Suchergebnisse für sog. Europäischer Pass

Compliance-Anforderungen für Schweizer Asset Manager alternativer ­Investmentfonds

The European Directive 2011/61/EU (AIFMD) was a reaction of the European legislator to the financial ­crisis of 2007/2008. The Directive aims to provide for a harmonized and stringent regulatory and supervisory framework for the activities within the EU of all Alternative Investment Fund Managers (AIFM). Due to its fund manager focused approach, AIFMD imposes authorization requirements and…

Europareport

Zur Vereinheitlichung der Praxis der nationalen Gerichte in der EU bei der Bemessung von Schäden, die mittelbaren Kunden eines rechtswidrigen Kartells entstanden sein mögen, will die Europäische Kommission eine weitere Hilfestellung leisten. Derzeit veröffentlicht ist der Entwurf der EU-Kommission für «Leitlinien für die nationalen Gerichte zur Schätzung des Teils der auf den mittelbaren Abnehmer…

Sanktionen

Access to the EU Single Market has always been a key concern of Swiss financial market policy. However, in the aftermath of the crisis, the EU has considerably tightened its third country regime by requiring a demonstration of «equivalent regulatory and supervisory frameworks». Given that the EU has recently implemented tougher sanctions throughout its Single Rulebook, obtaining favorable …

Vertrauen – Begriffliche Grundlagen

In a philosophical tour d’horizon the abundance of con­ceptual foundations of trust is illuminated. Along with Charlie Chaplin and Vladimir Iljitsch Lenin, numerous other personalities have dealt with the term. In sociology, Niklas Luhmann described trust as a mechanism for reducing social complexity, as a function of faith without further review. In antiquity Aristotle’s trust was not only an…

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…

Europareport

Mit zwei Urteilen vom 15. Dezember 2016 hat das Gericht der Europäischen Union (nachfolgend: «Gericht» oder «EuG») die Anfechtungsklagen der Unternehmen Infineon Technologies AG (nachfolgend: «In­fineon») und Koninklijke Philips NV und Philips France (nachfolgend: «Philips») im Smartcard-­Chips-Kar­­tellfall abgewiesen (Rs. T-758/14 und Rs. T-762/14).

Finanzinnovationen und Risikotransfer auf Kapitalmärkten: Grundsätzliches und Aktuelles

Since centuries capital markets play a key role in the allocation of risk. They improve the possibilities for individuals as well as institutions to diversify or transfer part of their risks more efficiently. Over the years, many innovations – in terms of contracts, processes or institutions – have contributed to improve this process by widening the range of risks covered by financial contracts…

Financial Benchmarks: Bedeutung, Problematik und regulatorische Ansätze

Financial benchmarks have become important reference points in the global financial market guiding worldwide obligations in financial contracts in the amount of hundreds of billions of US-Dollars. Since July 2012, after the attempted manipulation of Libor became known, the issues of credibility and representativeness of such widely used financial benchmarks are in the spotlight of the global…

Europareport

Am 16. Juli 2015 hatte der Gerichtshof der Europäischen Union (nachfolgend auch: «EuGH») Gelegenheit, seine Rechtsprechung zum Spannungsverhältnis zwischen dem Patentrecht und dem Wettbewerbsrecht zu präzisieren. In dem zu entscheidenden Fall (Rs. C-170/13) ging es im Kern um die Frage, ob bzw. unter welchen Voraussetzungen die Erhebung einer Klage durch einen Inhaber eines…

OR 2020: Braucht die Schweiz ein neues Vertragsrecht? – Eine Einführung

In spring 2013, the draft for a new General Part of the Swiss Code of Obligations was published under the title “Schweizer Obligationenrecht 2020” (OR 2020; in French “Code des obligations suisse 2020” [CO 2020]). The OR 2020 draft contains model rules for a new General Part of the existing Swiss Code of Obligations in German, French, Italian and English, as well as explanatory notes on each…