Résultats de recherche pour Bedingte Kapitalerhöhung

Das Kapitalband

The revision of the Swiss law on companies limited by shares, which came into force on January 1, 2023, introduced the capital band («Kapitalband»). This new legal institution leads to more flexibility for the companies with regard to equity financing by giving the shareholders the possibility to authorize the board of directors to increase and decrease the share capital without a prior…

Die Praxis des Jahres 2022 im Übernahmerecht

Dieser Beitrag bespricht die Praxis der Übernahmekommission (UEK) des Jahres 2022. Die UEK erliess dabei im Rahmen von 16 Verfahren¹ insgesamt 21 Verfügungen.

Aktienrechtsrevision und Handelsregister

The biggest change in registration is probably the move away from registration as an anti-proxy transaction by introducing various proxy options. With the revision of stock corporation law, the documentary evidence principle was retained in principle. Pursuant to Art. 937 of the Swiss Code of Obligations, the Commercial Registry Office must verify, both at the time of incorporation and in the…

Neues Aktienrecht als Inspiration für den Gläubigerschutz bei Umstrukturierungen

What is the adequate level of creditor protection in corporate restructurings? The present article sheds a critical light on the current creditor protection provisions in the Swiss Merger Act and proposes, inspired by provisions of the new Swiss Stock Corporation Act, a partial reform of the Swiss Merger Act.

Die Praxis des Jahres 2021 im Übernahmerecht

Dieser Beitrag bespricht die Praxis der Übernahmekommission (UEK) des Jahres 2021. Die UEK erliess dabei im Rahmen von 14 Verfahren insgesamt 16 Ver­fügungen.

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…

Relationship Agreements zwischen Vertragsfreiheit und zwingendem Aktienrecht

Relationship agreements between listed companies and large shareholders have gained in popularity over the past years. Relationship agreements cover such topics as the shareholder’s representation on the board of directors, voting at shareholder meetings, the shareholder’s right to receive information from the company, and exit provisions (e.g., lock-up and standstill undertakings). From the…

Die Praxis des Jahres 2020 im Übernahmerecht

Dieser Beitrag bespricht die Praxis der Übernahmekommission (UEK) des Jahres 2020. Die UEK erliess im Rahmen von 8 Verfahren insgesamt 10 Verfügungen.

Lediglich «Punktuelle Anpassungen und Präzisierungen der Bestimmungen zum bedingten Kapital»? Bedingt zutreffend!

The Swiss corporate law reform has made capital structure alterations more flexible. This also applies, with some exceptions, to the form of capital authorization for the board of directors to issue equity linked finance instruments: conditional capital. Neither the raison d’être nor the fundamental principles of conditional capital have been disputed in the corporate law reform. Nevertheless,…

Kapitalerhöhung, Kapitalherabsetzung, insb. innerhalb des Kapitalbands, und der Erwerb und die Veräusserung eigener Aktien

The corporate law reform was passed by the Swiss Parliament on 19 June 2020. It will most probably enter into force in 2023. Its most innovative feature, the capital band, raises a lot of interesting legal issues, inter alia regarding its relationship with the provisions on the acquisition and disposal of own shares. The following article analyses this relationship and the relationship of capital…