Suchergebnisse für Technologieneutralität

Die Registrierungsvereinbarung – insbesondere bei tokenisierten Forderungsrechten

The registration agreement links a certain right to a token or other informational unit on a distributed ledger. In doing so, the issuer creates a ledger-based security, which is an instrument of public faith equivalent to a bearer or «ordre» security and features scriptural legality. The article examines the function and securities law context of the registration agreement, including…

Decentralized Exchanges: Grundlagen, Risiken und ausgewählte aufsichtsrechtliche Aspekte

Decentralized exchanges (DEX) enable traders to interact directly and to exchange their digital assets – such as cryptocurrencies – on a peer-to-peer basis without needing to trust an intermediary or each other. This article first delves into the functioning of DEX with a focus on their price-finding mechanisms. Subsequently, it outlines the main risks of DEX and gives an overview of certain…

Aktien als individualisierte Rechte und die dadurch in der Trias Mitgliedschaft –Wertpapier/Wertrecht –Bucheffekte verursachten Probleme

Shares (Aktien) in the sense of memberships (Mitgliedschaften) in corporations are in principle individualized, non-fungible rights. They come into existence as non-certified shares (unverbriefte Aktien). In order to make them more negotiable such non-certified rights are often wrapped into a cover (Hülle). By this wrapping process (Umhüllung) the non-certified shares are transformed into…

Tokenisierung von Aktien unter dem neuen DLT-Gesetz (insb. Art. 973d ff. OR) und CMTA Standard

With the entry into force of the Swiss Federal Act on the Adaptation of the Federal Legislation to Developments in Electronic Distributed Ledger Technology (DLT Act) in 2021, various uncertainties relating to the tokenization of financial instruments have been clarified. In particular, the legal framework of such tokenization, understood as the association between digital tokens and certain…

Editorial

Am 31. August 2021 fand die 13. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter der Leitung von Rolf Sethe und Christoph B. Bühler statt.