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Crowdinvesting mittels Initial Coin Offering – Regulierungsaufgaben im -Token-Universum

Initial coin offerings (ICOs) are a phenomenon with similar characteristics as the cryptocurrency boom. Projects that typically have no history of producing a product or revenue raise capital by issuing their own tokens to investors. Therefore, the Federal Council adopted in December 2018 a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial…

Seuils d’intervention ou examen ex post pour le contrôle des concentrations dans les marchés digitalisés?

Digital markets are open in principle. But network effects may rapidly favour the first successful entrant and establish high entry barriers for followers. In addition, the exchanges are often valued in data access rather than in traditional money terms. These characteristics challenge our merger control regimes. Mandatory notification systems are particularly vulnerable since merger projects in…

Recent developments in Swiss competition law

Over the past few months the Courts issued quite a significant number of judgments. Generally, they favoured a strict competition policy in dealing with substantive law issues. However, this was not done to the detriment of the protection of the parties’ procedural rights...

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 …

Numérisation et registre du commerce

From the point of view of the competent authorities, paperless keeping of the commercial registry has long been a reality. All necessary tools for electronic filing by the users also exist. However, such form of communication remains optional, and experience shows that paper filings remain the norm. In the absence of a statutory obligation, the situation is not likely to change until innovative,…

Contracts on Digital Content in Europe: Balancing between ­Author-Protective Copyright Policies and Consumer Policies

The online distribution of digital content is generally based on a chain of contractual relationships that can frequently consist of an upstream relationship between an author and a supplier, and a downstream relationship between the supplier and the consumer. Protected digital content transactions are thus potentially subject to two distinct sets of rules, i.e. copyright and consumer protection…

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…

Le principe d’immédiateté au sein de l’assemblée générale

Traditionally, the general meeting of shareholders was viewed as the ideal place where shareholders take their decisions based on the expression of their contradicting views. Today, the shareholders meeting is no longer a forum where shareholders exchange ideas, but a place where votes are registered and results are communicated. Shareholders take their decisions prior to the general meeting…

Globale Finanzstabilität – Wer setzt die Standards?

Standards are norms that are used to calibrate actions and behaviour. They are adopted and adhered to because they promote the common good and are in the interest of all concerned. In a world of sovereign states, they are a promising means to create a coherent framework for international financial activity. The process of international standard setting in the financial arena has always been…

L’affaire Sika : un exemple en faveur d’une approche économique des transferts d’actions soumis à l’agrément de la société

The ongoing litigation between the Swiss company Sika SA and the owners of its Swiss shareholder ­Schenker-Winkler Holding SA over the sale of the shares of the latter to the French group Compagnie de Saint-Gobain, a competitor of Sika SA, has attracted consi­d­erable media and public attention. When completed, this sale will give Compag­nie de Saint-Gobain the effective control over Sika SA…