Suchergebnisse für vertragliche Haftung

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…

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…

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…

Haftung einer Bank für Geldwäscherei durch Unterlassungen von Angestellten

Der unabhängige Vermögensverwalter X. unterhielt zwei Konten bei der Bank A. SA, die gemäss seinen Angaben für Kommissionen aus seiner Berufstätigkeit und nicht für Kundengelder bestimmt waren…

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…

Das Gesellschaftsrecht 2022/2023 | Le droit des sociétés 2022/2023

Im berücksichtigten Zeitraum vom 1. April 2022 bis zum 31. März 2023 wurden wenige Urteile gefällt und nur ein Bruchteil davon wurden veröffentlicht bzw. zur Veröffentlichung vorgesehen. Trotzdem…

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…

La banque et le créancier prêteur face à l’insolvabilité de l’emprunteur : moyens préventifs et curatifs

In a contractual relationship, a bank, or more generally a lender, on the one hand, and a borrower on the other, harmoniously blend, as long as the borrower complies with the repayments’ obligations arising from the loan agreement. However, in such an agreement, risk lies primarily on the lender. Indeed, as soon as the money has been made available, the lender takes the default’s risk. This…

Das schweizerische Bankprivatrecht 2022 | Le droit bancaire privé suisse 2022

Die Rechtsprechung zum privaten Bankrecht skizziert jeweils die neusten Entwicklungen in der richterlichen Rechtsfortbildung. Tatsächlich führen uns viele Entscheide aber auf eine Reise in die…

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:…

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.

Wissen, Nichtwissen und Wissenmüssen von natürlichen und juristischen Personen

Many statutory or contractual provisions’ legal con­sequences depend on whether the addressee knew or should have known a fact. Thus, the question of what natural or legal persons know is of paramount im­por­tance. This paper defines the three key terms “knowledge”, “lack of knowledge”, and “knowledge that one should have had”. Also, it examines under which conditions a third party’s knowledge…

Auskunfts- und Einsichtsrecht des Aktionärs – Durchzogene Bilanz der Aktienrechtsrevision

The revision of the Swiss Code of Obligations (CO) concerning the joint stock corporation – which will come into force on 1 January 2023 – substantially alters the shareholders’ rights to ask for information about the affairs of the company and to inspect its ledgers and files. Compared to the present legal situation, which only entitles a shareholder to obtain information during the course of a…

Geschäftsherrenhaftung im Konzernverhältnis?

On November 29, 2020, the Corporate Responsibil­ity-Initiative failed in the referendum by a majority of the cantons. The debate on the Corporate Responsibility Initiative and the indirect counter-proposal of the Swiss Parliament focused on the question of the extent to which Swiss companies should be held liable for the activities of the companies they control in the area of human rights and…

Tokenisierung von Aktien unter dem neuen DLT-Gesetz (insb. Art. 973d ff. OR) und CMTA Standard

With the entry into force of the Swiss Federal Act on the Adaptation of the Federal Legislation to Developments in Electronic Distributed Ledger Technology (DLT Act) in 2021, various uncertainties relating to the tokenization of financial instruments have been clarified. In particular, the legal framework of such tokenization, understood as the association between digital tokens and certain…

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…

Vergütung der Rechenschaft über Retrozessionen

Based on Art. 400 para. 1 of the Swiss Code of Obligations, financial service providers must inform their clients if they receive payments or other benefits from third parties in connection with their client-related services (so-called inducements, kickbacks, or retrocessions). This article analyzes to what extent and under which conditions financial service providers can charge additional fees…

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…

Kooperationsformen zwischen Banken und Drittanbietern aus vertrags- und datenschutzrechtlicher Perspektive

Open Banking or Open Finance essentially means the exchange of financial data between different financial service providers including third party providers at the request of the customer. From a civil liability and data protection perspective this paper examines the legal relationships between banks, third party providers, platforms and customers on the basis of four possible «model forms of…

EU-Product-Governance – Ein Vorbild für die Schweiz?

In 2020 the Financial Services Act (FinSA) entered into force. The provisions on rules of conduct and organizational duties are more or less based on the provisions of MiFID II. However, the regulatory complex on product governance has not been adopted by the Swiss legislator. This article examines whether this decision was convincing. As a result, it turns out to be wise, because the EU-product…

Der Limited Qualified Investor Fund (L-QIF) – Ein neuer Stern am Schweizer Fondshimmel?

The Swiss Federal Council (Bundesrat) recently submitted a bill to Parliament to amend the Collective Investment Schemes Act in order to introduce a new Swiss fund category – the Limited Qualified Investment Fund (L-QIF). Inspired by Luxembourg’s Reserved Alternative Investment Fund (RAIF), the L-QIF, other than the existing Swiss fund products, shall be exempt from FINMA approval and supervision…

DLT-basierte Finanzprodukte

DLT-based financial products are digitally created assets that can be transferred and stored on a Distributed Ledger Technology (DLT) infrastructure. Internationally, such digitally stored «tokens» are mostly referred to as «crypto assets»; however, there is still a lack of recognized, clear and internationally uniform definitions. Parallel to the spread of crypto assets being treated according…

Grüne Finanzprodukte

For environmentally sustainable financial products to be recognized by market participants, sufficient information about their environmental risks and impacts must be available. However, without regulatory measures, there are insufficient incentives for product providers to disclose the relevant information. The market is unable to correct these information deficits itself. The regulatory vacuum…

Nichtfinanzielle Berichterstattung nach dem Gegenvorschlag zur Konzernverantwortungsinitiative und ihre Bedeutung für den Finanzsektor

The financial market and its players play a key role in the pursuit of a sustainable economic system. If capital flows are specifically directed toward sustainable products and services, financial market participants can make a significant contribution to a resource-efficient economy. A key prerequisite for the regulatory control of the achievement of sustainability goals is the reporting of…

Informationspflichten bei der Kapitalanlage – von einzelfallbezogenen und von allgemein gehaltenen Informationen

When it comes to information obligations of financial service providers, the distinction between case-by-case information and generic information is of fundamental importance. While generic information obligations are typically fulfilled by publishing a brochure online and therefore hardly bring any benefit for investors, case-by-case information obligations usually lead to an improved…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2020 bis ins vierte Quartal 2021

Nachhaltige Finanzanlagen erfreuen sich stark steigender Nachfrage.¹ Wo viel Business ist, ist der Missbrauch oftmals nicht weit. Angesichts der derzeitigen hohen Intransparenz, ob und inwiefern einzelne Finanzanlagen gewisse Nachhaltigkeitskriterien erfüllen, hat der Finanzminister schon öffentlich gewarnt: «Die Gefahr von Greenwashing ist gross.»² Dementsprechend besteht seitens der…

Statutarische Gerichtsstandsklauseln

Jurisdiction clauses are ubiquitous in commercial contracts. They are less common in the articles of association of Swiss corporations. However, our analysis shows that jurisdiction clauses are a helpful and effective in­strument for Swiss corporations, especially in an international context. The effects are especially pronounced under the Lugano Convention, because according to case law of the…

Grenzen der Mitwirkungspflicht von Banken im Verfahren der internationalen Steueramtshilfe

The appetite of foreign authorities for tax data is steadily growing. The requests for administrative assistance related to bank clients are no longer limited to the usual account documents. Rather, a trend became apparent that the requesting states require the banks to specially process such data. Against this background, it is important to determine the limits of duty of banks and other…

Aufklärungspflicht, Freizeichnungsklausel und absichtliche Täuschung beim Kaufvertrag

Die kunstinteressierte A. erwarb am 8. Dezember 2014 im Nachverkauf zu einer Auktion beim schweizerischen Auktionshaus C. AG eine blaue Schwamm­skulptur («Eponge bleue») auf Metallständer und…

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…

Zivilrechtliche Aspekte von Geschäftsabwicklungen auf DLT-Handelsplattformen

Following FINMA’s definition of the framework conditions for the creation of digital assets (tokens) under financial market law, the DLT Act of September 2020 has now also clarified legal issues relating to the transfer of and trading in such assets. Thanks to the newly created normative order, business transactions on DLT trading platforms can be conducted in a largely legally secure manner…

Möglichkeiten zur rechtsgeschäftlichen Begründung von Sicherungsrechten an Kryptowährungen als unkörperliche Gegenstände sui generis unter geltendem Recht

Cryptocurrencies and related financial instruments have become very popular. In addition to the purchase of real cryptocurrencies, several exchange traded products are offered on SIX and other exchanges that track the change in value of the underlying cryptocurrencies. Such adoption in the financial market and, in particular, the obligation to provide legally enforceable collateral in favor of…

Digitale Inhalte und Dienstleistungen

The legal classification of access to digital content and services can have a significant impact on the rights and obligations of the parties. While customers regularly assume a comprehensive right of use and disposal, providers want to retain control over assigned digital copies of goods by means of technical precautions and contractual mechanisms. Based on an analysis of the legal foundations…

Solidarische Haftung einer Bank für Menschenrechtsverletzungen im Sudan

On 16 February 2021, a New York court held that under Art. 50(1) of the Swiss Code of Obligations, a bank may become jointly and severally liable for human rights violations committed by a foreign…

Die Auswirkungen des Covid-19-Solidarbürgschaftsgesetzes auf das Aktienrecht

In spring 2020, the Swiss Federal Council launched, among other things, the Covid-19 credit programme in response to the Covid-19 pandemic. About 20% of all Swiss corporations have subsequently taken out a Covid-19 loan. Initially, the Covid-19 Joint and Several Surety Ordinance («Covid-19-Solidarbürgschaftsverordnung») served as the legal basis of the credit programme. Later the ordinance was…

Kapitalerhöhung, Kapitalherabsetzung, insb. innerhalb des Kapitalbands, und der Erwerb und die Veräusserung eigener Aktien

The corporate law reform was passed by the Swiss Parliament on 19 June 2020. It will most probably enter into force in 2023. Its most innovative feature, the capital band, raises a lot of interesting legal issues, inter alia regarding its relationship with the provisions on the acquisition and disposal of own shares. The following article analyses this relationship and the relationship of capital…

Les effets des nouvelles règles sur la prescription en droit bancaire et financier

The partial reform of limitation rules in the Code of obligations, effective since 2020, has limited impact on the banking and financial sector. Yet specific matters call for renewed attention. We analyse the consequences of the new 3-year and 10-year limitation rule for claims based on torts and unjust enrichment, specifically in connection with defective transfers of funds, intermediated…

Retro-Strafbarkeit nach Art. 158 StGB: Questions and (some) Answers

In 2018, the Swiss Supreme Court issued a landmark decision on payments from third parties in financial services (so-called inducements, kickbacks, or retrocessions). In essence, it held that the acceptance of inducements by asset managers and their concealment vis-a-vis the clients are a criminal offense. This article discusses the ramifications of the Supreme Court decision and explores some of…

Das schweizerische Bankprivatrecht 2020 | Le droit bancaire privé suisse 2020

Das Jahr 2020 war in vielerlei Hinsicht aussergewöhnlich. Demgegenüber bewegen sich die Entscheide zum privaten Bankrecht, die in diesem Jahr gefällt wurden, zu einem Grossteil im Rahmen des…

Schutz von Bankmitarbeiterdaten in Amtshilfeverfahren

In a landmark decision at the end of 2017, the Federal Supreme Court stated that in administrative assistance documents the names of bank employees must always be redacted. In July 2020, it took two further landmark decisions on the legal position of bank employees and other third parties in administrative assistance proceedings. Firstly, it concluded that, in general, an intended data transfer…

Angemessenheits- und Eignungsprüfung nach FIDLEG

On 1 January 2020 the Financial Services Act (FinSA) entered into force. Depending on the service offered the new supervisory law obliges investment advisors and portfolio managers to conduct an appropriateness test or a suitability test. This article evaluates the new regime and compares it with the relevant contractual duties and the provisions of the European supervisory law.

«Open Banking» in der Schweiz – Herausforderungen an den Schnittstellen von Finanzmarkt-, Datenschutz- und Kartellrecht

«Open Banking» challenges traditional financial institutions in Switzerland and around the world. It poses strategic as well as legal compliance challenges. The present study delimits the (sometimes synonymously used) terms «Open Banking» and «API Banking» to the effect that Open Banking presupposes an access to the banking account (XS2A) on the basis of non-discriminatory criteria. It thus…

CSR-Berichterstattung Ante Portas: Indirekter Gegenvorschlag zur Konzernverantwortungsinitiative

In a popular vote held in November 2020, the controversially debated «Swiss Responsible Business Initiative» was rejected. As a matter of constitutional procedure, the Parliament’s Counterproposal from 2019 will now automatically come into force. Unlike the Initiative, the Counterproposal refrains from introducing a foreign direct liability of Swiss businesses for infringing human rights or…

Editorial

Die Bedeutung von Digitalisierung und Big Data steigt rasant und verandert Wirtschaft und Gesellschaft in hohem Masse. Davon bleibt auch das Recht nicht unbeeinflusst. Das eroffnet nicht nur neue…

Digitalisierung des Aktienrechts – Die Ausgabe von Aktien als Registerwertrechte

Increasing digitisation is changing the society and economy, and therefore also affects the law regulating stock corporations. Wherever possible, physical processes are replaced by digital ones. With the emerging of distributed ledger technology (hereinafter DLT), a tendency towards dematerialization can be observed. DLT, or the technology of distributed electronic registers, is the technology of…

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…