Suchergebnisse für Wirkung auf Fristen

Gewährleistung bei vernetzten Geräten

The networking of devices leads to new legal issues. The following article examines how contracts around networked devices are legally classified. In particular, it will be examined whether the classical warranty rights of sales and works contract law are sufficient to adequately protect the needs of individual users.

Die Praxis des Jahres 2018 im Übernahmerecht

Im Jahr 2018 erliess die Übernahmekommission (UEK) in 16 Verfahren insgesamt 24 Verfügungen. Dabei betrafen fünf Verfahren öffentliche Übernahmeangebote. Mit ei­nem Transaktionswert von knapp CHF 443 Mio. stellte die Übernahme der Hügli Holding AG das bedeutendste öffentliche Übernahmeangebot des Jahres dar. Wertmässig im Mittelfeld bewegten sich das Angebot an die Aktionäre der Goldbach Group AG…

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,…

Die Rolle der Zentralbanken – 10 Jahre nach der Finanzkrise

For central banks, the financial crisis 2008 led to new insights, but it also confirmed old insights. Old insights that were confirmed concern crisis management, namely the necessity and effectiveness of the central bank’s role as a lender of last resort. The fact that the Fed could not play this role in the case of Lehman Brothers is an important reason why the crisis worsened significantly. New…

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.

Sanktionen

Access to the EU Single Market has always been a key concern of Swiss financial market policy. However, in the aftermath of the crisis, the EU has considerably tightened its third country regime by requiring a demonstration of «equivalent regulatory and supervisory frameworks». Given that the EU has recently implemented tougher sanctions throughout its Single Rulebook, obtaining favorable …

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.

Uneasy lies the head that wears a crown – Zur Rolle des Verwaltungsrates in schweizerischen Publikumsgesellschaften

The board of directors of a Swiss public company is stuck between a rock and a hard place. Shareholders breathe down directors’ necks with earnings expectations, but the results are delivered by an executive management under the board’s control rather than by the board itself. The executives who run the business on a day-to-day basis know the company better than the board. This allows them to…

Aktuelle Rechtsprechung zum Aktienrecht

Over the last two years, Swiss company law jurisprudence has been subject to numerous developments and clarifications. The following article discusses selected examples of recent federal and cantonal case law. A first section deals with a Federal Supreme Court decision on the attribution of company bodies’ knowledge to the legal entity. It provides an in-depth analysis of the de­cision and sets…

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…