Suchergebnisse für US-Recht

Das Supervisory Privilege für Akten aus dem Aufsichtsverhältnis

The Swiss Supervisory Privilege, which was added to FINMASA in 2016, is a new legal institution. It empowers FINMA to protect documents from the supervisory relationship between a supervised entity and itself by prohibiting their disclosure to third-party authorities and other third parties without FINMA’s consent if there are grounds for doing so that are particularly worthy of protection…

Wirksame Krisenverhinderung? Das UK Senior Managers Regime und der Archegos-Skandal

The Archegos scandal, which resulted in Credit Suisse incurring losses exceeding CHF 5 billion, stands out as one of the most significant of the many scandals linked to the bank in recent years. It shines a light on financial sector misconduct and underscores the need for stronger individual accountability. Many of the weaknesses in the corporate governance system of the bank which lead up to…

Das Supervisory Privilege für Akten aus dem Aufsichtsverhältnis

The Swiss Supervisory Privilege, which was added to FINMASA in 2016, is a new legal institution. It empowers FINMA to protect documents from the supervisory relationship between a supervised entity and itself by prohibiting their disclosure to third-party authorities and other third parties without FINMA’s consent if there are grounds for doing so that are particularly worthy of protection…

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…

Aktienrechtliche Verantwortlichkeit: Zur gerichtlichen Prüfungsbefugnis im Anwendungsbereich der Business Judgment Rule (Zurückhaltungsregel)

In the context of directors’ and officers’ liability, the ­so-called Business Judgment Rule and its Swiss equivalent – which is also referred to as the Rule of Restraint (Zurückhaltungsregel) – aim to protect the exercise of discretion when making business decisions. According to the Swiss Federal Supreme Court, the judicial review of business decisions must be conducted with restraint if i) the…

Automatischer Informationsaustausch: das Ende des steuerlichen Bankgeheimnisses?

Fundamental changes occurred in Swiss international tax law since 2009. These changes directly effected and fundamentally limited the scope of traditional Swiss banking secrecy with regard to foreign clients and foreign tax authorities. This paper analyses if, from a legal and practical perspective, anything remains of traditional Swiss «tax banking secrecy». The conclusion is that there are…

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…

Rechtsvergleichende Überlegungen zur Business Judgment Rule

The famous business judgment rule (BJR) that emerged in the US in the early nineteenth century, has been adopted in recent years, in one form or another, by several jurisdictions in Europe. This article provides a comparative analysis of the different models of the BJR and its basic elements and rationales in the US, Germany, Austria, Switzerland and Liechtenstein. The article outlines how the…