Suchergebnisse für Liquidität

Compliance-Anforderungen für Schweizer Asset Manager alternativer ­Investmentfonds

The European Directive 2011/61/EU (AIFMD) was a reaction of the European legislator to the financial ­crisis of 2007/2008. The Directive aims to provide for a harmonized and stringent regulatory and supervisory framework for the activities within the EU of all Alternative Investment Fund Managers (AIFM). Due to its fund manager focused approach, AIFMD imposes authorization requirements and…

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 Praxis der Übernahmekommission im Jahr 2017

Im Jahr 2017 erliess die Übernahmekommission (UEK) in zehn Verfahren 16 Verfügungen. Von diesen Verfahren betrafen vier öffentliche Übernahmeangebote. Johnson & Johnson unterbreitete zu Beginn des…

Editorial

Am 23. August 2018 feierte die Tagung «Quo Vadis – Finanzplatz Schweiz?» ihr zehnjähriges Jubiläum. Die beiden Tagungsleiter, Peter Nobel und Rolf H. ­Weber, nahmen dies zum Anlass, die Leitung…

Ursachen der Finanzkrise und seitherige Regulierungsentwicklung

A number of causes have triggered the crisis such as subprime mortgage loans in the US, the lack of regulation of derivatives and also remuneration systems which set wrong incentives. The crisis lead to the abolishment of the banking secrecy at the international level. It was replaced by the automatic exchange of information in tax matters which is now the standard. The crisis initiated the…

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.

TBTF: Do increased capital requirements, bail-in powers and resolution ­authority solve the problem?

In the wake of the financial crisis of 2008, governments across the world decided that it was time to end the bail-out of too-big-to-fail financial institutions. This article considers the strategies deployed in Switzerland to solve the problem: increased capital requirements, including leverage ratios and liquidity requirements, funding of the resolution in the event of a gone-concern,…

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…

Sanktionen

Access to the EU Single Market has always been a key concern of Swiss financial market policy. However, in the aftermath of the crisis, the EU has considerably tightened its third country regime by requiring a demonstration of «equivalent regulatory and supervisory frameworks». Given that the EU has recently implemented tougher sanctions throughout its Single Rulebook, obtaining favorable …