Suchergebnisse für contract law

Schutz der Kundenvermögen durch Segregation

Swiss financial market law contains various provisions that serve to protect client assets by means of segregation. With regard to the custody of intermediated securities, a revision entered into force on 1 January 2023: Art. 11a of the Federal Act on Intermediated Securities (FISA) now stipulates an obligation for custodians to hold their own securities and those of their account holders in…

Die Registrierungsvereinbarung – insbesondere bei tokenisierten Forderungsrechten

The registration agreement links a certain right to a token or other informational unit on a distributed ledger. In doing so, the issuer creates a ledger-based security, which is an instrument of public faith equivalent to a bearer or «ordre» security and features scriptural legality. The article examines the function and securities law context of the registration agreement, including…

Personalvorsorge im Kontext von M&A-Transaktionen

In the context of M&A transactions or restructurings, effects on occupational benefits are not always considered in time. This article examines questions that arise in this context, in particular regarding the change of the employee benefit institution and the possible takeover of an affiliation contract. With a view to the practice of the Federal Supreme Court and the Federal Administrative…

Editorial

As we publish this issue of the Swiss Review of Business and Financial Market Law, the banking world has taken a dramatic turn: Credit Suisse saw the end of a 167-year-old history, as it was humbled…

Das schweizerische Bankprivatrecht 2022 | Le droit bancaire privé suisse 2022

Die Rechtsprechung zum privaten Bankrecht skizziert jeweils die neusten Entwicklungen in der richterlichen Rechtsfortbildung. Tatsächlich führen uns viele Entscheide aber auf eine Reise in die…

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…

Geschäftsherrenhaftung im Konzernverhältnis?

On November 29, 2020, the Corporate Responsibil­ity-Initiative failed in the referendum by a majority of the cantons. The debate on the Corporate Responsibility Initiative and the indirect counter-proposal of the Swiss Parliament focused on the question of the extent to which Swiss companies should be held liable for the activities of the companies they control in the area of human rights and…

Aktien als individualisierte Rechte und die dadurch in der Trias Mitgliedschaft –Wertpapier/Wertrecht –Bucheffekte verursachten Probleme

Shares (Aktien) in the sense of memberships (Mitgliedschaften) in corporations are in principle individualized, non-fungible rights. They come into existence as non-certified shares (unverbriefte Aktien). In order to make them more negotiable such non-certified rights are often wrapped into a cover (Hülle). By this wrapping process (Umhüllung) the non-certified shares are transformed into…

Open Finance und Decentralized Finance – Entwicklungen in einem disruptiven Finanzmarktumfeld

The recent technological developments not only impact society in general but they also strongly influence financial markets, even in a disruptive way. Open finance and decentralized finance cause an opening of the financial ecosystem and challenge existing notions; for example, new concepts are needed for the regulation of data access/portability and of digital identity as well as for the…

DLT-basierte Finanzprodukte

DLT-based financial products are digitally created assets that can be transferred and stored on a Distributed Ledger Technology (DLT) infrastructure. Internationally, such digitally stored «tokens» are mostly referred to as «crypto assets»; however, there is still a lack of recognized, clear and internationally uniform definitions. Parallel to the spread of crypto assets being treated according…