Résultats de recherche pour Basisinformationsblatt

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…

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…

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…

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…

SPACs aus Schweizer Sicht

Special Purpose Acquisition Companies (SPACs) have been in use in the US for many decades and in their current form since roughly two decades with almost 1000 SPAC listings over these twenty years. A SPAC is a listed company that aims at acquiring or combining with an operating company to bring that company public (so called De-SPAC). For that purpose the founders and sponsors invest capital to…

Prospektrechtliche Gleichbehandlungspflicht bei Ausnahmen von der Prospektpflicht

In the absence of a duty to publish a prospectus, art. 39 of the Swiss Financial Services Act (FinSA) obliges offerors and issuers to treat investors equally when providing them with material information on a public offer of securities. This provision is applicable in cases in which securities are offered to the public or admitted to trading on a trading platform if the obligation to publish a…

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…

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…

Grenzüberschreitendes Angebot von Finanzdienstleistungen und -produkten? Die Eidgenossenschaft schlägt zurück

Until recently, Switzerland applied a strict territorial approach to regulating financial services with a handful of a notable exceptions. After facing protectionist movements from other…

Crowdinvesting mittels Initial Coin Offering – Regulierungsaufgaben im -Token-Universum

Initial coin offerings (ICOs) are a phenomenon with similar characteristics as the cryptocurrency boom. Projects that typically have no history of producing a product or revenue raise capital by issuing their own tokens to investors. Therefore, the Federal Council adopted in December 2018 a report on the legal framework for blockchain and distributed ledger technology (DLT) in the financial…

Das FIDLEG-Prospektrecht ante portas – Guter Anlegerschutz?

The new Financial Services Act (FinSA) will introduce Switzerland’s first comprehensive prospectus regime. While conceptually modeled after the European Union’s Prospectus Directive and its recent replacement, the Prospectus Regulation, the new Swiss prospectus regime employs traditional Swiss legislation techniques and, constructively, abstains from specifically regulating every detail. The…

Dienstleisterketten beim Erbringen von Finanzdienstleistungen: ­Aufsichtsrechtliche Erfassung durch das FIDLEG und vertragsrechtliche ­Haftung der Depotbank

On June 15, 2018 the Parliament passed the new Financial Services Act (FinSA) which presumably will enter into force by the beginning of 2020. The FinSA states new regulatory conduct rules that will apply to financial services providers vis-à-vis their clients. In cases where several financial services providers are involved in the provision of a financial service, the question arises of who has…

Compliance-Anforderungen für Schweizer Asset Manager alternativer ­Investmentfonds

The European Directive 2011/61/EU (AIFMD) was a reaction of the European legislator to the financial ­crisis of 2007/2008. The Directive aims to provide for a harmonized and stringent regulatory and supervisory framework for the activities within the EU of all Alternative Investment Fund Managers (AIFM). Due to its fund manager focused approach, AIFMD imposes authorization requirements and…

Bankgeschäfte nach der Krise: Safer, simpler, fairer?

Ten years after the global financial crisis, the Financial Stability Board reports that regulation has built a «safer, simpler and fairer financial system». While there are indeed notable improvements in the regulatory architecture, the question remains whether banking, as seen from a retail customer perspective, has become safer, simpler, and fairer. This article argues that, overall, retail…

Zum Anbieten kollektiver Kapitalanlagen unter dem FIDLEG – und ausgewählte Aspekte der dabei einzuhaltenden Verhaltenspflichten

The regulatory framework for the distribution of collective investment schemes (CIS) in (and from) Switzerland is currently set forth in one single act, the Collective Investment Schemes Act (CISA). The CISA sets out the product level requirements for CIS distributed in or from Switzerland, the requirements for persons distributing CIS, and the point of sale duties of such persons. As part of the…

Vertrauen im Finanzmarktrecht aus öffentlich-rechtlicher Sicht

Legitimate expectations play a major role in Swiss Administrative Law. The protection of legitimate expectations is a constitutional right and therefore, applies to all areas of Swiss Administrative Law. The Swiss Finan­cial Market Supervisory Authority (FINMA) may create such expectations by administrative acts, rulings and its various forms of communication. FINMA is conceivably bound to its…

Kundenvertrauen in Banken

Banking’s most important currency is customer trust. Two recent surveys show that customer trust is multifaceted and includes a foundational, an integrity-related, a practical and a strategic dimension. The strategic dimension is the most important, as it relates to the customers’ trust that the bank puts their needs and interests at the center of its activity. This contribution analyzes the…

Vertrauen im Kapitalmarkt

Trust is an essential element of a capital market. The market participants want to be confident that the other actors behave as expected. Financial market regulation supports the underlying expectations by ensuring transparency, prohibiting market abuses, stipulating various duties and imposing sanctions or liability in the event of breach. The objectives of most regulation, i.e., the protection…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2016 bis ins vierte Quartal 2017

Als Ausgangspunkt der Finanzkrise gilt gemeinhin der 9. August 2007, als die französische Bank BNP Paribas die Rücknahme von Anteilen an Investmentfonds aussetzte, die im US-Subprime Markt engagiert waren.¹ In der Folge profilierten sich die Notenbanken als unabdingbare Stützen des Finanzsystems.² Die Finanzkrise löste eine gigantische Regulierungswelle aus, die bis heute nicht gänzlich…

Crowdlending als bewilligungspflichtige Entgegennahme von ­Publikumseinlagen

Die A. AG (mittlerweile: A. AG in Liquidation; nachfolgend: A. AG) ist eine Aktiengesellschaft mit Sitz in A. Seit 2013 bietet die A. AG interessierten Kunden die Möglichkeit eines «Direktinvestments…

Financial Benchmarks: Bedeutung, Problematik und regulatorische Ansätze

Financial benchmarks have become important reference points in the global financial market guiding worldwide obligations in financial contracts in the amount of hundreds of billions of US-Dollars. Since July 2012, after the attempted manipulation of Libor became known, the issues of credibility and representativeness of such widely used financial benchmarks are in the spotlight of the global…