Suchergebnisse für OTC Clearing

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…

Aktien als digitalisierte Werte

Shares issued on a distributed ledger have already been designated as a future market standard. The potential of these dlt-shares is also acknowledged by the Swiss government, which has published a preliminary draft on the adaptation of federal law to developments in distributed ledger technology earlier this year. This essay focuses on various mainly private law issues related to the issuance…

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,…

Das schweizerische Bankprivatrecht 2018 / Le droit bancaire privé suisse 2018

Das Jahr 2018 brachte einen reichen Fundus an Entscheiden im privaten Bankrecht. Etliche davon schreiben Geschichten fort, über die wir bereits in früheren Übersichten berichtet hatten. Dazu gehört die Klage des Drogeriekönigs Müller gegen die Bank J. Safra ­Sarasin im Zusammenhang mit den sogenannten Cum-­Ex-Geschäften (r34), die Fortsetzung der Verantwortlichkeitsklage der Glarner…

Derivatgeschäfte: Anwendung der FinfraG-Regulierung auf Schweizer Handels- und Industrieunternehmen

The Swiss rules on the conduct in connection with derivative transactions and trading set out in the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FMIA) and its implementing ordinances were enacted more than two years ago, subject to applicable phase-in periods. However, when it comes to their applicability to commercial and industrial…

Die regulatorische Antwort auf FinTech: Evolution oder Revolution? Eine Verortung aktueller Entwicklungen

While technological improvements have shaped the financial industry and its regulation for decades, FinTech is the buzzword of the hour. Rapidly developing digital technologies allow new market entrants to disrupt the traditional intermediary-based provision of financial services (I.). These new businesses – in particular those that operate payment systems or engage in crowdfunding – may clash…

Finanzinnovationen und Risikotransfer auf Kapitalmärkten: Grundsätzliches und Aktuelles

Since centuries capital markets play a key role in the allocation of risk. They improve the possibilities for individuals as well as institutions to diversify or transfer part of their risks more efficiently. Over the years, many innovations – in terms of contracts, processes or institutions – have contributed to improve this process by widening the range of risks covered by financial contracts…

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…

Europareport

Am 16. Juli 2015 hatte der Gerichtshof der Europäischen Union (nachfolgend auch: «EuGH») Gelegenheit, seine Rechtsprechung zum Spannungsverhältnis zwischen dem Patentrecht und dem Wettbewerbsrecht zu präzisieren. In dem zu entscheidenden Fall (Rs. C-170/13) ging es im Kern um die Frage, ob bzw. unter welchen Voraussetzungen die Erhebung einer Klage durch einen Inhaber eines…

Conference Proceedings

This year’s annual conference of the University Research Priority Program (URPP) Financial Market Regulation¹ – the third in the history of the URPP – was devoted to “International Aspects of Financial Regulation: Competition vs. Coordination” and took place at the University of Zurich on June 1 and 2, 2015. In line with the URPP’s interdisciplinary approach, the conference program blended…