Droit des affaires divers

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…

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),…

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 Vergangenheit: Die rechtskräftige Beurteilung der privatrechtlichen Nachwehen von Finanzskandalen, Krisen und geopolitischen Turbulenzen lassen meist viele Jahre auf sich warten. Weit zurück liegt etwa der…

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: Zielgesellschaft) von D (nachfolgend: Verkäufer) zu kaufen.¹

Note from the editors

This edition concludes the tenure of Professor Jean-Luc Chenaux on the editorial board of the Swiss Review of Business and Financial Market Law. Jean-Luc was on the board for twelve years. In the past two years, he has also assumed the co-chairman­ship, helping to fill the gap when former chairman Hans-Caspar von der Crone took his well-deserved leave after several decades of service. Jean-Luc is…

Editorial

The present issue of the Swiss Review of Business and Financial Market Law marks the end of a fateful year for Switzerland in general and the Swiss financial center in particular. The demise of Credit Suisse has rekindled the debate among politicians, the media and the general public regarding the effectiveness of FINMA’s supervision. Drawing from the various crises since 2007/2008, David Wyss d…

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 – from 2016 until today! –, which is well documented by court rulings, drastically highlights the difficulties of delivering effective supervision in individual cases in accordance with the mandate. …

Floating Charge as Security in Debt Finance Transactions

The granting of security by the way of a floating charge is a common law concept which allows the entirety of a company’s assets to be used as collateral. Borrowers and lenders profit from this highly flexible means of providing a comprehensive security interest in debt finance transactions. This article examines whether the concept of floating charge is recognized under Swiss law or not. For…

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 long since tacitly consented to any breach of duty on the part of the bank. The Swiss Federal Supreme Court has so far been very reluctant to set limits on this argument. This article takes a critical…

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…