Suchergebnisse für agency contract

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…

Vertrauen, Kredit und Kreditsicherheiten

The relationship between creditor and debtor has often been described as a quintessential relationship based on trust, as evidenced by etymological origin of the term credit. Credit relationships are indeed shaped by the risk of opportunistic behavior of the debtor and principal agent problems. Limiting these risks by providing adequate incentives for cooperative behavior is a key objective in…

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…

Finanzinnovationen und Risikotransfer auf Kapitalmärkten: Grundsätzliches und Aktuelles

Since centuries capital markets play a key role in the allocation of risk. They improve the possibilities for individuals as well as institutions to diversify or transfer part of their risks more efficiently. Over the years, many innovations – in terms of contracts, processes or institutions – have contributed to improve this process by widening the range of risks covered by financial contracts…

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,…

Durchsetzungsordnung für Verantwortlichkeitsansprüche im Konkurs

Die SAirGroup in Nachlassliquidation (Klägerin) reichte am 27. Juni 2012 beim Handelsgericht des Kantons Zürich eine Klage aus aktienrechtlicher ­Verantwortlichkeit gegen verschiedene ehemalige…

Ist die aktienrechtliche Verantwortlichkeit noch zeitgemäss?

An analysis of the board members’ and directors’ liability law shows that its present form has significant deficits: Confronting board members with a liability excee­ding their individual risk capacity causes risk adversity and a crowding out effect within the pool of potential board members. In the light of these functional deficits, it does not come as a surprise that the track record of…

Stimmrechtsaktien zwischen Gestaltungsfreiheit und Minderheitenschutz

A recent controversy around the sale of a controlling stake in a well-known Swiss public company has brought shares with preferential voting rights (Stimm­rechtsaktien, actions à droit de vote privilégié) into the limelight. In spite of the public criticism, there is no empirical evidence that dual-class share structures negatively impact the value of listed companies. While a mandatory «one…

Ergänzung des ISDA-Rahmenvertrages um ein Protokoll zur Vermeidung möglicher Destabilisierungen des Finanzsystems

The ISDA Master Agreement is the global standard for over-the-counter derivatives. Notably, it provides for an early termination which may be triggered when resolution authorities take actions for the purpose of stabilizing or restructuring a failing institution. The early termination of such agreements could compromise or prevent a successful and orderly resolution of the failing institution. In…