Suchergebnisse für market control

Verfügt die FINMA über genügend wirksame und scharfe Instrumente gegen (höchste) Bankmanager?

In March 2023, Crédit Suisse (CS) had to be taken over by UBS. It was the first global systemically important bank to face imminent resolution since the financial crisis of 2007–2008. Unlike UBS in 2008, CS remained well capitalized until the end. But clients had lost confidence in the bank’s management. This led to a bank run and thus to the bank’s demise. The ongoing crisis of specialist and…

Kantonalbanken im Spannungsfeld von Political Governance und Corporate Governance

Like the other banks, the cantonal banks are facing the challenges of increasing regulation, digitalisation and the persistently low interest rate environment, and are exposed to the accompanying competitive and margin pressure. They have to virtually reinvent their business models and themselves in order to secure their positions as future-oriented financial service providers in their regions…

Regulierung von künstlicher Intelligenz für FinTech-Anwendungen

New methods of artificial intelligence represent one of the greatest promises and most prospective developments of digitalisation. Artificial intelligence has already enabled numerous innovative applications in the areas of image recognition, medicine, language and mobility, and it is also increasingly being used in the financial market, on which this article focuses. In addition to great…

Recent developments in Swiss competition law

1. In economic theory, transparency of information is usually seen as a positive condition, which contributes to effective competition. When one turns to competition law, however, it seems that…

Konzernverantwortungsinitiative: Was ändert sich bei einem JA?

The highly debated Swiss Responsible Business Initiative will be put to public vote in November 2020. If the electorate supports the position of the Initiative, a provision titled «Responsibility of Businesses» will be introduced into the Swiss Constitution. According to this provision companies seated in Switzerland would be required to respect internationally recognized human rights and…

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…

Recent developments in Swiss competition law

Over the past few months the Courts issued quite a significant number of judgments. Generally, they favoured a strict competition policy in dealing with substantive law issues. However, this was not done to the detriment of the protection of the parties’ procedural rights...

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 Finanzmarktrecht aus öffentlich-rechtlicher Sicht

Legitimate expectations play a major role in Swiss Administrative Law. The protection of legitimate expectations is a constitutional right and therefore, applies to all areas of Swiss Administrative Law. The Swiss Finan­cial Market Supervisory Authority (FINMA) may create such expectations by administrative acts, rulings and its various forms of communication. FINMA is conceivably bound to its…

Ist Art. 42a Abs. 4–6 FINMAG (Einschränkung des Kundenverfahrens im Rahmen der internationalen Finanzmarkt-Amtshilfe) verfassungskonform?

More or less unnoticed from the general Swiss population the Swiss legal provisions concerning international administrative assistance in stock market supervision underwent certain revisions that entered into effect on 1 January 2016. Particularly, in contrast to the old rules the Swiss financial markets supervisory authority FINMA now has the possibility, exceptionally, to transmit information…