Résultats de recherche pour Offenlegung wesentlicher Beteiligungen

Prospektpflicht nach FIDLEG

Switzerland has modernized its prospectus law by introducing new extensive rules in the Financial Services Act. The legislator closely considered the existing rules of SIX Swiss Exchange for the admission to trading and the rules applicable in the EEA. Fundamental changes are the mandatory review by a review body of prospectuses to be published in case of a public offer. In connection with the…

Was ist «wirtschafts-verträgliches» Aktienrecht?

The last comprehensive overhaul of Swiss corporation law dates from 1991. The revised law was intended to provide more transparency, improve shareholder rights and set goalposts with respect to corporate organization and corporate powers. But the 1991 corporation law fell short of international standards, especially for listed companies. Numerous pieces of legislation and self-regulatory…

Transparenz von Aktionärbindungsverträgen und Gesellschafte­r­bindungsverträgen in Kapitalgesellschaften

A shareholders’ or members’ agreement is a contract concluded by some or all shareholders or members of a company, eventually with the involvement of the company itself, in order to arrange their legal position complementary to or differing from the relevant company law framework. Although dogmatically diverging, the contractual provisions and company law norms often form a unity. However,…

Die Regelung von Interessenkonflikten im Aktienrecht de lege lata und de lege ferenda

Conflicts of interest are a threat to the functioning of the board of directors and the management of a public limited company. This paper looks into the legal regime applicable in cases of a conflict of interest while dealing with third parties. It then tries to establish rules to safeguard an internal decision-making process solving conflicts of interest. Finally it assesses the effectiveness…

Kernfragen der Aktienrechtsrevision

On November 23, 2016, the Federal Council published its proposal for a revised law on companies limited by shares. This article deals with four key aspects of the proposed revision. First, it addresses the proposed amendments regar­ding the capital structure. The authors thereby focus on the rules for capital increases, decreases and the possibility to introduce a so called «capital band». Secon…

Corporate Governance auf der Blockchain

It is within the context of crypto-currencies that Blockchain first gained importance as a new technology. In the meantime, it has been recognized that this technology can also be used in the corporate environment. Such usage would have significant effects on corporate governance within companies (for example, in connection with the transparency of ownership, the handling of voting rights,…

Stimmrechtsverhalten von institutionellen Anlegern, insbesondere ­Pensionskassen

The initiative against excessive remuneration gives additional powers to the general meeting of shareholders, in particular where the salaries of mangers are concern­ed. A less known novelty is that it also obliges some of the institutional investors, Swiss pension funds, to exercise their rights as shareholders in the “interests of their members” and to publicly communicate the manner in which…

Proxy Advisory – eine Standortbestimmung

With the growing interest of institutional investors in Swiss listed companies the influence of proxy advisors has also risen. This, in turn, has led to a wave of non-binding regulations or guidelines and, more recently, to proposals for binding statutory rules addressing those aspects of the proxy advisory industry which for years have been the target of international criticism. The author takes…

Das Finanzmarktaufsichtsrecht Mitte 2014 bis ins vierte Quartal 2015

«Jedes Modell stösst an seine Grenzen»: Unter diesem Titel hat der FINMA-Direktor anlässlich der Jahresmedienkonferenz der Behörde vom 31. März 2015 «die allgemeine Modellgläubigkeit in der Bankenbranche» diagnostiziert.¹ Statt noch mehr und komplexere Modelle wünscht er sich «weniger und einfachere Modelle». Angesichts des Umstandes, dass interne Modelle zur Berechnung der…

Verletzung der börsenrechtlichen Meldepflicht durch ein nicht innert vier Börsentagen gemeldetes grenzwertrelevantes Verpflichtungsgeschäft

Pursuant to Art. 20 of the Swiss Stock Exchange Act, certain qualified participations in listed companies are to be notified to the company and the stock exchanges on which the securities are listed. Intentional or negligent violations of this notification obligation can be fined, up to CHF 10m in the case of intentional and up to CHF 1m in the case of negligent violations. Regarding the point in…