Suchergebnisse für transaction

Financial Benchmarks – Bedeutung und internationale ­Regulierungsbestrebungen

The manipulation scandals surrounding the key interest rate LIBOR and benchmarks used in foreign exchange trading have rendered financial benchmarks a regulatory phenomenon. While they all serve a similar purpose, i.e. to provide a reference in a wide range of financial transactions, financial benchmarks vary significantly in their importance, data basis, underlying market and determination…

L’affaire Sika : un exemple en faveur d’une approche économique des transferts d’actions soumis à l’agrément de la société

The ongoing litigation between the Swiss company Sika SA and the owners of its Swiss shareholder ­Schenker-Winkler Holding SA over the sale of the shares of the latter to the French group Compagnie de Saint-Gobain, a competitor of Sika SA, has attracted consi­d­erable media and public attention. When completed, this sale will give Compag­nie de Saint-Gobain the effective control over Sika SA…

Montesquieu en droit des sociétés anonymes : le principe de la parité constitue-t-il une distribution des pouvoirs bénéfiques ou plutôt un lit de Procuste ?

The current system of distribution of powers is governed by the “parity principle”, which provides that a defined number of powers are vested exclusively with the board of directors. The board is responsible for the accomplishment of these “inalienable” powers, the shareholders may not give any instructions or guidance to the board in this respect. The principle suffers only very few exceptions…

Die Modernisierung des schweizerischen Abtretungsrechts –Bemerkungen zum Zessionsrecht im OR 2020

The draft for a new General Part of the Swiss Code of Obligations presented by law professors in 2013 includes interesting proposals for a revision of the Swiss assignment law. Following a number of international and foreign precedents, the draft suggests to restrict the effects of contractual no-assignment clauses to the relationship between the debtor and the creditor/assignor, a reform which…

Europareport

Mit einem am 23. April 2015 veröffentlichten Urteil hat der Gerichtshof der Europäischen Union (nachfolgend auch: «EuGH») die Rechtsmittel der LG Display Co. Ltd und der LG Display Taiwan Co. Ltd (nachfolgend zusammen: «LG Display»), mit der eine – weitere – Herabsetzung der gegen LG Display im LCD-Kartellfall verhängten Geldbusse erreicht werden sollte, zurückgewiesen (Rs. C-227/14 P).

Das schweizerische Bankprivatrecht 2014–2015/Le droit bancaire privé suisse 2014–2015

Während sich auf der politischen Bühne langsam eine gewisse Entspannung rund um die unversteuerten Gelder auf Schweizer Bankkonten abzeichnet, ist die Rechtsprechung der vergangenen Berichtsperiode…

The Evolution of Corporate Social Responsibility

Is Corporate Social Responsibility (CSR) a matter of law? Despite the fact that the role of national states is being increasingly impinged upon by the process of globalization, the prevailing notion of law today continues to be based on the maintenance of the stability of the existing national structures. The function of law is still seen as consisting primarily in shielding expectations from the…

Publicité des participations et principe de légalité – Mythe ou réalité ?

Instances in which non-compliance with financial regu­lations can give rise to a criminal liability are on the rise. This creates a tension between the need for flex­i­bility in the implementation of financial laws and the requirement that behaviours that may give rise to a criminal conviction be clearly defined by law. The rules on disclosure of shareholdings in listed companies are an example…

Développements du droit suisse des OPA

This survey of Swiss takeover law focuses on some of the most interesting recent transactions, which are discussed under three aspects : material and territorial scope of the law ; companies which have opted out of mandatory offer for shareholders who pass the 33⅓ % threshold ; and share buy back programs. We also discuss the controversial issue whether a bidder may subject its offer to a…

La législation britannique contre la corruption : application du Bribery Act aux personnes suisses

The UK Bribery Act is an ambitious legislative initiative and the centerpiece of the British legal framework against corruption. In addition to the classic criminal offences (active and passive bribery, corruption in the public and in the private sector), the Bribery Act introduces a remarkable form of criminal liability for legal persons. The new corporate offence and the extraterritorial reach…