Suchergebnisse für instruments financiers

LEFin-LSFin: des assujettis face aux nouveaux organes et organismes

The regulations governing financial institutions and services are bringing new actors – such as portfolio managers and trustees – within the scope of FINMA su­pervision, supported by a reformed self-regulatory framework. It is worth comparing the latter with the set of rules and organizational measures adopted for the registration of client advisors and the control of prospectuses for securities…

Pièges fiscaux du contrat de prêt

This contribution deals with the tax « traps » of the loan agreement. Loans are usually quite simple from a tax standpoint since they are neutral. Yet, the author examines three specific instances where things do not turn out so well. The first of which is the cancellation of ­indebtedness, which may result in taxable income ­(Article 16 par. 1 or Article 18 par. 1 Direct Federal Tax Law)…

Le droit bancaire privé suisse 2019 / Das schweizerische Bankprivatrecht 2019

Cette chronique s’allonge chaque année. Sa consultation en devient moins aisée. Pour faciliter son accès aux lecteurs nous avons introduit trois nouveautés.

L’émission d’actions digitalisées comme moyen de financement de l’innovation et des PME

Switzerland is a world-leading nation in terms of entrepreneurship and promotion of innovation. Its universities produce a high number of start-ups. Its economy is based on a web of small and medium-sized companies, which make for the bulk of the country’s economic activity. Paradoxically though, the Swiss capital markets are relatively inefficient in channeling savings to companies. Only a…

FINMA’s Enforcement in Court

This article presents an empirical and qualitative analy­sis of the judicial review of the Swiss Financial Markets Supervisory Authority’s (FINMA) enforcement of financial market laws by the Federal Administrative Court and the Federal Supreme Court. It is part of a broader research project on global enforcement against financial institutions and their managers and employees. Based on an overview…

Le fonds de placement contractuel immobilier et la Lex Koller

This contribution discusses the treatment of Swiss real estate funds under the Lex Koller. It explains that for­eigners (in the meaning of Lex Koller) may acquire fund’s units and/or shares or participation certificates in the capital of the fund management company (up to full holding) without a Lex Koller authorization. The analysis takes into account the consequences of such purchases on future…

La classification des clients selon la loi sur les services financiers

This article looks at the client categorisation system ­reflected in the new Swiss Federal Act on Financial ­Services. Firstly, it defines the notion of client classification before highlighting similar classification mechanisms already existing under the current law. The article goes on to detail the three categories of clients, namely private, professional and institutional, as well as the…

Editorial

Critique, le Professeur Peter V. Kunz met en garde contre la moralisation du droit et son instrumenta­lisation au détriment du principe de neutralité qui devrait caractériser un corpus de règles…

Editorial

Au moment où nous écrivons cet éditorial, la Commission des affaires juridiques du Conseil des Etats vient d’approuver à son tour une initiative parlementaire proposant d’introduire le trust dans le…

Propositions pour un trust suisse

New voices, including in Parliament, are now calling for the adoption of the trust as an institution of Swiss law. This would provide Swiss residents with a much-needed vehicle for estate planning and structuring. It would also improve the legal certainty and robustness of very common business transactions. Notably it would allow lawyers, notaries and other professionals to protect their clients’…