Résultats de recherche pour Offenlegungspflicht

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…

Klassiker der Banken-AGB: Vertragsänderungsvorbehalts- und Retrozessionsverzichtsklauseln

Zu diesem Beitrag Anlass gab ein Urteil des Handelsgerichts Zürich¹ («referierter Entscheid»), welches verschiedene höchstgerichtlich bis anhin nicht geklärte Fragen im Zusammenhang mit einseitigen Vertragsänderungsvorbehalten und dem Verzicht auf die Herausgabe von Retrozessionen erörtert. Interessant ist das Urteil insbesondere deshalb, weil es sich mit diesen Fragen hauptsächlich im Rahmen…

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…

Multitasking in der Missbrauchsaufsicht: Die Kompensationsfunktionen von Artikel 7 Kartellgesetz

Market economies are based on competition. In the absence of competition, prices rise, factor allocation is not optimal and the incentives to increase productivity and to innovate are impaired. In order to avoid these disadvantages, Article 7 Cartel Act complements the control by competition with a special abuse control. The basic function of this rule is thus to compensate for a lack of…

Vergütung der Rechenschaft über Retrozessionen

Based on Art. 400 para. 1 of the Swiss Code of Obligations, financial service providers must inform their clients if they receive payments or other benefits from third parties in connection with their client-related services (so-called inducements, kickbacks, or retrocessions). This article analyzes to what extent and under which conditions financial service providers can charge additional fees…

Grüne Finanzprodukte

For environmentally sustainable financial products to be recognized by market participants, sufficient information about their environmental risks and impacts must be available. However, without regulatory measures, there are insufficient incentives for product providers to disclose the relevant information. The market is unable to correct these information deficits itself. The regulatory vacuum…

Nichtfinanzielle Berichterstattung nach dem Gegenvorschlag zur Konzernverantwortungsinitiative und ihre Bedeutung für den Finanzsektor

The financial market and its players play a key role in the pursuit of a sustainable economic system. If capital flows are specifically directed toward sustainable products and services, financial market participants can make a significant contribution to a resource-efficient economy. A key prerequisite for the regulatory control of the achievement of sustainability goals is the reporting of…

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…

Die Rolle der FINMA bei Vergütungen in Banken und Versicherungen

Compensation and remuneration schemes in financial institutions always have been, and still are, a hot potato. The past decade has been particularly eventful in terms of both regulation and supervision, not only in Switzerland, but also abroad. Against this backdrop, this article aims to discuss the role of the Swiss Financial Market Supervisory Authority, FINMA, with regard to compensation in…

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.

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…

Die Abschaffung der Sachübernahmevorschriften im neuen Aktienrecht

Under current Swiss corporate law the acquisition of assets from a shareholder intended prior the formation of the company is subject to the same rules as a payment of subscribed capital by contribution in kind. An (intended) acquisition of assets occurs when the company intends or undertakes to acquire certain assets of its shareholders or of a person closely related to a shareholder soon after…

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,…

Selektives opting-up und die öffentliche Angebotspflicht

Die MCH Group AG (die «MCH Group») ist eine Aktiengesellschaft mit Sitz in Basel, deren Aktien an der SIX Swiss Exchange (die «SIX») kotiert sind. Die MCH Group bezweckt in erster Linie den Erwerb, die Veräusserung und die Verwaltung von Beteiligungen und die Finanzierung von in- und ausländischen Unternehmen des Messe- und Kongressbereiches und verwandter Geschäftszweige sowie die Überwachung…

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,…

Bankgeschäfte nach der Krise: Safer, simpler, fairer?

Ten years after the global financial crisis, the Financial Stability Board reports that regulation has built a «safer, simpler and fairer financial system». While there are indeed notable improvements in the regulatory architecture, the question remains whether banking, as seen from a retail customer perspective, has become safer, simpler, and fairer. This article argues that, overall, retail…

Automatischer Informationsaustausch: das Ende des steuerlichen Bankgeheimnisses?

Fundamental changes occurred in Swiss international tax law since 2009. These changes directly effected and fundamentally limited the scope of traditional Swiss banking secrecy with regard to foreign clients and foreign tax authorities. This paper analyses if, from a legal and practical perspective, anything remains of traditional Swiss «tax banking secrecy». The conclusion is that there are…

Die Rechtsstaatlichkeit der FINMA-Watchlist

Die Eidgenössische Finanzmarktaufsicht FINMA (nachfolgend: FINMA, Beschwerdegegnerin) nahm im Jahr 2009 die Datensammlung «Gewähr für einwandfreie Geschäftstätigkeit und Berufsausübung» in Betrieb …

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…

Der Konzern im neuen Rechnungslegungsrecht

As of January 1st, 2016 the new Swiss financial reporting law is fully applicable to groups of companies, leading to a more thorough regulation of their reporting rules. This foremost brings fundamental changes with regard to the preparation of consolidated annual accounts. Basis thereof is, that the duty to provide such accounts is no longer tied to the requirement of «common management» …

L’affaire Sika : un exemple en faveur d’une approche économique des transferts d’actions soumis à l’agrément de la société

The ongoing litigation between the Swiss company Sika SA and the owners of its Swiss shareholder ­Schenker-Winkler Holding SA over the sale of the shares of the latter to the French group Compagnie de Saint-Gobain, a competitor of Sika SA, has attracted consi­d­erable media and public attention. When completed, this sale will give Compag­nie de Saint-Gobain the effective control over Sika SA…

The squeaky wheel gets (all) the grease: Wie weit soll und darf der Verwaltungsrat auf aktive Aktionäre eingehen?

Over the course of this enquiry, we shall examine whether the squeaky wheel does actually get all the grease and what this means for the modern public company. Art. 717 of the Swiss Code of Obligations states that shareholders are to be treated equally under equal conditions. However, said equality is not to be understood in absolute terms but has to be reasonable and justifiable with regard to…

Proxy Advisors – Fluch oder Segen in der Corporate Governance?

The role of proxy advisors in the governance of listed companies has triggered criticism ranging from “box ticking” to “empty voting” and has sparked an intense debate on how to address these concerns. The author takes the view that – for the time being – proxy advisors are not a topic for the regulator. Many institutional investors owe their beneficiaries a fiduciary duty based on which they are…

Publicité des participations et principe de légalité – Mythe ou réalité ?

Instances in which non-compliance with financial regu­lations can give rise to a criminal liability are on the rise. This creates a tension between the need for flex­i­bility in the implementation of financial laws and the requirement that behaviours that may give rise to a criminal conviction be clearly defined by law. The rules on disclosure of shareholdings in listed companies are an example…

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…