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Recent developments in Swiss competition law

1. The above title might raise a few eyebrows. What is the relationship between the Coty case, which was decided at the end of 2017 by the European Court of Justice (“ECJ”),¹ and the Gaba² and BMW³ judgments handed down the same year by the Federal Tribunal? In addition to the fact that these three cases deal with vertical agreements, the first interesting point of comparison is that the ECJ…

Vertrauen im Kapitalmarkt

Trust is an essential element of a capital market. The market participants want to be confident that the other actors behave as expected. Financial market regulation supports the underlying expectations by ensuring transparency, prohibiting market abuses, stipulating various duties and imposing sanctions or liability in the event of breach. The objectives of most regulation, i.e., the protection…

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…

Recent developments in Swiss competition law

1. «Wettbewerbskomplexität»! After reading the 347-page long judgment handed down by the Federal Administrative Tribunal in the Swisscom ADSL price strategy case,¹ one can only agree with the expression used by the court in its decision.² Although an appeal before the Federal Tribunal is pending, we must emphasize the high quality of this judgment and, in particular, its clarity and educational…

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…

Recent developments in Swiss competition law

1. The Competition Commission¹ adopted new organizational rules (“OrgReg”).² It would go beyond the scope of this chronicle to comment each and every provision. On the other hand, it is worth mentioning that the 2015 rules take into account the evolution of the tasks and functions attributed to the authority over the past 20 years; in fact, it is quite amazing that this text did not need any…

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…

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…

The Evolution of Corporate Social Responsibility

Is Corporate Social Responsibility (CSR) a matter of law? Despite the fact that the role of national states is being increasingly impinged upon by the process of globalization, the prevailing notion of law today continues to be based on the maintenance of the stability of the existing national structures. The function of law is still seen as consisting primarily in shielding expectations from the…

Standing and Passing-on in the New EU Directive on Antitrust Damages Actions

This article critically evaluates private enforcement of the competition rules in Switzerland and compares them to recent developments at EU level, particularly regarding indirect purchaser standing and the passing-on defence. The article addresses the question of whether, and under what conditions, the new EU Directive on Antitrust Damages Actions, along with the Recommendation on Common…