Suchergebnisse für Zahlungsverkehr

Corporate Governance auf der Blockchain

It is within the context of crypto-currencies that Blockchain first gained importance as a new technology. In the meantime, it has been recognized that this technology can also be used in the corporate environment. Such usage would have significant effects on corporate governance within companies (for example, in connection with the transparency of ownership, the handling of voting rights,…

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…

Risiken bei systemrelevanten Institutionen: wirtschaftspolitische Analyse am Beispiel der Schweiz

The financial crisis has demonstrated the enormous economic costs of the failure of systemically relevant financial institutions. The size and interconnectedness of such institutions creates external effects and the fact that governments are de facto forced to prevent their bankruptcy creates moral hazard. In both cases econo­mic theory clearly suggest that the regulatory framework should aim at…

Ist Art. 42a Abs. 4–6 FINMAG (Einschränkung des Kundenverfahrens im Rahmen der internationalen Finanzmarkt-Amtshilfe) verfassungskonform?

More or less unnoticed from the general Swiss population the Swiss legal provisions concerning international administrative assistance in stock market supervision underwent certain revisions that entered into effect on 1 January 2016. Particularly, in contrast to the old rules the Swiss financial markets supervisory authority FINMA now has the possibility, exceptionally, to transmit information…

Europareport

In einem am 2. Juni 2016 erlassenen Urteil hat sich das Gericht der Europäischen Union (nachfolgend auch: EuG) erneut mit dem Spannstahl-Kartellfall auseinandergesetzt und die Klagen von vier spanischen Gesellschaften abgewiesen.

Wer zahlt, wenn wir bezahlen?

Where payments are made via credit card, retailers are charged with a merchant fee. This fee covers, among others, the interchange fee that the acquirer has to pay to the issuer of the credit card each time the card is used. The following article deals with legal questions that arise relating to interchange fees. In particular, it analyzes the contractual framework between issuer, acquirer,…

Europareport

In vier am 10. März 2016 verkündeten Urteilen hat sich der Gerichtshof der Europäischen Union (nachfolgend auch: «EuGH») mit den – durch EU-Regelungen nur in den Grundzügen geregelten – Anforde­rungen an Auskunftsbegehren der Europäischen Kommission (nachfolgend auch: «Kommission») in Kartellverfahren befasst. Die in jenen Verfahren streitrelevanten Auskunftsverlangen, die an vier…

Geldwäschereibekämpfung bei Barzahlungsgeschäften – Staatliche Sterbehilfe für das Bargeld?

The European Union is currently discussing the abolition of its 500 Euro bill and further general restrictions regarding cash money transactions that foresee to ban all cash transactions above a certain, very low threshold. Although economic and business-driven reasons are more likely to be the true reasons behind such a regulatory project that lacks of necessity due to international standards,…

Wettbewerb zwischen internationalen Standards

Competition between different standards can bring about efficiencies but the financial crisis has shown that the coordination and partial harmonization of these standards has advantages that are not to be underestimated. The following contribution analyses the possible competition of standards with a view towards the actors and the recipients of regulation. The theore­tical approach is clarified…

Negativzinsen auf Girokontoguthaben bei der SNB – Eine rechtliche ­Betrachtung

In December 2014, the Swiss National Bank (SNB) announced that it would be imposing negative interest rates on sight deposit account balances at the SNB. In the context of such monetary policy instrument, it is important to differentiate clearly between negative interest the SNB currently applies to sight deposits and the wide-ranging capital controls witnessed during the 1970s which included a…