Suchergebnisse für Handelsplatz

Darf die Nationalbank kryptobasierte Sichtguthaben (wCBDC) ausgeben?

This article examines whether the current monetary law provisions permit the issuance of wholesale central bank digital currency (wCBDC) by the Swiss National Bank. After interpreting the relevant competence provisions, the question can in principle be answered in the affirmative, since wCBDC is not a new, third type of central bank money (in addition to banknotes and traditional sight deposits),…

Darf die Nationalbank kryptobasierte Sichtguthaben (wCBDC) ausgeben?

This article examines whether the current monetary law provisions permit the issuance of wholesale central bank digital currency (wCBDC) by the Swiss National Bank. After interpreting the relevant competence provisions, the question can in principle be answered in the affirmative, since wCBDC is not a new, third type of central bank money (in addition to banknotes and traditional sight deposits),…

Prospektrechtliche Gleichbehandlungspflicht bei Ausnahmen von der Prospektpflicht

In the absence of a duty to publish a prospectus, art. 39 of the Swiss Financial Services Act (FinSA) obliges offerors and issuers to treat investors equally when providing them with material information on a public offer of securities. This provision is applicable in cases in which securities are offered to the public or admitted to trading on a trading platform if the obligation to publish a…

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…

Fortress Europe: Die Äquivalenzverfahren der EU im Bereich der Finanzdienstleistungen

The European Union is by far the most important ­market for Swiss cross-border financial services. So far, the key strategy for market access has been to tailor Swiss financial regulation so as to achieve equivalence with EU law. However, the analysis of the current equivalence procedures reveals that equivalence is not the door opener one had hoped for. Core activities such as deposit-taking,…

Zum Anbieten kollektiver Kapitalanlagen unter dem FIDLEG – und ausgewählte Aspekte der dabei einzuhaltenden Verhaltenspflichten

The regulatory framework for the distribution of collective investment schemes (CIS) in (and from) Switzerland is currently set forth in one single act, the Collective Investment Schemes Act (CISA). The CISA sets out the product level requirements for CIS distributed in or from Switzerland, the requirements for persons distributing CIS, and the point of sale duties of such persons. As part of the…

Vollgeld-Initiative und Alternativkonzepte

A full-reserve banking system as requested by a Swiss popular initiative would not bring the promised benefits. Accepting the initiative would entail unforeseeable risks for the Swiss economy. To prevent these risks, vol­untary full-reserve accounts have been suggested to complement the existing fractional reserve system. This article discusses possible concepts for such vol­untary full-reserve…

Financial Benchmarks: Bedeutung, Problematik und regulatorische Ansätze

Financial benchmarks have become important reference points in the global financial market guiding worldwide obligations in financial contracts in the amount of hundreds of billions of US-Dollars. Since July 2012, after the attempted manipulation of Libor became known, the issues of credibility and representativeness of such widely used financial benchmarks are in the spotlight of the global…

Organisierte Handelssysteme im neuen FinfraG – Versuch einer ­regulatorischen Kategorisierung

The new Financial Market Infrastructures Act (FMIA) introduced a new regulatory framework for trading venues and organized trading that was inspired by EU regulations EMIR, MiFID II and MiFIR that concep­tually distinguishes between stock exchanges, multila­teral trading facilities (MTFs) and organized trading facilities (OTFs). Among these regulatory categories the OTF poses various difficulties…