Suchergebnisse für Standardisierung

Insider Trading im digitalen Zeitalter: Neue Herausforderungen und Risiken

Insider trading has existed since the launch of the very first organized trading venues and is now prohibited in most jurisdictions. The growing digitalization of the financial industry is adding several layers of complexity to the topic and creating both new risks and opportunities for market participants. First, digitalization brings about a higher interconnectivity between the global financial…

Sekundärnutzung von Mobilitätsdaten: Infrastruktur und Governance bei Mobility-as-a-Service

Proponents and opponents hotly debate the so-called secondary use of data in sectors as diverse as health, education, energy and mobility. The parallelism of these discussions has led politicians to call for a framework law on the secondary use of data. By choosing Mobility-as-a-Service (MaaS), a promising service in the mobility sector, this article explores two connected features such a…

Missmanagement im Bankensektor und die FINMA-Gewährsprüfung

This article addresses the following questions: Can the fitness and propriety audit of bank managers deliver what it promises? How could the fitness and propriety audit be improved within the framework of the existing legal basis or, if necessary, by means of new or adapted regulations? The tension between FINMA’s supervisory procedure on the one hand and criminal proceedings on the other hand…

Open Finance und Decentralized Finance – Entwicklungen in einem disruptiven Finanzmarktumfeld

The recent technological developments not only impact society in general but they also strongly influence financial markets, even in a disruptive way. Open finance and decentralized finance cause an opening of the financial ecosystem and challenge existing notions; for example, new concepts are needed for the regulation of data access/portability and of digital identity as well as for the…

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…

Informationspflichten bei der Kapitalanlage – von einzelfallbezogenen und von allgemein gehaltenen Informationen

When it comes to information obligations of financial service providers, the distinction between case-by-case information and generic information is of fundamental importance. While generic information obligations are typically fulfilled by publishing a brochure online and therefore hardly bring any benefit for investors, case-by-case information obligations usually lead to an improved…

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…

Rechtsfragen des LIBOR-Wegfalls

For decades, the LIBOR has been the most widely used benchmark interest rate for financial contracts. At the end of 2021, following major manipulation scandals and a dwindling reliability of the rate as a benchmark, LIBOR will be discontinued for most currencies including the Swiss franc. As numerous LIBOR agreements such as credit agreements or capital market instruments (mainly OTC interest…

«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…

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…

Der Verfügbarkeits-Service Level bei Cloud- und anderen IT-Outsourcingverhältnissen

In the context of IT outsourcing and cloud relationships, it is customary to agree on performance quality parameters, so-called service levels. These regularly form part of the description of the services to be rendered by the provider. Consequently, service provision in accordance with the service levels at the same time is due fulfillment of the provider’s contractual obligations. One of the…

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…

Digitalisierung wettbewerbsrechtlicher Verfahren?

Competition Law proceedings regularly last very long and only limitedly take into account new possibilities for the use of information technology. On the other hand, online procedures have already become more widespread in private dispute resolution and RegTech is being promoted as a new instrument for the exchange of information in the financial market sector. Although it is not possible to…

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.

Führen die neuen Technologien zur Disruption der Finanzmarktregulierung?

Technological developments and respective changes in business models require adaptations of the financial regulations. The need to adopt risk-oriented rules has become apparent already some time ago. Recently, regulators acknowledged the desirability of introducing innovation-supporting rules (for FinTech enterprises). The most disruptive effects, however, come from the new distributed ledger…

Das Finanzmarktauf­sichtsrecht vom vierten Quartal 2017 bis ins vierte Quartal 2018

Seit die Marktteilnehmer aus regulatorischen Gründen oder eigenem Antrieb vermehrt mit regulierten Gegenparteien zusammenarbeiten wollen, gelten finanzmarktaufsichtsrechtliche Bewilligungspflichten nicht nur als Bürde, sondern auch als «Würde». Als schwerer Eingriff in die verfassungsmässig geschützte Wirtschaftsfreiheit bedürfen Bewilligungspflichten einer Grundlage in einem formellen Gesetz.

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 Zukunft des digitalisierten Rechnungswesens

The digitization of economics does not only effect parts on an entity but the entire value chain, notably inclusive of the accounting department. Should we have to expect a revolution in such a way that millions of bookkeepers will be replaced by machines in the near-future? Or do these new technologies have the potential to automate routine tasks while supporting more complex, non-routine…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2016 bis ins vierte Quartal 2017

Als Ausgangspunkt der Finanzkrise gilt gemeinhin der 9. August 2007, als die französische Bank BNP Paribas die Rücknahme von Anteilen an Investmentfonds aussetzte, die im US-Subprime Markt engagiert waren.¹ In der Folge profilierten sich die Notenbanken als unabdingbare Stützen des Finanzsystems.² Die Finanzkrise löste eine gigantische Regulierungswelle aus, die bis heute nicht gänzlich…

Kernfragen der Aktienrechtsrevision

On November 23, 2016, the Federal Council published its proposal for a revised law on companies limited by shares. This article deals with four key aspects of the proposed revision. First, it addresses the proposed amendments regar­ding the capital structure. The authors thereby focus on the rules for capital increases, decreases and the possibility to introduce a so called «capital band». Secon…

Eigentum an Sachdaten: Eine Standortbestimmung

In both legal writing and the public debate, there is a noticeable trend of growing support for some type of data ownership. This article examines the ongoing debate, thereby providing some contextual insights and a starting point for future research. In particular, we argue that a potential right to data ownership does not neatly fit into existing categories of property rights and liability…

Neuerfindung des Finanzsektors?

Although digitalization embraces practically all areas of society and economy, in the financial sector, the use of these new technologies started very early and were particularly intense. As financial products are largely based on information, the usage of such technologies are also the basis for financial systems, payment infrastructures, trading platforms and crypto-currencies. Owing to the…

Editorial | Éditorial

Am 25. August 2016 fand die achte Tagung «Quo Vadis – Finanzplatz Schweiz?» statt, diesmal zum Brennpunktthema «Risiko, Risikoorientierung und Risikomanagement». Der Finanzmarkt ist schon seit…

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…

Business Judgment Rule und Rechtsrisiken

Legal risks are currently the most dangerous threat for global corporations. This article analyses the question whether the Swiss Business Judgment Rule (BJR) may also provide a “safe harbour” for decisions based on legal uncertainties. This may look surprising, since corporations are bound to comply with the legal environment in which they are operating, therefore illegal behaviour should not be…

Was heisst «Internationale Standards»?

International standards have become more and more important with and also through the globalisation of the financial markets. In consequence, they are most important in corporate law and in particular in the field of financial reporting, i.e. IFRS or US GAAP. This is not only true for Switzerland, but also for the European Union. International standards are often enacted by a panel of experts…

Internationale Standards in den Vorlagen zur neuen Finanzmarktarchitektur

The present article provides an overview of the international financial market architecture with a focus on global standards issued by the Basel Committee on Banking Supervision (BCBS) and the Financial Stability Board (FSB). It discusses the major advantages as well as the disadvantages of such standards and illustrates their implementation into the Swiss legislation based on specific examples…