Suchergebnisse für decision support systems

Venture Capital, ESG and Sustainable Investments

Sustainability is a pressing issue that requires addressing various environmental, social, and governance (ESG) challenges. The venture capital industry has the potential to play a crucial role in sustainable investments due to its characteristics, such as long-term investment horizons and investor protections. However, sustainability has yet to become a major topic in private equity and venture…

Do Robots Rule Wealth Management? A Brief Legal Analysis of Robo-Advisors

What are the legal duties of robo-advisors in Switzerland? In this article, we focus on the legal framework arising from Swiss financial market law, contract law and data protection law. We also make a comparison with European law. We first explain how robo-advisors work and conclude that, contrary to what their name may suggest, they are primarily portfolio managers. As financial service providers…

Entreprises et Big Data: peut-on forcer les entreprises à partager leurs données non-personnelles (par des licences obligatoires ou des licences „FRAND“)?

In the digital age where big data is of key value, companies generate a massive amount of data and make intensive use of data. Given that companies may depend on the access to non-personal data (industrial data) held by other companies to remain competitive, the question arises as to whether companies should be forced to share their non-personal data with each other (B2B data sharing) on the…

Trois modèles de contrôle des investissements transfrontaliers

The screening of foreign investment has become a growing concern for many countries. In the midst of a trade war between the US and China as well as issues related to state-owned companies’ interference in the EU, it is bound to become a subject of heated debates in Switzerland. As we continue to live through a global pandemic, some countries are seeing themselves lacking or at least vulnerable…

Banking and finance disputes: to arbitrate or not to arbitrate, that is the question

“It has been said that “[b]ankers have traditionally preferred judges to arbitrators”. Indeed, where banks or financial institutions are involved in a dispute, state courts have usually been preferred, while arbitration has, so far, often been overlooked. However, in the last decade, the financial landscape has endured colossal changes worldwide. The 2008 crisis led to a paradigm shift. Banks –…

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…

Le régime de responsabilité civile en matière d’émissions publiques de jetons digitaux (ICO)

Initial Coin Offerings (ICOs) consist of an innovative form of capital raising. In the digital era, it has become technically possible to raise substantial funds within a very short period of time. This paper analyses the civil liability regime applying to misrepresentations communicated to investors acquiring tokens in an ICO. Pursuant to the prospectus liability provisions of the Swiss Code of…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2016 bis ins vierte Quartal 2017

Als Ausgangspunkt der Finanzkrise gilt gemeinhin der 9. August 2007, als die französische Bank BNP Paribas die Rücknahme von Anteilen an Investmentfonds aussetzte, die im US-Subprime Markt engagiert waren.¹ In der Folge profilierten sich die Notenbanken als unabdingbare Stützen des Finanzsystems.² Die Finanzkrise löste eine gigantische Regulierungswelle aus, die bis heute nicht gänzlich…

Stimmenmehrheit unter Verdacht: Wege und Irrwege im aktienrechtlichen Minderheitenschutz

Recent developments in the area of corporation law ­indicate a dichotomy between calls for more “shareholder democracy” and an increasing suspicion about “shareholders’ majority decisions”. Corporations have to date been governed following the model of “subjection of the minority to the majority”, with the steady approval of the courts. This guiding principle, which is at the core of a…

Global Financial Standards and Regulatory Reforms

The present paper discusses global financial standards and their relevance as part of the regulatory reforms initiated in the aftermath of the financial turmoil. In a first – precursory – part, it provides more clarity on the notion and role of “soft” law instruments, which have become an eminent pillar for the regulation of global finance. The essay likewise highlights the financial sector…