Suchergebnisse für Treuepflicht

Transaktionsbezogene vs. portfoliobezogene Anlageberatung unter FIDLEG: keine einfache Abgrenzung

With the entry into force of the Financial Services Act (FinSA) on 1 January 2020 the transaction-related ­investment advice will be introduced as a new category of investment advice to be distinguished from the portfolio-related investment advice. The correct differentiation between the two types of investment recommendations is crucial to determine the scope of application of the suitability…

Dienstleisterketten beim Erbringen von Finanzdienstleistungen: ­Aufsichtsrechtliche Erfassung durch das FIDLEG und vertragsrechtliche ­Haftung der Depotbank

On June 15, 2018 the Parliament passed the new Financial Services Act (FinSA) which presumably will enter into force by the beginning of 2020. The FinSA states new regulatory conduct rules that will apply to financial services providers vis-à-vis their clients. In cases where several financial services providers are involved in the provision of a financial service, the question arises of who has…

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…

Gedanken zum einstweiligen Rechtsschutz gegen pflichtwidriges Handeln von Verwaltungsräten

Swiss law does not allow for the challenge of resolutions taken by the board of directors of a corporation, and only in extreme cases they may be deemed null and void. However, according to a recent decision by the Swiss Federal Supreme Court, this does not exclude claims against a corporation to enforce statutory rights that were denied by the board of directors. Against the background of this…

Ausschluss eines GmbH-Gesellschafters

Die A. GmbH (Klägerin, Beschwerdeführerin) mit Sitz im Kanton Zug wurde im Jahre 2007 gegründet. Das Stammkapital von insgesamt CHF 20 000 wird zu 70% von ihrer Geschäftsführerin D. und zu 30% von…

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…

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.

Global agieren, lokal profitieren – und keine Verantwortung?

The debate about responsible business conduct has gained new momentum in Switzerland due to the responsible business initiative («Konzernverantwortungsinitiative») which triggered the drafting of a counter-­proposal by the National Council in the context of the ongoing revision of the company law. This contribution situates this debate in the relevant international con­text. The analysis’ focus…

Pflichten des Verwaltungsrats einer möglichen Zielgesellschaft

Even though the shareholders are the addressees of a takeover bid, the sale process of a listed target company is largely determined by the target’s board of directors: The board of directors is responsible for the negotiations prior to the publication of a takeover bid and can often influence by its actions whether a (possibly un­friendly) takeover bid will occur. Of decisive importance for the…

Die Regelung von Interessenkonflikten im Aktienrecht de lege lata und de lege ferenda

Conflicts of interest are a threat to the functioning of the board of directors and the management of a public limited company. This paper looks into the legal regime applicable in cases of a conflict of interest while dealing with third parties. It then tries to establish rules to safeguard an internal decision-making process solving conflicts of interest. Finally it assesses the effectiveness…