Suchergebnisse für Haftung des Unternehmens für Dienstleister

Berücksichtigung von ESG-Präferenzen im Finanzdienstleistungs­geschäft

On 1 January 2023, the Swiss Bankers Association’s «Guidelines for the financial service providers on the integration of ESG-preferences and ESG-risks into investment advice and portfolio management» entered into force. This marks the first binding Swiss (self-)regulation on Sustainable Finance at the point of sale. One of the key amendments includes the financial service providers’ duty to…

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…

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…

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…

Berücksichtigung von ESG-Präferenzen im Finanzdienstleistungs­geschäft

On 1 January 2023, the Swiss Bankers Association’s «Guidelines for the financial service providers on the integration of ESG-preferences and ESG-risks into investment advice and portfolio management» entered into force. This marks the first binding Swiss (self-)regulation on Sustainable Finance at the point of sale. One of the key amendments includes the financial service providers’ duty to…

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…

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…

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…

EU-Product-Governance – Ein Vorbild für die Schweiz?

In 2020 the Financial Services Act (FinSA) entered into force. The provisions on rules of conduct and organizational duties are more or less based on the provisions of MiFID II. However, the regulatory complex on product governance has not been adopted by the Swiss legislator. This article examines whether this decision was convincing. As a result, it turns out to be wise, because the EU-product…

DLT-basierte Finanzprodukte

DLT-based financial products are digitally created assets that can be transferred and stored on a Distributed Ledger Technology (DLT) infrastructure. Internationally, such digitally stored «tokens» are mostly referred to as «crypto assets»; however, there is still a lack of recognized, clear and internationally uniform definitions. Parallel to the spread of crypto assets being treated according…

Grüne Finanzprodukte

For environmentally sustainable financial products to be recognized by market participants, sufficient information about their environmental risks and impacts must be available. However, without regulatory measures, there are insufficient incentives for product providers to disclose the relevant information. The market is unable to correct these information deficits itself. The regulatory vacuum…

Nichtfinanzielle Berichterstattung nach dem Gegenvorschlag zur Konzernverantwortungsinitiative und ihre Bedeutung für den Finanzsektor

The financial market and its players play a key role in the pursuit of a sustainable economic system. If capital flows are specifically directed toward sustainable products and services, financial market participants can make a significant contribution to a resource-efficient economy. A key prerequisite for the regulatory control of the achievement of sustainability goals is the reporting of…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2020 bis ins vierte Quartal 2021

Nachhaltige Finanzanlagen erfreuen sich stark steigender Nachfrage.¹ Wo viel Business ist, ist der Missbrauch oftmals nicht weit. Angesichts der derzeitigen hohen Intransparenz, ob und inwiefern einzelne Finanzanlagen gewisse Nachhaltigkeitskriterien erfüllen, hat der Finanzminister schon öffentlich gewarnt: «Die Gefahr von Greenwashing ist gross.»² Dementsprechend besteht seitens der…

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…

Retro-Strafbarkeit nach Art. 158 StGB: Questions and (some) Answers

In 2018, the Swiss Supreme Court issued a landmark decision on payments from third parties in financial services (so-called inducements, kickbacks, or retrocessions). In essence, it held that the acceptance of inducements by asset managers and their concealment vis-a-vis the clients are a criminal offense. This article discusses the ramifications of the Supreme Court decision and explores some of…

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…

Angemessenheits- und Eignungsprüfung nach FIDLEG

On 1 January 2020 the Financial Services Act (FinSA) entered into force. Depending on the service offered the new supervisory law obliges investment advisors and portfolio managers to conduct an appropriateness test or a suitability test. This article evaluates the new regime and compares it with the relevant contractual duties and the provisions of the European supervisory law.

«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…

Die Praxis des Jahres 2019 im Übernahmerecht

Im Jahr 2019 erliess die Übernahmekommission (UEK) in 16 Verfahren total 23 Verfügungen. Von diesen Verfahren bezogen sich sechs auf öffentliche Übernahmeangebote. Mit einem Transaktionswert von rund CHF 4,432 Mia. stellte dabei die Übernahme der Schweizer Transport- und Logistikdienstleisterin Pan­alpina Welttransport (Holding) AG durch ihre dänische Konkurrentin DSV A/S das gemessen am…

Prospektpflicht nach FIDLEG

Switzerland has modernized its prospectus law by introducing new extensive rules in the Financial Services Act. The legislator closely considered the existing rules of SIX Swiss Exchange for the admission to trading and the rules applicable in the EEA. Fundamental changes are the mandatory review by a review body of prospectuses to be published in case of a public offer. In connection with the…

Credit Scoring, AML Software & Risk Profiling: Automatisierte Entscheidungen im Rahmen von Finanzdienstleistungen

Techniques of automated decision making, including profiling are, no doubt, also of interest to financial service providers. This essay describes three such applications (credit scoring, transaction monitoring for AML purposes, risk profiling for investors) and discusses their possible compliance with the requirements under the EU’s General Data Protection Regulation, as well as the proposed new…

Die (neuen) Pflichten im Execution-only-Geschäft: Zusammenspiel von FIDLEG und OR

As a part of the new financial markets architecture, the Financial Services Act (FinSA) entered into force on 1 January 2020. It introduces unified rules for offering financial services and…

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…