Résultats de recherche pour Kompetenz

Ein Jahr nach der Aktienrechtsrevision

The revised Swiss corporate law came into force on 1 January 2023 and led to major changes covering all sorts of corporate aspects (from capital increases over general meetings of shareholders to financial distress). Many of those aspects must first be put into practice to see how and whether they work as intended by the legislator. This article sheds light mainly on the first season of general…

Die Meldepflicht nach Art. 29 Abs. 2 FINMAG

This article examines the reporting obligation under article 29 para. 2 of the Financial Market Supervisory Authority Act (FINMASA). The contribution discusses the scope and limits of this reporting obligation, and includes relevant aspects of criminal and data protection law. The authors analyse materials, literature, FINMA practice and apply their experience as practicing attorneys to sharpen…

Le droit des sociétés 2023/2024 / Das Gesellschaftsrecht 2023/2024

Cette année (du 1^er avril 2023 au 31 mars 2024), la jurisprudence relative au droit des sociétés a été peu abondante et n’a pas tranché beaucoup de nouvelles questions. Le Tribunal fédéral a tout de…

FIDLEG-Verhaltenspflichten: Umsetzungsfragen und Weiterentwicklung nach der initialen Umsetzungsphase

Since the transitional period of the Financial Services Act (FinSA) expired on 31 December 2021, financial service providers have gained more than two years of experience with the new, cross-sectoral regulation. In practice, as well as through the first audits that have now taken place, it has become clear that many fundamental (interpretation) questions relating to the conduct duties of the…

Finanzmarktenforcement und Kommunikation: Zum Kommuni­kationsverhalten der FINMA hinsichtlich einzelner Enforcementverfahren

In the spring of 2023, the Swiss financial market saw the state-backed takeover of Credit Suisse by UBS, sparking global interest and retrospective scrutiny. The SNB, EFD and FINMA all faced criticism, but financial regulator FINMA in particular was condemned for perceived ineffectiveness and poor communication. Calls for legal reform aim to enhance FINMA’s ability to communicate enforcement…

Einberufung einer Generalversammlung

Die A AG (Gesuchgegnerin und Beschwerdeführerin) wurde im Jahr 2016 gegründet. Ihr Verwaltungsrat setzt sich aus C, Präsident, und D zusammen. C hält rund 70% der Namenaktien der A AG. Die restlichen…

Editorial

Am 30. August 2023 fand die 15. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter der Leitung von Rolf Sethe und Christoph B. Bühler statt.

Verfügt die FINMA über genügend wirksame und scharfe Instrumente gegen (höchste) Bankmanager?

In March 2023, Crédit Suisse (CS) had to be taken over by UBS. It was the first global systemically important bank to face imminent resolution since the financial crisis of 2007–2008. Unlike UBS in 2008, CS remained well capitalized until the end. But clients had lost confidence in the bank’s management. This led to a bank run and thus to the bank’s demise. The ongoing crisis of specialist and…

Finanzmarktaufsicht zwischen Macht und Ohnmacht

FINMA has been under constant criticism since its inception; the disappearance of Credit Suisse has only added fuel to the fire. The case of FINMA’s attempted enforcement of a capital surcharge –…

Das Finanzmarktaufsichtsrecht vom vierten Quartal 2022 bis ins vierte Quartal 2023

Ob gross oder klein, vor den Marktkräften sind sie alle gleich! Auch die ganz Grossen – «global systemically important financial institutions» (G-SIFIs)¹ – können straucheln, mit viel Getöse,…

Schiedsklauseln in den Statuten von Schweizer Aktiengesellschaften und GmbH

The Swiss legislator clarified that the articles of associations of Swiss companies limited by shares and limited liability companies may include arbitration clauses. This note first discusses issues such as arbitrability, validity and scope of statutory arbitration clauses, i.e., issues arising in the context of arbitration clauses and arbitration agreements alike. It then discusses an issue…

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.

Neuausrichtung des «Swiss Code of Best Practice for Corporate Governance» auf den Wandel der Zeit

The «Swiss Code of Best Practice for Corporate Governance», which was first published in 2002 and has since been revised several times, has become the most important guideline for good corporate governance in Switzerland and is widely accepted because it shows practical solutions based on expertise and experience. It compensates for its non-binding nature and lack of legal legitimacy, so to speak…

Konzernorganisationsrecht heute

The Swiss law of groups of companies is characterized by a scarcity of statutory rules, judicial pragmatism, and a flexible application of the rules by companies. Unusually, the density of statutory rules in this domain has decreased in recent years. In this article, the author summarizes the current status of the organizational law of groups of companies and takes a closer look at selected…

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…

Absage einzelner Traktanden einer GV oder einer GV insgesamt

Mit Schreiben vom 6. Mai 2020 lud der Verwaltungsrat (VR) der A AG (Beklagte, Beschwerdeführerin, nachfolgend: A AG) die Aktionäre zur ordentlichen Generalversammlung (GV) auf den 18. Juni 2020 ein…

Wirksame Krisenverhinderung? Das UK Senior Managers Regime und der Archegos-Skandal

The Archegos scandal, which resulted in Credit Suisse incurring losses exceeding CHF 5 billion, stands out as one of the most significant of the many scandals linked to the bank in recent years. It shines a light on financial sector misconduct and underscores the need for stronger individual accountability. Many of the weaknesses in the corporate governance system of the bank which lead up to…

Börsenrechtliche Meldepflicht nach Art. 120 FinfraG bei kollektiven Kapitalanlagen

Die Gesellschaft A. (Gesuchstellerin, Beschwerdeführerin 1) mit Sitz in den USA und ihre Tochtergesellschaften sind in der Vermögensverwaltung sowie in der Schaffung und im Vertrieb von kollektiven…

Sanierungsausnahme und selektives Opting out/up – ein Vergleich

If a listed company is in financial difficulties and has found a potential restructurer who wishes to acquire a larger shareholding but does not wish to be under an obligation to make an offer to acquire all listed equity securities of the company, under the Swiss takeover law two alternatives stand in the foreground: applying for an exemption from the obligation to make an offer for…

Das Gesellschaftsrecht 2022/2023 | Le droit des sociétés 2022/2023

Im berücksichtigten Zeitraum vom 1. April 2022 bis zum 31. März 2023 wurden wenige Urteile gefällt und nur ein Bruchteil davon wurden veröffentlicht bzw. zur Veröffentlichung vorgesehen. Trotzdem…

Berücksichtigung von ESG-Präferenzen im Finanzdienstleistungs­geschäft

On 1 January 2023, the Swiss Bankers Association’s «Guidelines for the financial service providers on the integration of ESG-preferences and ESG-risks into investment advice and portfolio management» entered into force. This marks the first binding Swiss (self-)regulation on Sustainable Finance at the point of sale. One of the key amendments includes the financial service providers’ duty to…

Das Supervisory Privilege für Akten aus dem Aufsichtsverhältnis

The Swiss Supervisory Privilege, which was added to FINMASA in 2016, is a new legal institution. It empowers FINMA to protect documents from the supervisory relationship between a supervised entity and itself by prohibiting their disclosure to third-party authorities and other third parties without FINMA’s consent if there are grounds for doing so that are particularly worthy of protection…

Darf die Nationalbank kryptobasierte Sichtguthaben (wCBDC) ausgeben?

This article examines whether the current monetary law provisions permit the issuance of wholesale central bank digital currency (wCBDC) by the Swiss National Bank. After interpreting the relevant competence provisions, the question can in principle be answered in the affirmative, since wCBDC is not a new, third type of central bank money (in addition to banknotes and traditional sight deposits),…

Echtzeitbankenaufsicht – la panacée?

In recent years, the concept of data-based banking supervision has evolved to influence the dynamics between supervisors and supervised institutions. This de­ve­lopment, if accompanied by adequate implementation, undoubtedly improves the quality of banking supervision. However, data-based supervision does not automatically lead to real-time supervision. While it tends to reduce the time lag…

Editorial

Am 1. September 2022 fand die 14. Tagung «Quo Vadis – Finanzplatz Schweiz?» unter der Leitung von Rolf Sethe und Christoph B. Bühler statt.