Résultats de recherche pour légitimation

Aktien als individualisierte Rechte und die dadurch in der Trias Mitgliedschaft –Wertpapier/Wertrecht –Bucheffekte verursachten Probleme

Shares (Aktien) in the sense of memberships (Mitgliedschaften) in corporations are in principle individualized, non-fungible rights. They come into existence as non-certified shares (unverbriefte Aktien). In order to make them more negotiable such non-certified rights are often wrapped into a cover (Hülle). By this wrapping process (Umhüllung) the non-certified shares are transformed into…

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…

Prüfungsrecht und -pflicht der AG in Bezug auf das Aktieneigentum ihrer Aktionäre, v.a. auch im Zusammenhang mit den neuen Vorschriften des Global Forum-Gesetzes

In the recent past the ownership (title) due diligence in share deals, i.e. the due diligence regarding the seller’s unencumbered ownership in the sold shares, became more and more important in practice, as experience shows that in a high percentage of cases there are se­rious issues in this respect. This leads to the question on the scope of the examination rights and examination obligations of…

Les clauses statutaires relatives au transfert des actions de la société anonyme

This article deals with the admissibility of statutory acquisition clauses with regard to the right of the free transmissibility of shares (Art. 685 ss of the Swiss Code of Obligations, CO) and the prohibition of additional obligations at shareholders’s cost (Art. 680 CO). In order to resolve this issue, a distinction must be made between statutory acquisition clauses relating to the shares of…

«Exit» aus der Nachlassstundung nach erfolgreicher Sanierung – ­Erste Erkenntnisse zum neuen Art. 296a SchKG

Under Swiss insolvency laws, companies in financial distress aiming at a restructuring rather than a winding-up can opt for a debt-restructuring moratorium (Nachlassstundung) as an alternative to bankruptcy proceedings. While composition proceedings are significantly less frequent in practice than formal bankruptcy proceedings, they are often used by major companies with numerous employees and a…

Verwendung von Software aus dem Bereich der künstlichen Intelligenz bei der Due Diligence im M&A- und Kapitalmarktbereich

This article is a first review of how artificial intelligence could be used in M&A and capital markets due dili­gence. Today available products have similar fields of application and functionality. They are mainly used in contract review. Their core function is to help to identify clauses of a certain type and to provide first summaries of contracts. They all have the ability to learn and thereby…

Business Judgment Rule und Rechtsrisiken

Legal risks are currently the most dangerous threat for global corporations. This article analyses the question whether the Swiss Business Judgment Rule (BJR) may also provide a “safe harbour” for decisions based on legal uncertainties. This may look surprising, since corporations are bound to comply with the legal environment in which they are operating, therefore illegal behaviour should not be…

Les sanctions en matière d’obligation d’annonce des actionnaires (art. 697m CO)

The Federal Act of 12 December 2014 on the implementation of the revised recommendations 2012 of the ­Financial Action Task Force introduced in the Code of Obligations new provisions on transparency in force since 1^st of July 2015. Since that date, holders or ­purchasers of bearer shares and the beneficial owner of shares are bound by an obligation to report to the ­company (articles 697i and …

Zusicherungen und Garantien zugunsten von Investoren im Rahmen einer Finanzierungsrunde

Before committing to provide additional funds to a target company, investors will typically seek to secure their investment with appropriate representations and warranties. In order to do so, the investors may rely on various stakeholders and, among other options, request that appropriate representations and warranties be provided by the target company itself. This article addresses the statutory…

Proxy Advisors: Risikolose Stimmenmacht mit Checklisten

Over the last ten years Proxy Advisors have continually enhanced their role as major players in shareholders’ meetings of Swiss public companies. In correlation with the ever increasing percentage of listed shares owned by Institutional Shareholders – 50%–70% and more in typical cases –, a power transfer is developing to advisors wielding factual voting clout without bearing investment risk.