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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…

Relative Marktmacht, Geoblocking und Digitalisierung

The rules on relative market power, recently introduced into Swiss competition law, generate far-reaching overlaps with the geo-blocking prohibition that took effect in parallel, as part of Swiss unfair competition law. This contribution analyses these overlaps, with a focus on the “shop like a local” principle which is also known from EU geo-blocking rules. Furthermore, the provision…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2019 bis ins vierte Quartal 2020

Die FINMA ist verpflichtet, sich an strategischen Zielen zu orientieren.¹ 2021 bricht die nächste dreijährige Strategieperiode an; der Bundesrat hat die Ziele im November 2020 genehmigt.² Aus den strategischen Zielen ergeben sich die Leitlinien für die operative Tätigkeit der FINMA. Erstmals finden sich in einem separaten Dokument zu den einzelnen strategischen Zielen «Schwerpunkte der Umsetzung…

Das Kapitalband im neuen Aktienrecht

On June 19, 2020, the National Council and the Council of States adopted the revision of the Swiss law on companies limited by shares. This article deals with the capital band («Kapitalband») that introduces the possibility for shareholders to authorize the board of directors to increase and reduce the share capital without previous resolution by the general meeting. In line with an…

Die Pflichten des Verwaltungsrates bei drohender Zahlungsunfähigkeit nach neuem Aktienrecht

On 19 June 2020 the Swiss parliament adopted the final text of the new provisions of the Swiss Code of Obligations relating to the revised law on companies limited by shares. Among other things, the relevant provisions cover situations of financial distress and apply to companies limited by shares as well as to other company forms. Aside of the pre-existing legal provisions governing the capital…

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.

Das FIDLEG-Prospektrecht ante portas – Guter Anlegerschutz?

The new Financial Services Act (FinSA) will introduce Switzerland’s first comprehensive prospectus regime. While conceptually modeled after the European Union’s Prospectus Directive and its recent replacement, the Prospectus Regulation, the new Swiss prospectus regime employs traditional Swiss legislation techniques and, constructively, abstains from specifically regulating every detail. The…

Die Bewilligungs- und Prospektpflicht im schweizerischen Recht anhand des Crowdfundings

Mit Verfügung vom 4. Juni 2015 stellte die Eidgenössische Finanzmarktaufsicht (nachfolgend FINMA) fest, dass die A. AG (nachfolgend Beschwerdeführerin 1) durch die Bewerbung und Ausgabe des Produkts …

Finanznotlagerecht

The Bill of 2016 for a revision of the Swiss Corporation Law addresses, with new and quite lengthy dispositions, the thorny problem of corporate reorganizations in the event of upcoming financial difficulties. On the one hand, the classical and quite formal equity-related ­approach of European Continental Law to prevent ­«unlawful trading» is maintained, i.e. the Board’s duty to take immediate…

Das Finanzmarktstrafrecht der Schweiz – Status quo unter Einbezug der neusten Gesetzesänderungen, des internationalen Einflusses sowie der anstehenden Neuerungen

The incidents that contributed to the financial crisis and as outcome of this the increase of regulatory density, led as expected also to a rise of criminal provisions. As a result the penal situation for the financial market participants is becoming more and more complex. This overview of the financial market criminal law in Switzerland includes most recent legislative amendments, inter alia the…