confidence in the bank’s management. This led to a bank run and thus to the bank’s demise. The ongoing crisis of specialist and…

Finanzmarktaufsicht zwischen Macht und Ohnmacht

FINMA has been under constant criticism since its inception; the disappearance of Credit Suisse has only added fuel to the fire. The case of FINMA’s attempted enforcement of a capital surcharge –…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2022 bis ins vierte Quartal 2023

Ob gross oder klein, vor den Marktkräften sind sie alle gleich! Auch die ganz Grossen – «global systemically important financial institutions» (G-SIFIs)¹ – können straucheln, mit viel Getöse,…

L’application du droit des marchés publics à l’approvisionnement en électricité

In March 2021, the Competition Commission issued a recommendation pertaining to the application of public procurement law and the Federal Internal Market Act to the procurement of electricity. The purpose of this recommendation was to examine in which cases the purchase of electricity must be subject to public tenders; it clarified that public procurement law may apply in several instances to…

Wirksame Krisenverhinderung? Das UK Senior Managers Regime und der Archegos-Skandal

The Archegos scandal, which resulted in Credit Suisse incurring losses exceeding CHF 5 billion, stands out as one of the most significant of the many scandals linked to the bank in recent years. It shines a light on financial sector misconduct and underscores the need for stronger individual accountability. Many of the weaknesses in the corporate governance system of the bank which lead up to…

Haftung einer Bank für Geldwäscherei durch Unterlassungen von Angestellten

Der unabhängige Vermögensverwalter X. unterhielt zwei Konten bei der Bank A. SA, die gemäss seinen Angaben für Kommissionen aus seiner Berufstätigkeit und nicht für Kundengelder bestimmt waren…

Das Gesellschaftsrecht 2022/2023 | Le droit des sociétés 2022/2023

Im berücksichtigten Zeitraum vom 1. April 2022 bis zum 31. März 2023 wurden wenige Urteile gefällt und nur ein Bruchteil davon wurden veröffentlicht bzw. zur Veröffentlichung vorgesehen. Trotzdem…

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…

La banque et le créancier prêteur face à l’insolvabilité de l’emprunteur : moyens préventifs et curatifs

In a contractual relationship, a bank, or more generally a lender, on the one hand, and a borrower on the other, harmoniously blend, as long as the borrower complies with the repayments’ obligations arising from the loan agreement. However, in such an agreement, risk lies primarily on the lender. Indeed, as soon as the money has been made available, the lender takes the default’s risk. This…

L’intermédiation en assurance : quelques considérations à la lumière de la révision partielle de la loi fédérale sur la surveillance des institutions d’assurance privées (LSA)

The Federal Act of 17 December 2004 on the Oversight of Insurance Companies (IOA) underwent a partial revision which was adopted by the parliament on March 18, 2022. The entry into force is planned for July 1, 2023, after the ordinance has been updated following the consultation procedure that ended in December 2022. This partial revision responds to developments that have occurred in the…

Das schweizerische Bankprivatrecht 2022 | Le droit bancaire privé suisse 2022

Die Rechtsprechung zum privaten Bankrecht skizziert jeweils die neusten Entwicklungen in der richterlichen Rechtsfortbildung. Tatsächlich führen uns viele Entscheide aber auf eine Reise in die…

Schadensberechnung beim Unternehmenskauf

2010 entschied sich die A AG (Klägerin, Beschwerdeführerin, nachfolgend: Käuferin), vertreten durch ihr Verwaltungsratsmitglied E (nachfolgend: VR-Mitglied), die Aktien der F SA (nachfolgend:…

Editorial

Dieses Heft enthält Beiträge zu zahlreichen Facetten der Digitalisierung und Innovation. Ein Fokus liegt dabei auf dem Finanzmarktrecht. Die Vielfalt der behandelten Themen spiegelt den…

Sicherung von strukturierten Produkten nach Art. 70 Abs. 2 FIDLEG

The Financial Services Act (FinSA) is a cross-sectoral regulation but still contains certain historically grown sector-specific provisions. Pursuant to Art. 70 FinSA, offers of structured products to private clients must fulfill regulatory requirements regarding issuer, offeror and collateralization. Particularly, the collateralization of structured products issued by SPVs pursuant to Art. 70 para…

Cyberattaque et ransomware: risques juridiques à payer et assurabilité des rançons

Legal risks of paying ransom following a ransomware attack need to be clarified, as such attacks are constant­ly increasing and victims always face the same dilemma: whether to pay the ransom or not? Insurability of ransomware needs also to be clarified, as some cyber insurance companies offer to cover the risk of ransomware without knowing whether such clauses are really insurable. This…

Editorial

Am 1. September 2022 fand die 14. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter der Leitung von Rolf Sethe und Christoph B. Bühler statt.

Die Governance von PostFinance – Zwischen Grundversorgungsauftrag, Systemrelevanz und Kreditverbot

This article deals with the governance of PostFinance, a financial institute held by the Swiss Post. PostFinance has on one hand a service obligation for basic payment transaction services. On the other hand, PostFinance is banned from the credit and mortgage business and has to operate on a restricted business model. On top, PostFinance is qualified as a systemically important financial…

Kantonalbanken im Spannungsfeld von Political Governance und Corporate Governance

Like the other banks, the cantonal banks are facing the challenges of increasing regulation, digitalisation and the persistently low interest rate environment, and are exposed to the accompanying competitive and margin pressure. They have to virtually reinvent their business models and themselves in order to secure their positions as future-oriented financial service providers in their regions…

Missmanagement im Bankensektor und die FINMA-Gewährsprüfung

This article addresses the following questions: Can the fitness and propriety audit of bank managers deliver what it promises? How could the fitness and propriety audit be improved within the framework of the existing legal basis or, if necessary, by means of new or adapted regulations? The tension between FINMA’s supervisory procedure on the one hand and criminal proceedings on the other hand…

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…

Neues Aktienrecht als Inspiration für den Gläubigerschutz bei Umstrukturierungen

What is the adequate level of creditor protection in corporate restructurings? The present article sheds a critical light on the current creditor protection provisions in the Swiss Merger Act and proposes, inspired by provisions of the new Swiss Stock Corporation Act, a partial reform of the Swiss Merger Act.