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Bail-in-Bonds

Following the financial crisis of 2007/08, the bail-in has established itself as the preferred resolution strategy for large banks throughout Switzerland and internationally. According to the concept, it is not the bank’s owners or the state that are to finance a resolution but the bank’s creditors. This is to be achieved by converting a certain type of debt called «bail-in-bonds» into equity…

Neuerungen in der Einlagensicherung

The partial revision of the Banking Act and thus an improved depositor protection came into force on 1^st January 2023. CHF 100 000 will remain protected if a bank goes bankrupt, and the financing of the system is strength­ened. Among other things, the new law brings changes for joint account holders. Parts of the revision came into force immediately. Transitional periods apply to others. CS…

Schutz der Kundenvermögen durch Segregation

Swiss financial market law contains various provisions that serve to protect client assets by means of segregation. With regard to the custody of intermediated securities, a revision entered into force on 1 January 2023: Art. 11a of the Federal Act on Intermediated Securities (FISA) now stipulates an obligation for custodians to hold their own securities and those of their account holders in…

Finanzmarktaufsicht zwischen Macht und Ohnmacht

FINMA has been under constant criticism since its inception; the disappearance of Credit Suisse has only added fuel to the fire. The case of FINMA’s attempted enforcement of a capital surcharge –…

Zur Genehmigungsfiktion in Banken-AGB – eine kritische Auseinandersetzung mit der bundesgerichtlichen Rechtsprechung

In practice, the fiction of consent has become a veritable all-purpose weapon of banks and other financial service providers. In disputes with their clients banks regularly argue that the client has…

Die Registrierungsvereinbarung – insbesondere bei tokenisierten Forderungsrechten

The registration agreement links a certain right to a token or other informational unit on a distributed ledger. In doing so, the issuer creates a ledger-based security, which is an instrument of public faith equivalent to a bearer or «ordre» security and features scriptural legality. The article examines the function and securities law context of the registration agreement, including…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2022 bis ins vierte Quartal 2023

Ob gross oder klein, vor den Marktkräften sind sie alle gleich! Auch die ganz Grossen – «global systemically important financial institutions» (G-SIFIs)¹ – können straucheln, mit viel Getöse,…

Schiedsklauseln in den Statuten von Schweizer Aktiengesellschaften und GmbH

The Swiss legislator clarified that the articles of associations of Swiss companies limited by shares and limited liability companies may include arbitration clauses. This note first discusses issues such as arbitrability, validity and scope of statutory arbitration clauses, i.e., issues arising in the context of arbitration clauses and arbitration agreements alike. It then discusses an issue…

Informationskonzept im neuen Aktienrecht

The information asymmetry between shareholders and managers calls for the implementation of an efficient information concept within stock corporations. In the course of the Swiss Stock Corporation Reform of 2020, the former information concept was partially revised. This article takes a critical look at the revised provisions and puts them in context.

Die Praxis des Jahres 2022 im Übernahmerecht

Dieser Beitrag bespricht die Praxis der Übernahmekommission (UEK) des Jahres 2022. Die UEK erliess dabei im Rahmen von 16 Verfahren¹ insgesamt 21 Verfügungen.

Personalvorsorge im Kontext von M&A-Transaktionen

In the context of M&A transactions or restructurings, effects on occupational benefits are not always considered in time. This article examines questions that arise in this context, in particular regarding the change of the employee benefit institution and the possible takeover of an affiliation contract. With a view to the practice of the Federal Supreme Court and the Federal Administrative…

Berücksichtigung von ESG-Präferenzen im Finanzdienstleistungs­geschäft

On 1 January 2023, the Swiss Bankers Association’s «Guidelines for the financial service providers on the integration of ESG-preferences and ESG-risks into investment advice and portfolio management» entered into force. This marks the first binding Swiss (self-)regulation on Sustainable Finance at the point of sale. One of the key amendments includes the financial service providers’ duty to…

Das Supervisory Privilege für Akten aus dem Aufsichtsverhältnis

The Swiss Supervisory Privilege, which was added to FINMASA in 2016, is a new legal institution. It empowers FINMA to protect documents from the supervisory relationship between a supervised entity and itself by prohibiting their disclosure to third-party authorities and other third parties without FINMA’s consent if there are grounds for doing so that are particularly worthy of protection…

Darf die Nationalbank kryptobasierte Sichtguthaben (wCBDC) ausgeben?

This article examines whether the current monetary law provisions permit the issuance of wholesale central bank digital currency (wCBDC) by the Swiss National Bank. After interpreting the relevant competence provisions, the question can in principle be answered in the affirmative, since wCBDC is not a new, third type of central bank money (in addition to banknotes and traditional sight deposits),…

Schadensberechnung beim Unternehmenskauf

2010 entschied sich die A AG (Klägerin, Beschwerdeführerin, nachfolgend: Käuferin), vertreten durch ihr Verwaltungsratsmitglied E (nachfolgend: VR-Mitglied), die Aktien der F SA (nachfolgend:…

Sicherung von strukturierten Produkten nach Art. 70 Abs. 2 FIDLEG

The Financial Services Act (FinSA) is a cross-sectoral regulation but still contains certain historically grown sector-specific provisions. Pursuant to Art. 70 FinSA, offers of structured products to private clients must fulfill regulatory requirements regarding issuer, offeror and collateralization. Particularly, the collateralization of structured products issued by SPVs pursuant to Art. 70 para…

Missmanagement im Bankensektor und die FINMA-Gewährsprüfung

This article addresses the following questions: Can the fitness and propriety audit of bank managers deliver what it promises? How could the fitness and propriety audit be improved within the framework of the existing legal basis or, if necessary, by means of new or adapted regulations? The tension between FINMA’s supervisory procedure on the one hand and criminal proceedings on the other hand…

Klimawandel

Climate litigation against companies has increased significantly in the past couple of years, not only in the United States, but also in Europe. At the same time, regulation with respect to climate change is developing rapidly, such that it may be difficult for companies to identify which laws apply to them and how they should address the legal risks relating to climate change and climate…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2021 bis ins vierte Quartal 2022

Ohne Vertrauen keine funktionsfähige Gemeinschaft! Was für Staat und Gesellschaft gilt, gilt auch für Unternehmen und deren Mitarbeitende auf allen Stufen. Das unternehmensinterne Kontrollumfeld trägt diesem Umstand Rechnung, was sich in einer angemessenen Breite und Tiefe der Kontrollen ausdrücken muss, ohne die Mitarbeitenden auf Schritt und Tritt zu überwachen. Die Enttäuschung von…

Neues Aktienrecht als Inspiration für den Gläubigerschutz bei Umstrukturierungen

What is the adequate level of creditor protection in corporate restructurings? The present article sheds a critical light on the current creditor protection provisions in the Swiss Merger Act and proposes, inspired by provisions of the new Swiss Stock Corporation Act, a partial reform of the Swiss Merger Act.

Insichgeschäfte von Mitgliedern des Verwaltungsrates

Die börsenkotierte Z. AG (Beschwerdegegnerin) hält in ihren Statuten fest, dass der Verwaltungsrat aus drei oder mehr Mitgliedern besteht. Dieser kann die Geschäftsführung nach Massgabe des…

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…

Die Praxis des Jahres 2021 im Übernahmerecht

Dieser Beitrag bespricht die Praxis der Übernahmekommission (UEK) des Jahres 2021. Die UEK erliess dabei im Rahmen von 14 Verfahren insgesamt 16 Ver­fügungen.

Le droit des sociétés 2021/2022 / Das Gesellschaftsrecht 2021/2022

Cette année, le Tribunal fédéral a eu l’occasion de se prononcer sur des questions dont on peut s’étonner qu’elles se posent pour la première fois à lui, compte tenu des discussions qu’elles ont…

Le droit bancaire privé suisse 2021 / Das schweizerische Bankprivatrecht 2021

Au moment où nous écrivons ces lignes, la Russie envahit l’Ukraine. L’Union européenne et les États-Unis ont adopté de nouvelles sanctions contre plusieurs centaines de personnalités liées au régime…