Résultats de recherche pour öffentliche Aufträge

Klassiker der Banken-AGB: Vertragsänderungsvorbehalts- und Retrozessionsverzichtsklauseln

Zu diesem Beitrag Anlass gab ein Urteil des Handelsgerichts Zürich¹ («referierter Entscheid»), welches verschiedene höchstgerichtlich bis anhin nicht geklärte Fragen im Zusammenhang mit einseitigen Vertragsänderungsvorbehalten und dem Verzicht auf die Herausgabe von Retrozessionen erörtert. Interessant ist das Urteil insbesondere deshalb, weil es sich mit diesen Fragen hauptsächlich im Rahmen…

FIDLEG-Verhaltenspflichten: Umsetzungsfragen und Weiterentwicklung nach der initialen Umsetzungsphase

Since the transitional period of the Financial Services Act (FinSA) expired on 31 December 2021, financial service providers have gained more than two years of experience with the new, cross-sectoral regulation. In practice, as well as through the first audits that have now taken place, it has become clear that many fundamental (interpretation) questions relating to the conduct duties of the…

Schutz der Kundenvermögen durch Segregation

Swiss financial market law contains various provisions that serve to protect client assets by means of segregation. With regard to the custody of intermediated securities, a revision entered into force on 1 January 2023: Art. 11a of the Federal Act on Intermediated Securities (FISA) now stipulates an obligation for custodians to hold their own securities and those of their account holders in…

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 –…

Absage einzelner Traktanden einer GV oder einer GV insgesamt

Mit Schreiben vom 6. Mai 2020 lud der Verwaltungsrat (VR) der A AG (Beklagte, Beschwerdeführerin, nachfolgend: A AG) die Aktionäre zur ordentlichen Generalversammlung (GV) auf den 18. Juni 2020 ein…

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),…

Echtzeitbankenaufsicht – la panacée?

In recent years, the concept of data-based banking supervision has evolved to influence the dynamics between supervisors and supervised institutions. This de­ve­lopment, if accompanied by adequate implementation, undoubtedly improves the quality of banking supervision. However, data-based supervision does not automatically lead to real-time supervision. While it tends to reduce the time lag…

Decentralized Exchanges: Grundlagen, Risiken und ausgewählte aufsichtsrechtliche Aspekte

Decentralized exchanges (DEX) enable traders to interact directly and to exchange their digital assets – such as cryptocurrencies – on a peer-to-peer basis without needing to trust an intermediary or each other. This article first delves into the functioning of DEX with a focus on their price-finding mechanisms. Subsequently, it outlines the main risks of DEX and gives an overview of certain…

Editorial

Am 1. September 2022 fand die 14. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter der Leitung von Rolf Sethe und Christoph B. Bühler statt.

Die Governance von PostFinance – Zwischen Grundversorgungsauftrag, Systemrelevanz und Kreditverbot

This article deals with the governance of PostFinance, a financial institute held by the Swiss Post. PostFinance has on one hand a service obligation for basic payment transaction services. On the other hand, PostFinance is banned from the credit and mortgage business and has to operate on a restricted business model. On top, PostFinance is qualified as a systemically important financial…

Missmanagement im Bankensektor und die FINMA-Gewährsprüfung

This article addresses the following questions: Can the fitness and propriety audit of bank managers deliver what it promises? How could the fitness and propriety audit be improved within the framework of the existing legal basis or, if necessary, by means of new or adapted regulations? The tension between FINMA’s supervisory procedure on the one hand and criminal proceedings on the other hand…

Das Desorganisationsdelikt in Finanzdienstleistungsunternehmen

In 2003, a general criminal provision on corporate liability came into force in Switzerland. This regulates how to attribute certain felonies or misdemeanours committed by individuals to the company for which they work. This innovation was in line with a general trend in continental Europe, but was controversial in business circles and in criminal law doctrine. The legislative bodies therefore…

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…

Digitale Generalversammlungen und Verwaltungsratssitzungen

The 19 June 2020 revision of the provisions on the limited by shares company contains various facilitations for the use of technical means in the conduct of general meetings and board meetings. What are the concrete options available and what are the practical implications of these innovations? What do banks need to consider from a prudential perspective? After an overview of the digitization in…

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…

Angebot kollektiver Kapitalanlagen vs. Vertrieb unter altem Recht

The entry into force of the Financial Services Act (FinSA) on 1 January 2020 marked a fundamental reorganization of Swiss financial market supervisory law. The introduction of cross-sectoral rules governing the provision of financial services on a professional basis left its mark on the Collective Investment Schemes Act (CISA) and the Collective Investment Schemes Ordinance (CISO) in particular…

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…

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…

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…

Datenportabilität und ihre Umsetzung

The right to data portability will be introduced, as a first for Switzerland, with the revised Swiss Data Protection Act. Inspired by the GDPR but with a “Swiss finish”, data subjects may (if certain conditions are met) request the controller to transfer “their” personal data to them or another controller. However, a number of questions remain open, for example: Which type of data is subject to…

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.

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2019 bis ins vierte Quartal 2020

Die FINMA ist verpflichtet, sich an strategischen Zielen zu orientieren.¹ 2021 bricht die nächste dreijährige Strategieperiode an; der Bundesrat hat die Ziele im November 2020 genehmigt.² Aus den strategischen Zielen ergeben sich die Leitlinien für die operative Tätigkeit der FINMA. Erstmals finden sich in einem separaten Dokument zu den einzelnen strategischen Zielen «Schwerpunkte der Umsetzung…

Credit Scoring, AML Software & Risk Profiling: Automatisierte Entscheidungen im Rahmen von Finanzdienstleistungen

Techniques of automated decision making, including profiling are, no doubt, also of interest to financial service providers. This essay describes three such applications (credit scoring, transaction monitoring for AML purposes, risk profiling for investors) and discusses their possible compliance with the requirements under the EU’s General Data Protection Regulation, as well as the proposed new…

Die (neuen) Pflichten im Execution-only-Geschäft: Zusammenspiel von FIDLEG und OR

As a part of the new financial markets architecture, the Financial Services Act (FinSA) entered into force on 1 January 2020. It introduces unified rules for offering financial services and…