Suchergebnisse für Kontrollrecht

Informationskonzept im neuen Aktienrecht

The information asymmetry between shareholders and managers calls for the implementation of an efficient information concept within stock corporations. In the course of the Swiss Stock Corporation Reform of 2020, the former information concept was partially revised. This article takes a critical look at the revised provisions and puts them in context.

Neuerungen und offene Fragen der revidierten Geldwäschereivorschriften im Bereich des Nachmeldeverhaltens von Finanzintermediären

The current revision of the anti-money laundering provisions introduces changes in the area referred to as subsequent reporting that have not undergone much examination thus far. However, these changes also have significant implications for financial intermediaries: With the removal of the time limit for analysis, the maximum time limit for executing client orders following a suspicious activity…

Revision des Kartellgesetzes: Braucht die Schweiz neue Schwellenwerte oder einen Systemwechsel im Fusionskontrollrecht?

The Swiss merger control is under review. The draft for a partial revision of the Cartels Act proposes the transition from the Swiss dominance test to the internationally recognized SIEC test. This is to be welcomed. More significant in practice, however, are the disproportionately high thresholds for merger reviews in Switzerland. The following article recommends examining whether, in…

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…

Kooperationsformen zwischen Banken und Drittanbietern aus vertrags- und datenschutzrechtlicher Perspektive

Open Banking or Open Finance essentially means the exchange of financial data between different financial service providers including third party providers at the request of the customer. From a civil liability and data protection perspective this paper examines the legal relationships between banks, third party providers, platforms and customers on the basis of four possible «model forms of…

Vergütungstransparenz in Schweizer Aktiengesellschaften

Die B. AG ist eine Holdinggesellschaft mit einem Aktienkapital von CHF 600 000, welches in 600 000 Namenaktien mit einem Nennwert von je CHF 1 eingeteilt ist. Die Geschwister A.A., C.A. und D.A. sind…

Kartellrechtliche Fragen bei der Gründung eines Joint Ventures

Opening up new markets or pursuing major projects can often only be achieved with partners, which is why companies form joint ventures. When planning and implementing such cooperation projects, economic and contractual considerations are in practice the main focus. However, the influence of antitrust law on this form of cooperation should not be underestimated. The relevance of antitrust law is…

Der fingierte Bedingungseintritt und das Schiedsgutachten

Die beiden Brüder A.A. und B.A. haben mit Kaufvertrag vom 16. Mai 1986 von ihrem Vater ein Grundstück inklusive des darauf befindlichen Hotel- und Restaurantbetriebs zu Gesamteigentum erworben…

Auf dem Weg zu einer digitalen Wettbewerbsordnung – Reaktionen des deutschen Gesetzgebers

Germany changed the Act against Restraints of Competition in 2017, partly in order to give a regulatory answer to the changes of the digital economy. The legislator answered to multi-sided markets with network effects, data-driven business models and the rise of «super platforms». Reforms related to the definition of market and the criteria for market power. A new merger threshold was introduced…

Europareport

Am 30. Mai 2018 hat die Europäische Kommission die vorläufige Verständigung zwischen Europäischem Parlament und Rat über einen Kommissionsvorschlag vom März 2017 für eine EU-Richtlinie zur Angleichung des Verfahrensrechts der Kartellbehörden der EU-Mitgliedstaaten bekanntgegeben. Es handelt sich hierbei um ein schon länger verfolgtes Projekt der Europäischen Kommission, das darauf zielt, einmal…

Aktien im Gesamteigentum

Der Bruder A.X und seine ältere Schwester B.X sind die Kinder und Alleinerben des verstorbenen Ehepaars R.X (Vater) und P.X (Mutter). Das Ehepaar war Eigentümer der M. AG und der N. AG mit Sitz in…

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…

Vertrauen, Kredit und Kreditsicherheiten

The relationship between creditor and debtor has often been described as a quintessential relationship based on trust, as evidenced by etymological origin of the term credit. Credit relationships are indeed shaped by the risk of opportunistic behavior of the debtor and principal agent problems. Limiting these risks by providing adequate incentives for cooperative behavior is a key objective in…

Der Aktionärbindungsvertrag: Einfache Gesellschaft oder Innominatvertrag?

The present article shows that shareholders agreements are not as of necessity general partnership agreements. As a rule they are rather innominate contracts for which the same rules apply as for nominate contracts, in particular re the questions of consensus, interpretation and amendments. In this respect the real will of the parties is relevant in the first place and only in the second place…

Europareport

Am 18. Mai 2017 hat die Europäische Kommission bekannt gegeben, dass sie gegen Facebook eine Geldbusse in Höhe von EUR 110 Mio. verhängt hat. Die Kommission wirft dem Unternehmen vor, im Zuge der fusionskontrollrechtlichen Prüfung der Übernahme von WhatsApp unrichtige bzw. irreführende Angaben gemacht zu haben.

Risikomanagement in Finanzinstitutionen

In financial institutions risk management has increasingly become a central theme because the amount of types of risk have increased. Apart from credit and market risks, systemic and IT risks play a central role. For this reason, the setup of a comprehensive risk management system (both organisational and also connected to specific individuals) is imperative. Given the increased digitalisation of…

Zusicherungen und Garantien zugunsten von Investoren im Rahmen einer Finanzierungsrunde

Before committing to provide additional funds to a target company, investors will typically seek to secure their investment with appropriate representations and warranties. In order to do so, the investors may rely on various stakeholders and, among other options, request that appropriate representations and warranties be provided by the target company itself. This article addresses the statutory…

Stimmrechtsaktien zwischen Gestaltungsfreiheit und Minderheitenschutz

A recent controversy around the sale of a controlling stake in a well-known Swiss public company has brought shares with preferential voting rights (Stimm­rechtsaktien, actions à droit de vote privilégié) into the limelight. In spite of the public criticism, there is no empirical evidence that dual-class share structures negatively impact the value of listed companies. While a mandatory «one…