Résultats de recherche pour Standardisierung

Insider Trading im digitalen Zeitalter: Neue Herausforderungen und Risiken

Insider trading has existed since the launch of the very first organized trading venues and is now prohibited in most jurisdictions. The growing digitalization of the financial industry is adding several layers of complexity to the topic and creating both new risks and opportunities for market participants. First, digitalization brings about a higher interconnectivity between the global financial…

Sekundärnutzung von Mobilitätsdaten: Infrastruktur und Governance bei Mobility-as-a-Service

Proponents and opponents hotly debate the so-called secondary use of data in sectors as diverse as health, education, energy and mobility. The parallelism of these discussions has led politicians to call for a framework law on the secondary use of data. By choosing Mobility-as-a-Service (MaaS), a promising service in the mobility sector, this article explores two connected features such a…

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…

Open Finance und Decentralized Finance – Entwicklungen in einem disruptiven Finanzmarktumfeld

The recent technological developments not only impact society in general but they also strongly influence financial markets, even in a disruptive way. Open finance and decentralized finance cause an opening of the financial ecosystem and challenge existing notions; for example, new concepts are needed for the regulation of data access/portability and of digital identity as well as for the…

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…

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…

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…

Rechtsfragen des LIBOR-Wegfalls

For decades, the LIBOR has been the most widely used benchmark interest rate for financial contracts. At the end of 2021, following major manipulation scandals and a dwindling reliability of the rate as a benchmark, LIBOR will be discontinued for most currencies including the Swiss franc. As numerous LIBOR agreements such as credit agreements or capital market instruments (mainly OTC interest…

«Open Banking» in der Schweiz – Herausforderungen an den Schnittstellen von Finanzmarkt-, Datenschutz- und Kartellrecht

«Open Banking» challenges traditional financial institutions in Switzerland and around the world. It poses strategic as well as legal compliance challenges. The present study delimits the (sometimes synonymously used) terms «Open Banking» and «API Banking» to the effect that Open Banking presupposes an access to the banking account (XS2A) on the basis of non-discriminatory criteria. It thus…

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…