Suchergebnisse für Monitoring

Are Credit Institutions in the Banking Union (BU) Resolvable?

This study discusses whether credit institutions established in the Member States participating in the (European) Banking Union (BU) are resolvable. It is structured in five Sections: Section I provides an overview of the legislative acts which constitute the “EU banking resolution framework” (including the rules on credit institutions’ loss absorption and recapitalisation capacity), as these…

The New EU Foreign Subsidies Regulation and its Implications for Switzerland

The EU has adopted a new unilateral instrument to control subsidies granted by non-EU countries, such as Switzerland, to companies operating in the EU. This subsidy control combines antitrust, state aid and trade rules, but applies directly to companies rather than to foreign states or granting authorities. Companies with some activities in the EU fall within the scope of this foreign subsidy…

Venture Capital, ESG and Sustainable Investments

Sustainability is a pressing issue that requires addressing various environmental, social, and governance (ESG) challenges. The venture capital industry has the potential to play a crucial role in sustainable investments due to its characteristics, such as long-term investment horizons and investor protections. However, sustainability has yet to become a major topic in private equity and venture…

ESG Considerations and Public Benefit Corporations

There appears to be an international demand among investors for for-profit enterprises that commit to a social or environmental purpose and consider environmental, social and governance (ESG) aspects. Inspired by U.S. legislation, EU and other state legislators have enacted statutes with new legal forms of business organizations – so-called benefit corporations – or are considering to do so in…

Do Robots Rule Wealth Management? A Brief Legal Analysis of Robo-Advisors

What are the legal duties of robo-advisors in Switzerland? In this article, we focus on the legal framework arising from Swiss financial market law, contract law and data protection law. We also make a comparison with European law. We first explain how robo-advisors work and conclude that, contrary to what their name may suggest, they are primarily portfolio managers. As financial service providers…

Recent developments in Swiss competition law

Swiss Bank Program: Non Prosecution Agreements Implementation & Beyond

The United States Department of Justice’s Swiss Bank Program undoubtedly accounts for one of the most ­ambitious global foreign enforcement of U.S. tax laws. The resulting Non-Prosecution Agreements – signed by a record of 80 banks – were reached after long, demanding internal investigations and cooperation efforts with U.S. authorities. But, these NPAs are not the end. To the contrary, they…

Contracts on Digital Content in Europe: Balancing between ­Author-Protective Copyright Policies and Consumer Policies

The online distribution of digital content is generally based on a chain of contractual relationships that can frequently consist of an upstream relationship between an author and a supplier, and a downstream relationship between the supplier and the consumer. Protected digital content transactions are thus potentially subject to two distinct sets of rules, i.e. copyright and consumer protection…

The Elephant in the Chalet

Switzerland is currently reforming the legislative framework of its financial industry. The legislative ­debate is focused on gaining market access into the ­European Union through equivalence, understood as unilateral transposition of EU financial legislation by Switzerland. It is very much an “us against them” ­rhetoric which is erroneous on several levels: First of all, the discussion focuses…

Recent developments in Swiss competition law

1. The Competition Commission¹ adopted new organizational rules (“OrgReg”).² It would go beyond the scope of this chronicle to comment each and every provision. On the other hand, it is worth mentioning that the 2015 rules take into account the evolution of the tasks and functions attributed to the authority over the past 20 years; in fact, it is quite amazing that this text did not need any…