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Droit de la société anonyme

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…

Editorial

Le monde évolue plus vite que le droit. L’entrée en vigueur de la « grande » réforme du droit des sociétés aurait pu laisser penser qu’une législation plus en phase avec son temps permettrait de stabiliser la pratique, et augmenterait sa prévisibilité. L’actualité montre cependant que tel n’est pas le cas. Pandémie, guerre, mouvements sociaux, évolutions technologiques  : les circonstances…
Dr. iur. Jacques Iffland, Prof. Dr. Urs Bertschinger
SZW-RSDA 3/2023 | p. 271

Actions de loyauté : une fausse bonne idée

Over its summer session 2018, the Swiss National Council adopted the possibility for companies limited by shares (sociétés anonymes/Aktiengesellschaften) to include in their articles of association certain financial privileges to the benefit of shareholders registered for at least two consecutive years in the share register (loyalty shares). This article presents the legislative work in progress…
Prof. Isabelle Chabloz LL.M., Alexandra Vraca MLaw
SZW-RSDA 3/2023 | p. 286

Sanierungsausnahme und selektives Opting out/up – ein Vergleich

If a listed company is in financial difficulties and has found a potential restructurer who wishes to acquire a larger shareholding but does not wish to be under an obligation to make an offer to acquire all listed equity securities of the company, under the Swiss takeover law two alternatives stand in the foreground: applying for an exemption from the obligation to make an offer for…

Identification des actionnaires, restrictions de transfert et « white listings »

Identification of shareholders is a topic that is governed by various layers of rules under Swiss law, which were adopted at different times to serve different purposes. Most of these rules were adopted at a time when the structure of capital markets was very different from what it is today, and before the digitalization of securities became a topic. Also, growing focus on the fight against money…
Dr. iur. Jacques Iffland, lic. iur. Vincent Huynh Dac M.A. HSG
SZW-RSDA 3/2023 | p. 335

Alea iacta est: keine erleichterte Fusion bei indirekten Beteiligungsverhältnissen

Alleinaktionär der A AG (Beschwerdeführerin, nachfolgend: übernehmende Gesellschaft) ist B. Die Gesellschafter der C GmbH (nachfolgend: übertragende Gesellschaft) sind B (60% des Stammkapitals) und die D GmbH (40% des Stammkapitals). Die Stamm­anteile der D GmbH (nachfolgend: Zwischengesellschaft) werden zu 91% von B gehalten; 9% hält die Zwischengesellschaft selbst (eigene Stammanteile).
Dr. iur. Markus Vischer LL.M., Dr. iur. Dario Galli LL.M.
SZW-RSDA 3/2023 | p. 369

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.
PD Dr. iur. Damian A. Fischer LL.M.
SZW-RSDA 5/2023 | p. 528

Neuausrichtung des «Swiss Code of Best Practice for Corporate Governance» auf den Wandel der Zeit

The «Swiss Code of Best Practice for Corporate Governance», which was first published in 2002 and has since been revised several times, has become the most important guideline for good corporate governance in Switzerland and is widely accepted because it shows practical solutions based on expertise and experience. It compensates for its non-binding nature and lack of legal legitimacy, so to speak…

Konzernorganisationsrecht heute

The Swiss law of groups of companies is characterized by a scarcity of statutory rules, judicial pragmatism, and a flexible application of the rules by companies. Unusually, the density of statutory rules in this domain has decreased in recent years. In this article, the author summarizes the current status of the organizational law of groups of companies and takes a closer look at selected…
Prof. Dr. iur. Daniel M. Häusermann LL.M.
SZW-RSDA 5/2023 | p. 559