News
On 26 May 2021, the Swiss medtech industry lost its barrier-free access to the European market because the EU refused to update the Mutual Recognition Agreement (MRA) for political...
And now: The University of Zurich visits Prager Dreifuss
It was a lively evening when thirty law students from the University of Zurich visited our firm. Organized together with the student association Fachverein Juris, the visit offered an exciting opportunity to gain insights into the professional world of a business law firm.
The event began with an inspiring presentation by Verena Morscher, Hiring Partner at Prager Dreifuss. She introduced the firm and its values while also providing the aspiring legal professionals with valuable career advice. Shannon Sangiorgio and Andri Janett then shared their experiences as trainees at Prager Dreifuss, illustrating how newcomers are integrated into the firm: working on major cases, experiencing flat hierarchies, and being part of a tight-knit team.
After the introduction, the next highlight of the evening unfolded: an open exchange between the students and our lawyers. During an Apéro riche, everyone seized the opportunity to ask questions and gain deeper insights. Topics such as the firm’s culture, daily work life, and the challenges of starting a legal career took center stage. One frequently asked question was: "How does one meet the high expectations in such a renowned business law firm?" The consensus was clear: "At Prager Dreifuss, interns and trainees are given the space to grow into their roles, as associates and partners alike always take the time to share their knowledge and experience."
The event was a success for both sides. It provided the students with valuable connections and answered their key questions, while also allowing us to dispel some common misconceptions about working in a business law firm. A heartfelt thank you goes out to Fachverein Juris and especially to Jonas Zehnder for the excellent collaboration.
Swiss banking secrecy revisited: revised disclosure framework for documents in criminal investigations
The revision of the Swiss Criminal Procedure Code has tightened up the sealing law, which also has consequences for the seizure and unsealing of bank documents. Urs Feller and Mohamed Hasnaoui analyse the implications for the banking sector on the basis of a recent ruling by the Swiss Federal Supreme Court.
Getting The Deal Through: Joint Ventures 2024 – Switzerland
In this article of Getting The Deal Through, Daniel Hayek and Mark Meili outline the statutory framework for joint ventures in Switzerland and discuss current trends in this area.
Transparency and Sustainability
Until now, only large corporations are required to comply with sustainability reporting regulations in Switzerland. This is about to change. There is also increasing pressure from suppliers and customers, who are demanding that companies declare their sources of supply, supply chains and sustainability strategy. In the current issue of Hotellerie Gastronomie, Mark Meili provides an overview of the relevant developments in the area of sustainability reporting.
Live streaming into the courtroom
It will soon be possible to hold hearings in Swiss civil courts via video or telephone conference – with consequences for data protection.
During the coronavirus pandemic, the Federal Council issued temporary regulations on the use of video and teleconferencing in civil proceedings, which expired at the end of 2022. H...
GCR Class Actions Hub 2024 Switzerland: Class actions – litigation, policy and latest developments
Urs Feller and Martin Heisch contributed the Swiss chapter in the 2024 edition of the GCR Class Actions Hub. In this chapter, the authors provide an overview of the collective redress tools that are particularly relevant in a competition law context. A special focus is placed on recent case law and the current state of the political debate on the introduction of new collective redress mechanisms in Switzerland.
Prager Dreifuss advises trustee of a U.S. Chapter 11 Bankruptcy Process on recognition in Switzerland
On October 3, 2024, the Zurich District Court recognized, for the first time, the trustee of a U.S. Chapter 11 bankruptcy proceeding as a foreign bankruptcy administrator in Switzerland, while waiving the auxiliary bankruptcy proceedings. The trustee may now, subject to Swiss law, exercise all powers in Switzerland to which he is entitled under U.S. law, in accordance with Article 174a, Paragraph 4 of the Swiss Private International Law Act (PILA). Notably, this includes the right to obtain information about the debtor’s assets in Switzerland and the right to transfer these assets abroad.
Prager Dreifuss has provided the trustee with its extensive experience in cross-border insolvency matters to successfully achieve the recognition of the U.S. Chapter 11 restructuri...
Distinctive features of Swiss insolvency laws
Daniel Hayek and Mark Meili published the Swiss chapter in the latest edition of The Insolvency Review. In this chapter, the authors give an overview of the distinctive features of Swiss insolvency laws and explain which new duties arise for boards of directors according to the revised Swiss company law. Mr. Hayek and Mr. Meili also discuss what revisions will enter into force on 1 January 2025 in Switzerland.
44 Law Students from the University of Basel visiting Prager Dreifuss
There was a lively buzz as an entire train compartment full of law students from the University of Basel arrived at the Zurich office of Prager Dreifuss to gain insights into the world of legal practice. The event kicked off with an informative presentation by Verena Morscher, hiring partner at Prager Dreifuss, who introduced the students to the firm and offered valuable career advice.
Adding a touch of Basel charm, Gion Jegher, a partner at the firm and a proud native of Basel, warmly welcomed his "fellow countrymen" with a charming greeting. Philipp Zurkinden, also a partner at Prager Dreifuss and a professor of competition law at the University of Basel, was present as well, embodying the bridge between academia and practice.
After the brief presentations, the event shifted to the heart of the matter: an intense exchange between the students and the firm’s associates, counsels, and partners. During the networking apéro, questions came thick and fast – ranging from "What does daily work really look like?" and "What is the firm's culture like?" to "What happens if I make a mistake?" The students also sought advice on how best to navigate their law studies and transition into the legal profession. One brave student asked, "Is the firm’s mission statement truly lived, or is it just marketing?" Verena Morscher responded candidly: "We all strive to live up to it every day."
The event was not only an opportunity to inspire the next generation of lawyers but also a chance to experience the curiosity and engagement of the students firsthand. At this point, we would like to extend our heartfelt thanks to our partner FG Jus of the University of Basel, and especially to board member Lena Ramacci, for the excellent planning of the event.
PD-Alumni Event 2024
We had an incredible time reconnecting at the Prager Dreifuss Alumni gathering last week! It was a night filled with both meaningful and fun conversations, shared memories, and inspiring updates from our former colleagues.
From reminiscing about our time together to hearing about the exciting new paths our alumni have taken, this event was a reminder of the strong bonds we've built at Prager Dreifuss. A special thanks to our amazing caterers from Segantini who spoilt us with delicious food and beverages.
Thank you all who were part of this event and we hope also the others will join next time.
Looking forward to staying connected and continuing to support one another as our journeys unfold. Until next time!
Heirs’ information requests to banks: cracking the safe in Switzerland
Urs Feller and Marcel Frey analyse a recent Swiss Federal Tribunal ruling that provides helpful guidance for heirs who may want to unlock financial information held by a deceased relative’s bank. They explain what to bear in mind when lodging information claims before court and clarify the several legal basis available to heirs and the extent and scope of these instruments when approaching banks.
Legislation paves the way for autonomous driving
Technology-savvy drivers are looking forward to autonomous vehicles, but who is liable in case of an accident?
While Appollo Go is deploying its robotaxis for large-scale test drives in ten Chinese cities, Renault is developing minibuses for shuttle services at large events and Rimac is bui...
On 7 August 2024, Acronis AG announced that EQT, the largest European private equity firm, will acquire a majority stake in Acronis AG (domiciled in Schaffhausen, Switzerland), a s...
In-Depth: Restructuring
In the latest issue of "In-Depth: Restructuring", Daniel Hayek and Mark Meili provide an overview of the special features of Swiss restructuring laws.
Internal investigations – a balancing act for HR and in-house counsel
Urs Feller, Marcel Frey and Reto M. Jenny analyze a recent Federal Tribunal Decision that clarifies the rights of a suspected person in internal investigations. The decision dealt with the question what types of formal guarantees a person faced with allegations of sexual harassment of colleagues at the work place may expect and which rights do not come into play, contrary to the situation in a criminal investigation.
Investigating Harassment Charges - which rules apply?
In-house legal counsel and human resource department heads invariably have to deal with sexual harassment complaints. Heigh...
The most recent edition of "GAR Know-how Litigation" features Dr. Reto M. Jenny and Dr. Raphael Märki, who offer insights into Switzerland's civil litigation framework. They specif...
Lessons learned from the Signa insolvency
Companies often finance themselves through debt. Lenders will ask for collateral as protection against default. In principle, real estate is a proven and suitable type of collateral. In the current issue of Prestige Business, Mark Meili explains which risks must nevertheless be taken into account and why parties should also consider other forms of collateral.
IBA Global Insolvency and Restructuring Conference
Our partner Gion Jegher discusses current litigation topics from the insolvency sector in the panel "Litigation in distressed situations"
The IBA, the world's leading organisation for international lawyers, has just held its Annual Global Insolvency and Restructuring Conference, this time in Zurich. Prager Dreifuss was one of the seven law firms on the host committee.
The two keynote speakers gave interesting insights into the rescue of the Swiss Credit Suisse and the insolvency of German Wirecard. There were six panels with lawyers from around the world discussing topics of restructuring and insolvency law. Cia Mackle (Pachulski Stang Ziehl & Jones, Los Angeles), Alexandra Szekely (Le 16 Law, Paris), Guilherme Fontes Bechara (Demarest Advogados, Sao Paulo) and Dr Gion Jegher (Prager Dreifuss, Zurich) took part in the panel "Litigation in distressed situations" and discussed hot litigation topics from the insolvency universe.
A guided tour of the exhibition of the Swiss painter Ferdinand Hodler at the Kunsthaus Zürich provided a fitting conclusion to the well-organised conference.
«The check please!» - on the taxation of tips
The taxation of tips in the hospitality industry is a regular source of discussion. In the current issue of Hotellerie Gastronomie, Mark Meili explains what rules need to be observed.
The International Comparative Legal Guide: Project Finance 2024 Switzerland
In the 2024 edition of the International Comparative Legal Guide to Project Finance, Daniel Hayek and Mark Meili discuss common issues in project finance laws and regulations in Switzerland – including security, bankruptcy, restrictions on investments, insurance and arbitration.
Is the artificial lawyer coming?
AI leads to new paths in the justice system - 36 per cent of legal scholars are already working with the technical innovation
Artificial intelligence (AI) is dominating the debates in politics, business and the media. Three offerings stand out: Google's Gemini, Microsoft's Copilot and the current industry...
Law Firm Day at UZH
On April 11, the second Law Firm Day took place at UZH. The students were given an insight into the application processes and internship activities by representatives of various commercial law firms and a major bank. Afterwards, the students were able to exchange ideas with representatives of the commercial law firms during an aperitif in the courtyard of the Calatrava Library.
Many thanks to Jürg Frick from Homburger for organizing the event and to Ius Alumni and UZH for supporting the event.
INDEPTH FEATURE: Financier Worldwide: Bankruptcy & Restructuring 2024
In the 2024 edition of the InDepth Feature: Bankruptcy & Restructuring, Daniel Hayek and Mark Meili provide an overview of the current economic situation in Switzerland and the latest trends in bankruptcy and restructuring. The authors examine how the merger between UBS and Credit Suisse may have prevented a major bankruptcy and provide insights on the financial difficulties of the Signa group. Finally, Daniel Hayek and Mark Meili discuss their expectations on how restructuring and bankruptcy activity in Switzerland will unfold for the remainder of the year, and beyond.
International Business Crime & Fraud – Switzerland
Marcel Frey takes a look a recent trends and challenges facing business crime practitioners in Switzerland and answers questions regarding white-collar crime enforcement and possible reforms to criminal proceedings.
Global Law Experts Practice Area Guide - Business Crime & Fraud Q&A
Please summarise the work your firm does and the ways in which you distinguish yourself in the provision of...
An Overview of the Appeals Against FINMAs Decision to Write Off All of Credit Suisse's AT1 Bonds
On 19 March 2023, the Swiss Financial Market Supervisory Authority FINMA issued an order instructing Credit Suisse to write off its AT1 bonds with a combined nominal value of approximately CHF 16 billion as part of the emergency takeover by UBS. Since then, numerous appeals against this ruling have been lodged with the Federal Administrative Court. This article covers both FINMA's and the Complainants' perspective on the matter and provides an overview of the next steps of the pending proceedings.
Introduction
On 19 March 2023, the Swiss Financial Market Supervisory Authority FINMA (FINMA) issued an order instructing Credit Suisse Group AG (Credit Suisse) to write off the...
Current M&A challenges
As interest rates have risen, the number of M&A transactions has fallen. In the first edition of the "Legal Success" supplement to the journal Finanz und Wirtschaft, our associated partner Guy Deillon answers a number of questions relating to the rise in interest rates and its impact on M&A transactions.
Bye bye Stadelhofen, hello Tiefenbrunnen
Another out of office trip?
No, we're enjoying the lake view at Bellerivestrasse 201 not just for the weekend, but for a full twelve months. With the start on 11 March, we began an exciting new chapter at Prager Dreifuss in Tiefenbrunnen - one that we will close again in March 2025 when we return to our newly renovated offices at Stadelhofen station.
With remarkable organisational talent and considerable muscle power, our colleagues have mastered the challenge of packing all important documents, files and archives in line with deadlines and data protection requirements. This was achieved without affecting our ongoing mandates. The last few weeks have been intense and have demanded a lot from everyone. But in these challenging times, we have also learnt to appreciate the spirit and resilience of our team anew.
Now that we've settled in at the other end of the Seefeld quarter, we're eager to hear your insider tips: Where can we find the best restaurants for a quick lunch, and where can we enjoy a relaxing beer with our colleagues after work? Luckily, we don't need directions for our lunchtime dip in the lake - we can already enjoy the picturesque view from our office window.
Jurisdictional hurdles in investment disputes in China – a recent judgment of the Swiss Federal Tribunal
Bernhard Lauterburg and Marcel Frey analyse a recently published decision by the Federal Tribunal dealing with the interpretation of jurisdictional clauses in bilateral investment treaties with China and the appeal means available in instances of expropriation or measures of an equivalent intensity.
Jurisdictional hurdles in investment disputes in China – a recent judgment of the Swiss Federal Tribunal
A. Point of departure
On January 11, 2024, the Swiss Federal Tribunal...
Internal investigations – a balancing act for HR and in-house counsel
Urs Feller and Marcel Frey analyze a recent Federal Tribunal Decision that clarifies the rights of a suspected person in internal investigations. The decision dealt with the question what types of formal guarantees a person faced with allegations of sexual harassment of colleagues at the work place may expect and which rights do not come into play, contrary to the situation in a criminal investigation.
Internal investigations – The balancing act for HR and in-house counsel between formal guarantees and business pragmatism
1) Backdrop: Federal Tribunal Decision of January 19, 2...
Prager Dreifuss moves into new offices in Zurich
A message for our visitors: Our offices at Mühlebachstrasse 6 near Stadelhofen railway station will soon be renovated, which is why we will be moving temporarily to the vicinity of Tiefenbrunnen railway station. Please note our new address in Zurich from 11 March 2024 is at Bellerivestrasse 201, 8008 Zurich. Parking spaces for our clients will be available in the courtyard and in the underground car park.
Pitfalls for start-ups
While start-ups focus on developing the business idea and financing issues, tax issues are usually neglected. Why the latter is not advisable.
Nowadays, anyone with an innovative business idea with great growth potential founds a start-up. Most young entrepreneurs prioritise the development of markets, the scaling of thei...
Commercial Arbitration in Switzerland
Reto Jenny and Marcel Frey discuss the latest Swiss trends in commercial arbitration.
… Inter alia, the respondents discuss the proposal to establish a branch for international disputes at the Zurich Commercial Court that would be competent to administer claims lodg...
Restructuring and a distressed M&A - a Swiss perspective
In the February 2024 edition of Financier Worldwide, Daniel Hayek and Mark Meili discuss the latest trends in the restructuring market in Switzerland as well as developments in the area of distressed M&A. The panellists also look at how recent statutory revisions have had an effect on bankruptcies. Finally, Daniel Hayek and Mark Meili discuss their expectations on how restructuring and distressed M&A activity in Switzerland will unfold for the remainder of the year.
How woke do companies need to be?
In Switzerland, too, corporate bodies are increasingly being pressurised to position themselves - and this is often criticised
The hashtag used by thousands of spiteful bloggers to criticise managers who place more emphasis on so-called environmental, social and governance (ESG for short) aspects in their ...
The International Insolvency & Restructuring Review 2024/25
Daniel Hayek and Laura Richenberger provide a brief tour d'horizon of legal and political developments in Switzerland in 2023. They provide insights into Switzerland's economy, banking landscape following the CS/UBS merger and newly implemented legislation on ESG, data protection, sustainable finance and more. The article will be published in The International Insolvency & Restructuring Review 2024/2025.
Vis Moot Court — The second Trial Run at Prager Dreifuss this year
"We have been conducting these trials for twelve years now, and the standard has risen massively in recent years," said the Arbitral Tribunal. This is particularly true in today's round with the Claimant SensorX plc represented by Nieves Malpeli (procedural issues) and Philipp Bürgi (substantive issues) of the University of Bern. The defendant Visionic Ltd is no less competently represented, namely by Sofia Heim (procedural issues) and Leonie Thommen (substantive issues) of the University of Basel.
The facts are the same: counsel on both sides have a difficult time, with SensorX challenging its counsels with complete organisational chaos, while Visionic is impressing with an extra dose of naivety in dealing with cyber risks. But the representatives of the claimant and the defendant are not fazed by such details. They impressed the arbitral tribunal – compose of the Prager Dreifuss lawyers Marcel Frey (chairman), Gion Jegher and Bernhard Lauterburg – with their confident and self-assured demeanor, which was supported by their solid knowledge of the arbitration file and the applicable legal sources, topped off with several international reference judgments.
Both sides are bursting with attacking spirit, trying to wrap the arbitrators around their fingers en passant: good eye contact, moderately supportive gestures and an eloquent use of the voice, these elements make the winner. Only today there was none, the four fighters neutralised each other and were allowed to split the prize money between them.
Vis Moot Court — The first Trial Run at Prager Dreifuss in 2024
"While we're here, we might as well resolve two disputes, right?" This is one of the arguments put forward by the Claimant SensorX plc, represented by Marko Savkovic (procedural issues) and Niklas Graefen (substantive issues) of the University of St. Gallen. "To the contrary, the two transactions have nothing to do with each other, the second request is not covered by the arbitration clause!", is the reply of the Respondent, Visionic Ltd, represented by Nathalie Kneisel (procedural issues) and Giovanni Giusti (substantive issues) of the University of Zurich.
And then there's this: a hacker used a spoof e-mail to divert USD 38 million from Visionic, which believed it had paid this to its seller, SensorX. Visionic had ordered sensors for cars in this amount, SensorX had delivered them and was therefore expecting payment. In its defence, Visionic accuses its business partner of being partly to blame for the dilemma, since the hacker was only able to create the detailed fraudulent spoof e-mail after a successful cyber-attack on SensorX. SensorX had kept quiet about the attack, leaving Visionic in the dark and transferring the money to the hacker's account.
The arbitration tribunal – the Prager Dreifuss lawyers Marcel Frey (chairman), Gion Jegher and Bernhard Lauterburg – noted that both parties had not given sufficient attention to the cyber risks. Who will win this dispute? Based on the more convincing oral presentation, the St. Gallen team walked away with a slim lead, with the debate continiuing into the reception that followed.
The right to appeal for reasons of recusal – The Federal Tribunal maintains a strict approach
Marcel Frey and Bernhard Lauterburg discuss a recent Federal Tribunal decision on the parties' duty of care in arbitration proceedings. The Federal Supreme Court clarified its case law on the extinguishing of grounds to challenge arbitrators. This is the case if the grounds for challenge could have been discovered in good time by applying due diligence and could have been asserted during the arbitration proceedings. This requires the parties to carry out extensive research of publicly available information on the arbitrators.
The right to appeal for reasons of recusal – The Federal Tribunal maintains a strict approach
A) Introduction
In its decision of September 11, 2023, the highest Swiss court, ...
Two new partners at Prager Dreifuss
We have welcomed Dr Andrea Stäubli and Mark Meili to our partnership as of 1 January 2024. Congratulations on your election.
Andrea Stäubli completed her legal education at the University of Zurich in 2009 with a lic. iur degree and obtained her doctorate in insurance law in 2019. She was awarded the Pri...
Globalisation reaches the Zurich Commercial Court
International civil proceedings can soon be conducted in English in Zurich. (PDF in German)
For many years, Switzerland has enjoyed an excellent reputation as a centre for the settlement of international private law disputes. These are often resolved in the form of arbitr...
The country-specific Q&A gives a structured overview of the key practical issues concerning dispute resolution in Switzerland, including court procedures; fees and funding; interim...
Prager Dreifuss advised investment fund Attestor in relation to a complex, innovative, and multi-jurisdictional EUR 450m facility entered into by an Attestor managed Irish special ...
Arbitration Procedures and Practices in Switzerland: Overview
The country-specific Q&A guide provides a structured overview of the key practical issues concerning arbitration in this jurisdiction, including any mandatory provisions and default rules applicable under Swiss law, confidentiality, local courts' role to assist arbitration, enforcement of awards and the available remedies, both final and interim, and the new provision giving companies the option of subjecting corporate disputes to arbitral proceedings.
Commentary on Title 9 of the Swiss Code of Civil Procedure (art. 124-149)
It gives us great pleasure to congratulate our lawyers Reto M. Jenny and Mike Abegg on the publication of their commentary on Title 9 of the Swiss Code of Civil Procedure (art. 124-149) in the third edition of the Orell Füssli Commentary. The new edition is now available. Well done!
Winner - Mondaq Thought Leadership Awards, Autumn 2023
Prager Dreifuss is proud to announce that our colleagues Andrea Schütz, Christian Schönfeld and Marcel Frey have been recognised by Mondaq as thought leaders in the area of Food, Drugs, Healthcare and Life Sciences in Switzerland in its autumn 2023 awards.
The Mondaq award showcases top authors and co-authors based on total readership for the previous six months, showing an overall award winner across a number of countries and separa...
Getting The Deal Through: Joint Ventures 2024 – Switzerland
In this article of Getting The Deal Through, Daniel Hayek and Mark Meili outline the statutory framework for joint ventures in Switzerland and discuss current trends in this area.
In this article of Getting The Deal Through, Daniel Hayek and Mark Meili outline the statutory framework for joint ventures in Switzerland and discuss current trends in this area. ...
IFLR - Switzerland: updated legislation for internal investigations at banks and financial services providers
Urs Feller and Marcel Frey analyse the implications of a revision to the Swiss Civil Procedure Code with relation to the legal privilege for in-house counsel during internal investigations from a civil and criminal procedure point of view.
Urs Feller and Marcel Frey analyse the possible implications of the inclusion of inhouse counsel under the scope of client-attorney privilege and what the Civil Procedure Code amen...
The Insolvency Review 2023: Switzerland
Daniel Hayek and Mark Meili published the Swiss chapter in the latest edition of The Insolvency Review. In this chapter, the authors give an overview of the distinctive features of Swiss insolvency laws and explain which new duties arise for boards of directors according to the revised Swiss company law.
The long race of Caster Semenya: European Court for Human Rights chides Swiss Federal Supreme Court
Marcel Frey and Sapphire Graham discuss a recent Federal Supreme Court and an ensuing European Human Rights Court decision on the eligibility to compete of the Olympic middle-distance athlete Caster Semenya.
The Swiss Federal Supreme Court in the summer of 2020 had decided that the award by the Court for Arbitration for Sport on the complaint by the middle distance runner Caster Semeny...
Is the GDPR applicable to my Swiss company?
Even weeks after the new data protection law came into force in Switzerland, many companies still lack orientation. The extensive scope of the GDPR can be confusing when compared to the Swiss Data Protection Act (DPA), but it is worth clarifying this in detail.
The implementation of Swiss data protection law is less complex than the implementation of the GDPR, and the sanctions are also significantly milder than if the GDPR is also applicable, under which the consequences of non-compliance can be significantly more serious. The following overview is intended to provide support in this regard:
There are two important points that every company should clarify if it processes personal data and wants to assess whether the GDPR of the European Union applies:
- Does a bran...
The Restructuring Review 2023: Switzerland
In the latest issue of "The Restructuring Review", Daniel Hayek and Mark Meili provide an overview of the special features of Swiss restructuring law.
Interruption of Limitation Period by Request for Conciliation in «wrong» Currency
Interruption of Limitation Period by Request for Conciliation in "wrong" Currency, ZZZ 62/2023 p. 194 ff.
The Waiver of the Prescription Defence
The Waiver of the Prescription Defence
Secretariat of Competition Commission advises on notification obligation following changes of shareholder agreement
Under the Swiss Cartel Act, a notification of planned concentrations is required if the relevant turnover thresholds pursuant to article 9(1) of the Cartel Act are met.
Revised Data Protection Act is in effect today
On September 1, 2023, the revised Data Protection Act will come into force. With the accompanying media coverage, many companies are noticing that they have not yet adapted their contracts and processes. Time to quickly get an overview.
Prager Dreifuss currently receives many inquiries on data protection issues. The new Data Protection Act can potentially affect all processes in companies, from startups to establi...
Shhh! We travel to Appenzell
Our annual event, the whole office flies out.
This time it hit Appenzell. More than fifty employees of Prager Dreifuss went out to uncover the secret of Appenzell cheese.
Well, we didn't quite succeed, but we did experience a lot of beautiful things: a tour through the small town of Appenzell with its unique architecture, especially charming: the Löwen drugstore. In addition, culture also for spoiled people like our partner Gion Jegher, who for once swappped the grand piano with the traditional Hackbrett.
Our subsequent hike takes us to the most beautiful places, from Ebenalp adventurously down to the world famous restaurant Aescher and from there to the picturesque Seealpsee. In the evening, we enjoyed the well-deserved aperitif on top of the Säntis, which gave us a breathtaking view with dramatic thunderclouds. Luckily the big rain spared us and we could enjoy the evening. For some it got late, but if you work hard....
Finally, on Saturday, an exciting talk about the current state of data science. The topic Artifical Intelligence and Machine Learning inspired us all and we saw lively discussions.
We are already looking forward to the next trip! Where shall we go in 2024?
Corporate succession planing
In this issue of Prestige Business, Mark Meili and Markus Seglias discuss corporate succession planning and what legal and tax issues need to be considered.
Mark Meili, together with Alice Guldimann, provides an overview of the most important changes of the new data protection law coming into force on September 1, 2023 and its practica...
Who's Who Legal ranks our Insurance Team as “Global Leaders”
Four Prager Dreisfuss attorneys are ranked in the Insurance and Reinsurance rankings of Who's Who Legal
The continued success of Prager Dreifuss in the insurance and reinsurance industry is reflected in nominations by Who's Who Legal for four Prager Dreifuss at...
EU Cartel Policy Enforcement: Challenges and Responses
This article highlights recent EU cartel policy and enforcement developments. Section II provides an overview of the Commission’s main achievements during 2021–2022, in light of a partly changed enforcement framework. Section III reviews selected cartel policy and enforcement issues. Finally, Section IV provides a summary and a brief outlook.
By Maria Jaspers, Oliver Jany in: JECLAP, Vol.14, Issue 6, p. 372–378, 2023
For internationally active companies, continuing their business in Russia is a balancing act.
The drastic sanctions imposed by Switzerland mean considerable additional work, especially in the area of compliance
In response to Russia's invasion of Ukraine on 24 February 2022, the European Union significantly expanded its sanctions against Russia. In essence, they have already been in place...
Marktuntersuchungen als neues Instrument für Wettbewerbsbehörden?
In numerous sectors, especially in the digital economy, market concentration has steadily increased in recent years and is rarely challenged by competitors. Existing competition laws have also done little to make digital markets more contestable. This article shows that market investigations can enable competition authorities to improve competitive conditions in digital markets. It assesses the use of market investigations in those jurisdictions that provide for them, explains their role in the digital economy, and discusses how market investigations might usefully be designed
Securing your Legacy: Best Practices for a Successful Exit and the Life Afterweard
On the topic of exit strategy, the Zurich Chapter of the Entrepreneur's Organization hosted an exciting and worthwhile panel discussion for its members on May 11 at the offices of Bank Pictet. Our Associated Partner Guy Deillon represented Prager Dreifuss on the panel and provided information on the specific legal situation, including due diligence.
Next to him, experienced exiteers gave information about their cases: Elian Kool, Co-Founder of Netcentric (Exit 2017 to Cognizant) and Andy Schwarzenbach, Co-Founder of HITZBERGER (Exit 2017 to Migros). Jeremias Meier, Founder of Bexio AG (Exit 2018 to Mobiliar) moderated the subsequent discussion. Christian Binz from Pictet Wealth Management contributed the banking and investment perspective.
Swiss Startup Association x Prager Dreifuss: Are you ready for the revised Swiss Data Protection Act?
The new Data Protection Act and Ordinance will come into force on September 1, 2023. What does this mean for entrepreneurs and companies in Switzerland?
On May 16, our attorneys Dr. Rahel Nedi and Dr. Christian Schönfeld presented the essentials as part of a training event of the Swiss Startup Association at our premises.
Rahel and Christian explained the rights of the data subject on the one hand and the obligations of the data controllers and processors on the other. They also talked about data transfers, upcoming challenges, important terms and definitions to be aware of and much more.
After the presentation, there was a lively exchange of ideas over an evening aperitif. We would like to thank the Swiss Startup Association for organizing the event and all the startups that were guests of Prager Dreifuss that evening.
Peut-on encore planifier la succession médicale?
Admission AOS En raison des nouvelles restrictions d’admission des médecins, il devient plus difficile de reprendre un cabinet médical. Qui souhaite acheter ou vendre un cabinet ne devrait pas régler le transfert du numéro RCC, mais celui de l’admission AOS. Il appartient aux cantons de décider si et comment les admissions AOS peuvent être transférées. Un aperçu de la situation juridique actuelle.
Amendment of the Swiss Civil Procedure Code
Urs Feller and Marcel Frey discuss the new provision on the privilege of inhouse counsel that will come into effect with the amendment of the Swiss Civil Procedure Code. In the article, they analyse the prerequisites that need to exist for inhouse counsel to invoke confidentiality and what effects this may have on compliance.
Chambers Europe 2023 Switzerland – Statutory Arbitration Clauses Under the New Swiss Corporate Law
Urs Feller and Martin Heisch have published the Swiss chapter in the 2023 edition of the Chambers Europe practice area overview on litigation. The article focuses on the newly adopted article 697n of the revised Swiss Code of Obligations, which expressly allows Swiss corporations to include arbitration clauses in their articles of association. From a litigation perspective, this is a key element of the revised Swiss corporate law. Besides providing an overview of the main features of the new law, the authors also discuss the extent to which statutory arbitration clauses may contribute to a more efficient enforcement of corporate law matters.
Premiere of the UZH Law Firm Day
Premiere of the UZH Law Firm Day at the Faculty of Law on Rämistrasse: At the invitation of the Ius Alumni Association, around twenty law firms presented themselves and the career paths in the legal profession.
Verena Morscher, Rahel Nedi, Lydia Buchser and Marcel Frey from Prager Dreifuss had intensive conversations with many law students – and were pleased about the lively interest in the profession. An important topic: How does an internship at Prager Dreifuss work, what experience can one gain as a trainee? More information is available here.
Many thanks to the motivated participants and to Homburger colleague Jürg Frick for the smooth organisation.
Legal 500 Top Tier Ranking for our Insurance Team
Prager Dreifuss' insurance team is described as "highly skilled and very dedicated". According to Legal 500, it belongs to the "Top Tier" category of Swiss insurance lawyers.
Legal 500 describes Prager Dreifuss' insurance team as follows:
"Prager Dreifuss AG‘s insurance team, regarded as a ‘highly skilled and very dedicated tea...
UBS - Secure competition
Guest commentary by Marino Baldi and Felix Schraner. Marino Baldi is Of Counsel at Prager Dreifuss; Felix Schraner is Partner at Ixar Legal AG.
On 19 March 2023, UBS took over Credit Suisse at the behest of the Federal Council. This was done to protect the Swiss financial system. The result was a banking colossus whose bal...
Need for instruments against a bank run
An American law professor makes a proposal on how a withdrawal in panic of bank deposits could be curbed
With the fall of Credit Suisse, a new term emerged in the public opinion - "bank run". The term refers to what happens when many bank customers or financial institutions withdraw t...
INDEPTH FEATURE: Financier Worldwide: Bankruptcy & Restructuring 2023
In the 2023 edition of the InDepth Feature: Bankruptcy & Restructuring, Daniel Hayek and Mark Meili provide an overview of the current economic situation in Switzerland and the latest trends in bankruptcy and restructuring. The authors examine how the merger between UBS and Credit Suisse may have prevented a major bankruptcy. Finally, Daniel Hayek and Mark Meili discuss their expectations on how restructuring and bankruptcy activity in Switzerland will unfold for the remainder of the year.
Open questions in connection with the takeover of Credit Suisse by UBS
On the evening of 19 March 2023, the Federal Council, accompanied by representatives of the Swiss National Bank and the Swiss Financial Market Supervisory Authority (FINMA), as well as the respective chairmen of the boards of directors of UBS and Credit Suisse, announced the takeover of Credit Suisse by UBS in the form of a statutory merger of the two entities, with a merger ratio of 22.48 Credit Suisse shares to 1 UBS share.
The Federal Council has taken two important decisions under emergency law (Art. 184 para. 3 and Art. 185 para. 3 of the Swiss Constitution), which deviate from existing federal law. The first, which has been widely publicized, is the suppression of the rights of the shareholders of Credit Suisse and UBS to approve the merger. The second, which initially went unnoticed, is the full write-off of additional equity capital (AT1) of Credit Suisse in the amount of 16 billion Swiss francs.
These decisions, along with other measures to stabilize the markets, were published in the Official Compilation of Swiss Laws on 20 March 2023 in a so-called Ordinance on additional liquidity assistance loans and the provision of default risk guarantees by the Confederation for liquidity assistance loans from the Swiss National Bank to systemically important banks (hereinafter the CS-UBS Ordinance), and an explanatory report was published by the Federal Council.
Write-off of Additional Equity Capital (AT1)
According to the Capital Adequacy Ordinance, the capital taken into account is composed of Tier 1 capital and Tier 2 capital. The co...
Vis Moot Court — Second Trial Run at Prager Dreifuss
The second Moot Court practice run this year at Prager Dreifuss! On 17 March 2023, there was another encounter before the arbitral tribunal, the case was the same. The hearing began with the respondent — state-owned Equatoriana Geoscience Ltd — represented by Tsagaanlkham Badamkhand (procedural issues) and Iphigénie Carbonel (substantive issues) from the University of Basel. Respondent presented convincing and well-argued points against the jurisdiction of the tribunal.
The claimant—drone manufacturer Drone Eye plc—was represented by Perla Bachmann (procedural issues) and Anaïs Frischknecht (substantive issues) from the University of Zurich. Counsel for claimant also argued in the very best English, already the briefs submitted by the parties were of the highest standard. The debate turned – inter alia – on the question what qualifies as an aircraft and is therefore excluded from the scope of the applicable treaty on international sales of goods (CISG). The students researched thoroughly the jurisprudence available, assessing decisions on hot air balloons, submarines and used cars.
In the end, the team from the University of Zurich, with its good arguments and convincing presentation, was able to secure a narrow advantage with arbitral tribunal. The arbitration panel consisted of Marcel Frey as chairman and the two party-nominated arbitrators Gion Jegher and Bernhard Lauterburg. We wish both teams every success in the competition!
The International Comparative Legal Guide: Project Finance 2023 Switzerland
In the 2023 edition of the International Comparative Legal Guide to Project Finance, Daniel Hayek and Mark Meili discuss common issues in project finance laws and regulations in Switzerland – including security, bankruptcy, restrictions on investments, insurance and arbitration.
Vis Moot Court — Trial Run at Prager Dreifuss
Finally, another student showdown on the 6th floor at Prager Dreifuss! On 8 March 2023, the claimant, drone manufacturer Drone Eye plc, represented by Filippo Börner (procedural issues) and Manuel Constam (substantive issues) from the University of St. Gallen, attended the oral hearing in the arbitral proceedings against respondent, state-owned company Equatoriana Geoscience Ltd, represented by Julia Bischof (procedural issues) and Alex Brückler (substantive issues) from the University of Bern.
In substance, claimant wants to be awarded damages under the purchase and supply agreement for 6 reconnaissance aircraft which it concluded with respondent. However, allegations of corruption, fraud and misrepresentation as well as dubious machinations play an important role alongside questions of jurisdiction and applicable law. The St. Gallen team displayed good file knowledge and communicated well. The students from Bern counterpunched with solid technical details on the purchase objects and valiantly countered the barrage of questions by the tribunal.
Well done! But you can always learn something new. The party representatives were able to take home some valuable input from the arbitrators, who could not come to a unanimous finding and decided to split the prize money equally among both contesting teams.
IFLR: Developments in the management of climate risks in Switzerland
FINMA has recently issued new guidance, FINMA Guidance 01/2023, drawing attention to relevant developments in the area of climate-related financial risk management. In the Guidance, FINMA reiterates its expectation for financial institutions to establish an appropriate climate risk management framework based on recognised practices. Guy Deillon of Prager Dreifuss considers the new FINMA Guidance and its impact on financial institutions.
Lunch is ready
Tuesday, half past twelve. A surprising highlight for newcomers at Prager Dreifuss: we're not just good at law, we're also good at food. Twice a month, the team meets for lunch in the cafeteria on the 6th floor
The menu choice is wide and varies from week to week: Asian, vegetarian/vegan, Lebanese, Italian and much more is on the menu.
Today I caught the Italian week and opted for the lasagne - fine béchamel mince filling, two-coloured pasta and perfectly gratinated with a slightly crispy cheese topping. Yummie!
But I also left some room for the scaloppine al limone. The meat is very tender, the sauce is convincing with a subtle acidity - not too much and perfectly balanced with the rice.
"We are small enough for individual and personal dialogue at all levels": this part of our mission statement is also put into practice here. And this collegial appreciation doesn't stop at the dishwasher, where our partners also clear their plates themselves, of course. Our mood at lunch is always relaxed, as we can also discuss things other than mandates and clients.
The only downer at lunch is that the interior and ambience are not like a grotto in Ticino - after all, the room also has to be a trap at specialist legal events. And it often does.
INDEPTH FEATURE: Commercial Arbitration 2023 – Switzerland
Reto M. Jenny and Marcel Frey published the Swiss chapter in the latest edition of "InDepth Feature: Commercial Arbitration". In this chapter, the authors give an overview of the distinctive features of arbitration in Switzerland and of current developments.
Lawyer Monthly March 2023: Overcoming international debt collection in Switzerland
In this article, Marcel Frey discusses the technicalities and hurdles a creditor may experience when enforcing a claim against a Swiss party or against assets located in Switzerland and how best to deal with them.
GCR Class Actions Hub 2023 Switzerland: Class actions – litigation, policy and latest developments
Urs Feller and Martin Heisch have published the Swiss chapter in the 2023 edition of the GCR Class Actions Hub. In this chapter, the authors provide an overview of the collective redress tools that are particularly relevant in a competition law context. A special focus is placed on the current state of the political debate on the introduction of new collective redress mechanisms in Switzerland. Finally, the authors discuss the legislative amendments recently proposed by the Federal Council from a litigation perspective.
Switzerland to Introduce a Legislation on Foreign Direct Investments
Switzerland is internationally recognized as a leading hub for successful enterprises in the areas of research, development and technology. Hundreds of thousands of SMEs and group companies contribute to Switzerland topping the WIPO Global Innovation Index as the world’s most innovative country. This success attracts many foreign investors and foreign direct investments currently amount to around 1,216 billion Swiss Francs (as of 2020). The parliament now seeks to regulate foreign direct investments.
In March 2020, the Swiss parliament adopted the Rieder Motion regarding "Protection of the Swiss Economy Through Investment Controls" and instructed the Swiss Federal Council to dr...
Switzerland in the UN Security Council as of 1 January 2023
As of 1 January 2023, Switzerland will be a non-permanent member of the Security Council of the United Nations ("UN") for the next two years. Pascale Baeriswyl, Swiss representative to the United Nations, will sit with the UN diplomats of the member states of the Council at the UN Headquarters in New York almost daily to discus humanitarian and political developments. But what does this mean and what chances and difficulties does this prestigious mandate entail for Switzerland?
The UN Security Council and its Role
The Security Council is one the UN’s six principal organs and is made up of 15 member states. Five seats are reserved for its permanent memb...
How companies sue states
Enforcing claims requires staying power.
Switzerland is one of the ten countries with the highest proportion of direct investments abroad worldwide. Investments are only made after careful consideration and also depend on...
Remote Hearing of Swiss Witnesses in International Civil Procedures – Changes on the Legislative Horizon
Urs Feller and Marcel Frey present the recent proposals by the Swiss Federal Office of Justice and Police to introduce in the future the possibility of digital witness interrogations of Swiss resident parties in civil proceedings. Hitherto burdened with the need to obtain administrative consent by means of legal assistance requests, the amendment would do away with the need for prior approval, putting in its place a mere notification requirement, this in the hope of simplifying civil litigation going forward.
The global pandemic has firmly thrust the Swiss litigation scene into the 21st century. In future, if things go according to the government's plans, Swiss resident witnesses will s...
Journal HAVE (Liability and Insurance) 4/2022
In this year's fourth edition of the journal "HAVE", Mike Abegg provides an overview of the legal position of the injured party vis-à-vis the liability insurer.
Among other things, the author discusses substantive and procedural aspects of the injured party's newly created general direct right of claim against the liability insurer and the...
The Insurance Disputes Law Review 2022: Switzerland
Christian Casanova and Martin Heisch have published the Swiss chapter in the fifth edition of "The Insurance Disputes Law Review". In this chapter, the authors provide an overview on topics and developments that are likely to have a substantial impact on insurance disputes in both international and domestic litigation. With regard to the amendment to the Swiss Insurance Contracts Act, the authors discuss the most important litigation-relevant issues such as the introduction of a direct right of claim for liability insurance or changes in the recourse and subrogation regime. A special focus is placed on the latest judgment of the Swiss Federal Supreme Court rejecting insurance coverage for business shutdown losses due to the covid-19 pandemic.
Revision of inheritance law and company succession
In the latest issue of "UnternehmerZeitung", Mark Meili provides an overview of the revision of Swiss inheritance law and its effects on company succession.
Settle the succession already during lifetime
In the current issue of the "Hotellerie Gastronomie Zeitung" Mark Meili elaborates on the revision of Swiss inheritance law and what problems arise in the context of company succession.
The Insolvency Review 2022: Switzerland
Daniel Hayek and Mark Meili published the Swiss chapter in the latest edition of The Insolvency Review. In this chapter, the authors give an overview of the distinctive features of Swiss insolvency laws and explain why the number of bankruptcies has started to increase despite the financial measures taken by the Swiss government in connection with the covid-19 crisis.
Winter internships at Prager Dreifuss
The popular summer internship at Prager Dreifuss gets an ice-cold counterpart.
Due to the high demand for internships and the valuable experience of working with motivated students, we have decided to expand our offer and to provide several internships for la...
Getting The Deal Through: Joint Ventures 2023 – Switzerland
In this article of Getting The Deal Through, Daniel Hayek and Mark Meili outline the statutory framework for joint ventures in Switzerland and discuss current trends in this area.
GCR Life Sciences - Switzerland
A stable and comprehensible legal framework is of great importance, not only in crisis situations, but in general. Legal uncertainties are poison for the supply of a country with important medical goods. The life sciences sector has so far not raised any major competition law issues in Switzerland. Yet, recent jurisprudence as well as enacted and planned legislative amendments are not free of contradictions and ambiguities. The lack of an update of the Mutual Recognition Agreement and the related status of Switzerland as a third country vis-à-vis the EU brought additional uncertainties. The authors provide an overview of the current regulatory environment and discuss the implications of planned legislative changes.
Rising Star 2022 for Corporate/M&A/Private Equity by IFLR/Euromoneys Expert Guides
We are delighted to announce that our Counsel Mark Meili has been named a Rising Star 2022 for Corporate/M&A/Private Equity by IFLR/Euromoney's Expert Guides.
The Expert Guides classify rising stars as recently appointed partners, counsels and senior associates under 40 who have already been recognised for their work in the background of...
Corporate restructuring under revised Swiss company law
The revised Swiss company law will enter into force on January 1, 2023. Daniel Hayek and Mark Meili explain the consequences of changes to Swiss company law in relation to corporate restructuring, and how shareholders and lenders involved in company restructures can protect their interests before and after January 1, 2023.
Daniel Hayek and Mark Meili of Prager Dreifuss explain the consequences of changes to Swiss company law, and how shareholders and lenders involved in company res...
Dr. Christoph Graber in ExpertGuides - Best of the Best 2022
Welcome to the 2022 edition of the Best of the Best Global Expert Guide. The guide, the leading international publication in this field, lists the top 30 legal practitioners in 15 areas of law in the world.
The guide recognizes those individual practitioners who have received the highest and most consistent praise from their peers and clients during the Expert Guides research process ...
Companies are increasingly exposed to cyberattacks
Insurance against cyber risks is the responsibility of the Board of Directors.
The threat posed by cyberattacks has increased significantly in the last few years. This is shown by a recently published survey by the industry association Swissmem, according to ...
IoT and data protection - challenge and opportunity
The "Internet of Things" (IoT) causes our private life to increasingly become part of the Internet. Nevertheless, many IoT applications do not meet the requirements of data protection law. In this publication, the authors Dr Andrea Schütz and Dr Christian Schönfeld illustrate that data protection law is not just a regulatory hurdle, but can also be used as a potential competitive advantage.
Medical Devices & Consumer Health Products 2022: A Chambers Global Practice Guide Publication
After Switzerland's designation as a "third country" by the EU, the Swiss medtech industry faces two existential challenges. On the one hand, it must ensure the sustainable supply of medical devices to the Swiss population. On the other hand, it must maintain the competitiveness and innovative strength of Switzerland in the global medical market. This article illustrates the challenges but also the opportunities for the Swiss and foreign medtech industry related to the "third country" status of Switzerland.
Strafrecht und Demokratie, (Hrsg)
9. Symposium des Jungen Strafrechts, Zürich 2022, Dieke, Nomos, 2023.
Company succession and Generation Z
Sale to a private equity fund should be considered in succession planning.
From the Middle Ages until the middle of the 19th century, succession was governed by the so-called right of primogeniture. According to this, the eldest son of the family was favo...
The Restructuring Review 2022: Switzerland
In the latest issue of "The Restructuring Review", Daniel Hayek and Mark Meili provide an overview of the special features of Swiss restructuring law.
Prager Dreifuss Newsletter - Effects of the case law of the Supreme Court (FL) on third party protection in business transactions with legal entities based in the Principality of Liechtenstein
A ruling by the Supreme Court of the Principality of Liechtenstein (Supreme Court), dated 4 February 2022 (CG.2018.269) is relevant for Swiss banks. The ruling – in its effect – reduces the protection of third parties in business transactions to a large extent. This article discusses the significance of this new case law and points out possible adverse consequences for Swiss financial institutions when entering into a client relationship with legal entities based in the Principality of Liechtenstein
Out now: The Absent Opera Singer and Other Short Stories
Thirty exciting short stories for witty lawyers available from Schulthess Publisher.
Had enough of Sudoku and crossword puzzles? Here is the alternative for law students and legal practitioners: Prager Dreifuss partner Dr. Gion Jegher just published the fourth edition of the popular case collection on international private law.
Thirty exciting short stories cover the whole spectrum of international private law. The solutions, methodological tips for case handling and a detailed index provide readers with valuable support in dealing with complex conflict of laws issues. Relevant provisions of foreign law can be found in the separate appendix.
The well-proven concept has been revised and supplemented for this new edition. The cases are now arranged in thematic order and indicate their degree of difficulty. The two authors, Dr. Gion Jegher and Prof. Dr. Corinne Widmer Lüchinger (University of Basel), have revised the 25 cases of the previous edition and brought them up to date. Five new cases have been added.
All thirty cases are accompanied once again by brilliant illustrations of artist Thomas Ott. The book is highly valuable for both students and legal practitioners.
You can order the book (in German & PrintPlu§) directly from the publisher.
Prager Dreifuss AG is advising Attestor Limited and Trinity Investments DAC („Attestor“) in connection with the acquisition of the listed car-rental service Europcar Mobility Group...
GAR Know-How Litigation: Swiss Chapter
In the latest version of "GAR Know-How Litigation" Dr. Reto M. Jenny and Lukas Strickler provide an overview of the civil litigation system in Switzerland.
The Swiss Insurance Contract Act – English translation published by Schulthess Publishing House
As a result of the partial revision that entered into force on 1 January 2022, the Swiss Insurance Contract Act has undergone some significant modifications. The present edition of the Act, which includes an English translation and a bilingual introduction to the structure and the systematics of the Act, is intended to provide insurance contract law practitioners a swift access to the legal provisions.
Prager Dreifuss joins SEF.Growth networking lunch
The networking lunch at SEF.Growth on 16 June gave our Startup Team the opportunity to take the pulse of many startups. The current tense economic climate also raises new questions for our committed young entrepreneurs. While the Corona pandemic just seems to pause the central banks and the events in Eastern Europe turn many business premises upside down.
As a knowledge partner of the Swiss Economic Forum initiative SEF.Growth, Prager Dreifuss is a sparring partner for start-ups in all legal matters. Our motivated team consists of experienced lawyers who promptly develop the right solutions for the needs and concerns of this special target group.
The new trust law put to the test
The Swiss government is drafting a trust under Swiss law. It must improve the tax consequences. Full article available in German.
News on short-time working
The Swiss Federal Supreme Court recently ruled that companies received too little short-time working compensation for employees on monthly wages. In the current issue of the Hotellerie Gastronomie Zeitung Mark Meili explains what to bear in mind in the case of claims for restitution.
The International Comparative Legal Guide: Project Finance 2022 Switzerland
In the 2022 edition of the International Comparative Legal Guide to Project Finance, Daniel Hayek and Mark Meili discuss common issues in project finance laws and regulations in Switzerland – including security, bankruptcy, restrictions on investments, insurance and arbitration
Tax consequences of restructuring of pension fund assets
1. Introduction
Various federal legal laws encourage saving in the form of occupational pension plans. In this context, not only the paying-in professionals benefit from tax advantages, but also the pension funds which do not pay taxes on their profits. Until now, the tax consequences of pension fund restructurings were largely unclear. Many transactions had to be secured in advance with the tax authorities through rulings. Now, the Federal Supreme Court has provided clarity in one area.
2. Real estate gains taxes in case of restructuring of pension fund assets (Judgement of the Federal Supreme Court 2C_380/2021 of February 28, 2022)
a. Facts
The purpose of Pe...
Liquidity problems because of Corona loans?
The repayment of due Corona loans can put companies in existential distress. In the 12 May 2022 issue of Neue Zürcher Zeitung, Daniel Hayek and Mark Meili discuss the problem of liquidity shortages and how it relates to the new restructuring law. In particular, it is shown how a liability of the responsible bodies can be avoided. Full article available in German.
Collective Redress – Switzerland keeps up with European developments
I. Introduction
In the recent past, "class actions" have been one of the prime topics discussed in Swiss civil procedure. The core of the debate is about whether – and if yes, to what extent – representative litigation mechanisms should be adopted in the Swiss Code of Civil Procedure (CPC), in order to ensure effective access to justice for persons affected by mass damages.
Meanwhile, in the European Union the Collective Redress Directive came into force on 24 December 2020. Member states of the European Union have to transpose the EU Directive into their national laws by 25 December 2022 and apply those measures from 25 June 2023 onwards. Legislative procedures are currently underway in the member states to implement the EU Directive.
In line with the recent developments in the European Union, the Swiss Federal Council has sought to facilitate the assertion of mass damage claims by broadening the scope of the (traditional) association claim as well as by introducing new collective redress mechanisms. On 10 December 2021, the message on the draft legislation was issued. The following article provides an overview of the most important amendments proposed.
II. Revision of the (traditional) association claim (art. 89 CPC)
Under current law, the association claim, as enshrined in art. 89 CPC, provides for a representative litigation tool. Pursuant to this provision, associations and other organisations of national or regional importance that are authorised by their articles of association to safeguard the interests of their members are – in specific cases – allowed to bring claims in their own name on behalf of those members. However, despite being praised in the 2006 message on the unified Swiss Code of Civil Procedure as a class action-like mechanism, the association claim has thus far proved toothless in practice. The lack of practical importance is attributable to multiple reasons: not only are association claims currently limited to violations of the personality rights of the members of the group, but remedies are limited as associations can only request that (i) a threatened violation be prohibited, (ii) an existing violation be ceased or that (iii) a violation that continues to have a disturbing effect be declared unlawful. By contrast, monetary claims are not admissible. Moreover, only associations of Swiss or regional importance can make use of this tool.
The draft now aims to strengthen the practical impact of the association claim by broadening its scope of application in several respects. Most importantly, the current limitation to violations of personality rights is to be abolished by opening the scope of application to the enforcement of all violations of rights. In future, association claims thus might be brought in a broad range of substantive areas, such as financial services, antitrust, unfair competition, data protection, product liability and telecommunication, with the aim of making collective redress more uniformly available. In this respect, the proposal goes even further than the EU Directive, which only covers consumer protection.
The requirements are defined more clearly with associations and organisations being entitled to bring a claim in their own name if they:
• are not profit-oriented (indicating that the Federal Council has in mind associations according to art. 60 ff. Swiss Civil Code and foundations according to art. 80 Swiss Civil Code rather than commercial organisations to act as potential claimants);
• have existed for at least twelve months (and are thus not only established ad hoc on a short-term basis);
• are authorised by their articles of association or bylaws to safeguard the interests of the affected persons and
• are independent of the defendant (which under the EU Directive is also a key element, see art. 4 para 3 lit. e EU Directive).
As is the case under current law, the association claim is available for claims for injunctive relief, removal or for declaration of unlawfulness of a violation, whereby in the latter case, the claim does no longer depend on any additional special interest in a declaratory judgment (art. 89 para. 2 Draft CPC). In particular, it would not be necessary that an alleged violation continues to have a disturbing effect, which in the past has already led courts not to admit association claims. In addition, a new paragraph 3 would explicitly provide for an option to request notification to third parties or publication of a court's decision.
III. New association claim to assert damage compensation claims
In addition to strengthening the existing association claim (art. 89 CPC), the draft provides for a separate association claim to assert damage compensation claims (art. 307b et seq. Draft CPC). This "reparatory" association claim is intended to allow the assertion of monetary claims, in particular in cases involving mass damages.
According to the draft, associations or organisations may bring claims in their own name and at their own risk but on behalf of the individuals they represent (art. 307b Draft CPC). The affected persons must either have previously authorised the association to bring an action on their behalf or joined the action after it has been admitted (art. 307d Draft CPC). Persons not directly forming part of the claim are not bound by any judgment in connection with the association claim, even if they have faced a similar type of damage. Accordingly, the proposal is based on the so-called opt-in principle, according to which only persons who have explicitly given their consent to the action are covered by the legal force of the judgment.
The filing of a "reparatory" association claim is permissible under the following conditions:
• The association or organisation is entitled to bring an association claim either under art. 89 Draft CPC or under a special legal provision, such as the Swiss Workers’ Participation Act, the Unfair Competition Act, the Trademark Protection Act or under the Gender Equality Act (art. 307b lit. a Draft CPC).
• The association or organisation has been authorised to bring a claim by at least ten affected persons in writing or in any other form allowing it to be evidenced by text (art. 307b Draft CPC). This is to ensure that an association claim can only be brought if a fairly large number of persons are actually affected. The authorisation requirement must already be met at the time the association claim is filed.
• The claims asserted are based on similar circumstances or legal grounds (art. 307b c Draft CPC). This requirement overlaps with the factual connection as required for the (voluntary) joinder of parties pursuant to art. 71 CPC and is intended to ensure that a bundled assertion of claims for damages is efficient and economical.
To sum up, the association claim provides for a true representative litigation tool to assert damage compensation. However, whether the association claim will also prove effective in small claims disputes – as is also envisaged by the Swiss Federal Council – is difficult to foretell. As mentioned above, the association claim is based on an opt-in principle and thus, in each case a separate authorisation by the affected persons is required.
IV. New collective settlement proceedings
Since experience has shown that a significant number of collective disputes are terminated by settlement, the Draft seeks to supplement the new association claim procedure with provisions allowing for collective settlements (art. 307h et seq. Draft CPC). Parts of the proposal are inspired by the Dutch model on collective settlement procedures which was adopted in July 2005 (Wet collectieve afwikkeling van massaschades, WCAM). With regard to theSwiss Federal Council's draft, a distinction can be made between (i) collective settlements in the context of an association claim and (ii) collective settlements without a preceding association claim. The key elements of the envisaged mechanisms are the following.
1. Collective settlements in the context of an association claim (art. 307h et seq. CPC)
Collective settlements may be reached in the context of an association claim. Also in that case, the settlement must be approved by the court, as the affected persons are not directly parties to the court proceedings. Consequently, the parties to the association claim, being the association or organisation itself on the one hand and the defendant on the other, must submit the settlement reached to the court for approval (art. 307h Draft CPC). The court approves the settlement if (art. 307j Draft CPC):
• The settlement reached is reasonable;
• if agreed by the parties, a minimum number or quota of affected persons bound by the settlement has been reached;
• the settlement does not violate mandatory law;
• the consequences of the costs are adequately regulated; and
• the interests of the persons affected by the settlement as a whole are adequately protected.
As a rule, the persons included in the settlement are those who have joinedthe association claim (art. 307h para. 1 Draft CPC). The bulk of settlements reached will therefore be based on an opt-in principle. However, in some specific cases and upon request by the parties, the court may extend the effects of the settlement to all persons affected by the violation who do not opt out within a period of at least three months after the publication of the settlement proposal in an electronic register (art. 307h para. 2 Draft CPC). In these cases, the group settlement would be of an opt-out nature. However, in order to avoid issues concerning due process or proper service, the extension will only be ordered to affected persons having their seat or domicile in Switzerland. In addition, it will be necessary that (i) the claims covered are of such low value that an individual claim would not be worthwhile (art. 307h para. 2 lit. a Draft CPC) and (ii) a significant number of the affected persons have not joined the association claim (art. 307h para. 2 lit. b Draft CPC). According to the Swiss Federal Council, the latter should always be the case if at least one third of the affected persons have not joined the claim.
2. Collective settlements without a preceding association claim (art. 307k et seq. CPC)
Moreover, the draft also provides for a collective settlement procedure without a preceding association claim (art. 307k Draft CPC). According to the message, the option to conclude a collective settlement should also be available without the parties having to introduce an association claim first. Here, the requirements are largely identical to those of the collective settlement in connection with an association claim as shown above. Collective settlements without a preceding association claim thus may only be negotiated by associations or organisations that are entitled to bring an association claim pursuant to art. 89 Draft CPC or under a special legal provision (art. 307k lit. a Draft CPC). Furthermore, the claims asserted must be based on similar circumstances or legal grounds (art. 307k lit. b Draft CPC). In contrast to a settlement reached in the context of an association claim, collective settlements without a preceding association claim are only permissible based on an opt-out-principle. Therefore, the claims covered must be of such low value that an individual claim would not be worthwhile (art. 307k lit. c Draft CPC). As regards the procedure, the provisions on collective settlements in the context of an association claim are applicable mutatis mutandis (art. 307l CPC). Consequently, also in the scope of collective settlements without a preceding association claim, the parties must submit the draft settlement to the court for approval (art. 307h et seq. CPC).
V. Outlook
By implementing new collective redress mechanisms, the Swiss Federal Council is keeping pace with the recent developments in the European Union. It is thereby fair to assume that the benefits to parties seeking an efficient and cost-effective way for the assertion of mass damage claims are likely to outweigh the potential risks generally associated with collective redress. Thus, for example, the opt-out-based collective settlement procedure may facilitate access to justice in cases where the assertion of claims on an individual basis would have failed because of cost-benefit reasons (rational apathy). Potential defendants could favour the option of collective settlements without a preceding association claim whereby due to the application of the opt-out principle all claims of potential claimants can be settled in one go. This provides for a final solution as well as legal certainty which is relevant for any business. However, the draft is likely to meet with some political opposition. It remains to be seen whether it will be enacted as intended by the Swiss Federal Council.
Financier Worldwide: Bankruptcy & Restructuring 2022
In the 2022 edition of the InDepth Feature: Bankruptcy & Restructuring, Daniel Hayek and Mark Meili provide an overview of the current economic situation in Switzerland and the latest trends in bankruptcy and restructuring. The authors also discuss their expectations on how restructuring and bankruptcy activity in Switzerland will unfold for the remainder of the year.
Vis Moot Court # 2 — Next Trial Run at Prager Dreifuss
On Wednesday, March 16, 2022, the second trial run hearing within a week took place at the Zurich office of Prager Dreifuss with counsel for claimant from the University of Zurich (Lara Langer and Hadjar Sbaih) and counsel for respondent from the University of Lucerne (Asia Ponti and Andrea Greub), this time “in personal attendance”.
Our attorneys Marcel Frey (chairman), Gion Jegher and Bernhard Lauterburg constituted the arbitration tribunal. They asked parties' counsel many challenging questions. The young law students gave detailed answers showing great command of the facts and the law. The tribunal was deeply impressed by the professional expertise of the four students. Its only advice to the new generation: More passion and less argument is sometimes more. The verdict in the end: a narrow win for Lucerne.
Who’s Who Legal Thought Leaders — Global Elite 2022
Christoph Graber is listed by Who's Who Legal as the only Swiss lawyer and one of only two continental Europeans in the "Thought Leaders - Global Elite 2022" list in the field of "Insurance and Reinsurance".
Vis Moot Court — Trial Run at Prager Dreifuss
Hybrid hearing with counsel for claimant from the University of St. Gallen (Damian Wyss and Jens Neese) and counsel for respondent from the University of Basel (Roger Reschek and Océane Kessler) on Monday, March 14, 2022, at the Zurich office of Prager Dreifuss:
A sudden withdrawal from an “in person” attendance by the Basel team due to a Covid contact issue challenged us to find an alternate setup for the hearing at short notice. Thanks to our IT hero Patrick Schmidhalter, we were able to prepare a hybrid courtroom with counsel for respondent (Basel) on screen and counsel for claimant (St. Gallen) in person. Our attorneys Marcel Frey (chairman), Gion Jegher and Bernhard Lauterburg formed the arbitral tribunal. They were deeply impressed by the technical language skills and the compelling arguments displayed by the four law students acting as counsel. While the St. Gallen team had a slight advantage in the room, the Basel team was credited with the digital disadvantage. The verdict at the end: a well-deserved draw.
New Tax Restructuring Regulation
The new practice on tax restructuring is only a partial success. Although the Swiss Federal Tax Administration has taken into account some new regulations in the interest of Swiss tax advisors and industry, unfortunately not all expectations have been met
The threat of supply deficits for medical devices in Switzerland
For a number of reasons, it is not certain that sufficient medical devices will be available to supply the Swiss population in the coming years. This publication intends to show healthcare institutions and healthcare professionals the legal instruments available to them to prevent supply shortages and to make concrete recommendations for action. It also serves as an appeal to politicians and health authorities to proactively address the issue of supply shortages of medical devices, including in vitro diagnostic medical devices.
Getting The Deal Through: Joint Ventures 2022 – Switzerland
In this article of Getting The Deal Through, Daniel Hayek and Mark Meili outline the statutory framework for joint ventures in Switzerland and discuss current trends in this area.
UnternehmerZeitung November 2021
In the latest issue of "UnternehmerZeitung", Mark Meili provides an overview of health protection at the workplace and the implementation of home office and compulsory certificates.
The Insolvency Review 2021: Switzerland
Daniel Hayek and Mark Meili published the Swiss chapter in the latest edition of The Insolvency Review. In this chapter, the authors give an overview of the distinctive features of Swiss insolvency laws and explain why the number of bankruptcies is still low despite the covid-19 crisis.
A guide to cross-border financing in Switzerland
Daniel Hayek and Mark Meili look at the rules, practicalities and latest developments in what continues to be a friendly, but recently more challenging environment for cross-border financing.
Prager Dreifuss joins VSUJ summer event
The summer event of the Association of Swiss Corporate Lawyers turned into a successful evening at the Zunfthaus zur Zimmerleuten in cooperation with Prager Dreifuss. PD attorneys Christian Casanova, Reto M. Jenny and Christian Schönfeld spoke on the topic of cyber risk and data protection, followed by an inspiring career keynote speech by Beat Hess, former in-house counsel, and current Chairman of LafargeHolcim.
A consortium consisting of German carmaker and pioneer in the area of climate-neutral mobility Volkswagen AG (66%), the English investment fund Attestor Limited (27%) and Dutch Pon...
The Restructuring Review 2021: Switzerland
In the latest issue of "The Restructuring Review", Daniel Hayek and Mark Meili provide an overview of the special features of Swiss restructuring law.
Switzerland: Adjustment of the capitalisation rate for determining the earnings value as of 1 January 2021
As of 1 January 2021, the calculation of the capitalisation rate for determining the earnings value was adjusted in Switzerland. What influence will this adjustment have on the Swiss tax landscape?"
Adjustment of the capitalisation rate and specification for start-ups
Against the backdrop of the low interest rate levels and the widely expressed criticism of the so-called pr...
The person responsible for regulatory compliance (PRRC)
Only the first page of the article of the current edition of the journal «Aktuelle juristische Praxis» (AJP) is published.
In the current edition of the AJP, Dr Andrea Schütz deals with the person responsible for regulatory compliance (PRRC) according to Art. 49 of the Medical Devices Ordinance (MedDO)...
Revised inheritance law enters into force on 1 January 2023
The revised inheritance law enters into force on 1 January 2023. Last wills that have already been drawn up should be reviewed with regard to the new law.
Urs Feller / Corinne Nobs
Revised inheritance law enters into force on 1 January 2023
During its session of 19 May 2021, the Federal Council decided to bring the revised inher...
GAR Know-How Litigation: Swiss Chapter
In the latest version of "GAR Know-How Litigation" Dr. Reto M. Jenny and Cinzia Paolucci provide an overview of the civil litigation system in Switzerland.
Publikationsliste von Prof. Dr. Urs Bertschinger; Universität St. Gallen.
Awards 2021 for the Competition Team by Who is Who Legal
Bernhard Lauterburg was recognized by Who is Who Legal as a "Future Leader" in the field of competition law. Peers and clients say about Bernhard that he has an excellent reputation in competition law and impresses with his ability to give constant, unbiased and accurate advice when facing highly complex issues.
Awards 2021 for the Insurance & Reinsurance Team by Who is Who Legal
In Who's Who Legal's Practice Area Awards 2021 Prager Dreifuss was once again awarded Insurance & Reinsurance Firm of the Year and Dr. Christoph Graber was awarded Lawyer of the Year. Who's Who Legal also recognized Christoph Graber as a Global Elite Thought Leader. Furthermore, in Who's Who Legal Switzerland 2021 Christoph Graber was awarded "Most Highly Regarded" and along with Dr. Hans-Ulrich Brunner and Dr. Gion Christian Casanova was recognized for their outstanding work in the field of insurance and reinsurance. Christoph Graber was praised as "excellent for insurance and reinsurance litigation" with three decades of experience in the field, Hans-Ulrich Brunner as a "top-notch insurance litigator" who is highly esteemed for his expertise in liability disputes and Gion Christian Casanova as a "rising star" with a strong reputation for his expert handling of complex insurance and reinsurance disputes.
Unacceptable methods of health insurers
From our Health and Medical Law Team: In the current edition of the Schweizerische Ärztezeitung (SÄZ), Dr Andrea Schütz provides physicians with information on how they can defend themselves against unacceptable methods of health insurers.(original article in German)
Providing Legal Advice for Female Founders
News from our Start Up Desk: in the current issue of Ladies Drive Andrea Schütz and Rahel Nedi discuss their commitment for Female Founders
Chambers Europe 2021 Overview
In this article, Urs Feller and Marcel Frey describe the ongoing preparations and the advantages of the establishment of one or more international commercial courts in Switzerland. In addition, the authors deal with the conditions, costs, duration of proceedings as well as potentially efficient resolutions of disputes by the new court.
The International Comparative Legal Guide: Project Finance 2021 Switzerland
In the 2021 edition of the International Comparative Legal Guide to Project Finance, Daniel Hayek and Mark Meili discuss common issues in project finance laws and regulations in Switzerland – including security, bankruptcy, restrictions on investments, insurance and arbitration.
Dr Andrea Schütz is a new Associated Partner at Prager Dreifuss
We are pleased to announce that Dr Andrea Schütz has joined us as an Associated Partner as of 1 May 2020. Her focus area is Health and Medical Law.
Financier Worldwide: Bankruptcy & Restructuring 2021
In the 2021 edition of the InDepth Feature: Bankruptcy & Restructuring 2021, Daniel Hayek and Mark Meili provide an overview of the current economic situation in Switzerland in times of COVID-19 and its impact on corporate bankruptcies and insolvencies. The authors also discuss trends in cross-border restructurings and explain developments in distressed M&A transactions.
The revision of Swiss company law and its effects on Swiss tax law
Good things take time? In keeping with this saying, the Swiss Federal Assembly adopted the proposed revision of the company law on 19 June 2020 - after more than twelve years since the publication of the first dispatch. It is scheduled to enter into force on 1 January 2022 at the earliest. What impact will the revision of company law have on the Swiss tax landscape?
Good things take time? In keeping with this saying, the Swiss Federal Assembly adopted the proposed revision of the company law on 19 June 2020 - after more than twelve years since...
Issues with the recognition of foreign restructuring plans in Switzerland
On 26 March 2021 the High Court in London sanctioned gategroup's Part 26A restructuring plan. The plan also comprised the Swiss law governed bonds, even though they were issued by a Luxembourg entity and guaranteed by the Swiss gategroup parent. The question remains whether bondholders can still enforce the bonds against the Swiss parent according to its original terms or whether the Part 26A restructuring plan prevents the enforcement of such claims in Switzerland?
Background
In our newsletter dated 20 February 2021 (The gategroup restructuring: a creative procedure under review), we outlined how gategroup intended to amend its financing a...
Litigation and enforcement in Switzerland: overview
The country-specific Q&A gives a structured overview of the key practical issues concerning dispute resolution in this jurisdiction, including court procedures; fees and funding; interim remedies (including attachment orders); disclosure; expert evidence; appeals; class actions; enforcement; cross-border issues; the use of ADR; and any reform proposals.
Does the revised medical device law really improve the quality and safety of medical devices?
After various shocking incidents involving medical devices, numerous calls were made for stricter measures to increase safety and protect public health. As a result, medical device legislation in both the EU and Switzerland has been thoroughly revised. Andrea Schütz' article critically examines whether the numerous legislative adjustments will actually lead to an improvement in the quality and safety of medical devices. (PDF available in German only.)
How entrepreneurs avoid insolvency
The SMEs are the backbone of our economy but suffer the most from the measures taken by the authorities during the Corona crisis.
In his article Mark Meili explains what ways and means there are for SMEs to defend themselves against possible hardship with existing legal instruments.
Original text in German
Rückgriff des Eigenschadenversicherers – eine neue Ordnung?
In this article, Christian Casanova discusses some important follow-up questions with regard to a recent change of praxis in the Swiss Federal Supreme Court's jurisdiction on the right of recourse of the first-party insurer.
The Insurance Disputes Law Review 2020: Switzerland
Christian Casanova published the Swiss chapter in the third edition of "The Insurance Disputes Law Review". In this chapter, the author provides an overview on topics and developments that have an impact on insurance disputes.
The pandemic from a Swiss tax law perspective
Are the financial measures taken in connection with the Covid-19 pandemic a curse or a blessing for SMEs in terms of taxation? Either way there are several sheet anchors." By Dr. Roland Böhi and Lukas Scherer in NZZ 12 March 2021
Sun Yang and Switzerland’s international arbitration rules
Bernhard Lauterburg and Marcel Frey of Prager Dreifuss explain how the Federal Tribunal overturned a CAS decision ordering an eight-year doping ban of the Chinese Olympic swimmer on the discovery of circumstances justifying the removal of an arbitrator.
Avoiding insolvency
The restaurant sector was hit hard by the Corona crisis. In the current issue of Salz & Pfeffer, Mark Meili discusses instruments for affected companies to avoid insolvency.
A Q&A guide to arbitration law and practice in Switzerland.
The country-specific Q&A guide provides a structured overview of the key practical issues concerning arbitration in this jurisdiction, including any mandatory provisions and default rules applicable under local law, confidentiality, local courts' willingness to assist arbitration, enforcement of awards and the available remedies, both final and interim, and the new provisions governing arbitration in Switzerland that came into effect recently.
INDEPTH FEATURE: Commercial Arbitration 2021 – Switzerland
Reto M. Jenny and Cinzia Paolucci published the Swiss chapter in the latest edition of "InDepth Feature: Commercial Arbitration". In this chapter, the authors give an overview of the distinctive features of arbitration in Switzerland and of current developments.
The gategroup restructuring: a creative procedure under review
gategroup has proposed a Part 26A in the United Kingdom to restructure its financing arrangements which concern various jurisdictions. In this month's newsletter, Daniel Hayek and Mark Meili discuss the background to this procedure and what questions arise in the context of this cross-border restructuring.
gategroup coping with the effects of the COVID-19 pandemic
gategroup is the world's largest provider of airline catering services. The COVID-19 pandemic and the resulting lockdo...
Annual Report on Jurisprudence in Swiss Competition Law in 2019/2020
This annual report on jurisprudence in Swiss competition law in 2019/20 summarizes the most important cartels, abuse of dominance and merger cases in this period. It further contains some comments on three state aid cases falling under the bilateral air transport agreement CH-EU in 2020 and on the ongoing reform of the Swiss Cartels Act.
Merger Control - Trends & Developments in Switzerland (in Chambers Global)
This article provides an overview on the recent practice of the Swiss competition authorities in merger control and on the ongoing reform of the Swiss Cartels Act and the merger control reform respectively
Three new Counsels at Prager Dreifuss AG
We are pleased to announce that our successful lawyers Mark Meili, Andrea Stäubli and Lukas Scherer have been appointed as Counsels as of 1 January 2021.
Insureds will get better protection
The new Insurance Contract Act offers advantages in the area of large risks and for consumers. By Christoph Graber and Reto Jenny.
The Insurance Contract Act (ICA), which is based on liberal ideas and the principle of freedom of contract, has been repeatedly criticized in recent decades as in need of revision....
Recognition of a Part 26A Restructuring Plan in Switzerland and the EU
In June 2020, the U.K. introduced the so-called Part 26A restructuring plan. This new type of restructuring plan has the potential to become highly relevant for the restructuring of international corporations. To the best of our knowledge, two Part 26A restructuring plans have been sanctioned by English courts so far. However, the extensive possibilities to restrict creditors' rights under such a restructuring plan may create challenges for its recognition in other jurisdictions. Further, as the U.K. is going to leave the EU at the end of 2020, Brexit may create additional problems for the recognition of a Part 26A restructuring plan in Switzerland and other European countries.
Part 26A Restructuring Plan
UK and EU companies with a nexus to the UK have been using schemes of arrangement under Part 26 of the Companies Act 2006 for centuries to carry out ...
Tax domicile of legal entities – not always so clear
It is not always clear, where the primary tax domicile of a legal entity is. This question, however, can have great significance in the light of the considerable differences in taxation levels between cantons or jurisdictions.
In Switzerland, legal entities are subject to unlimited taxation in the canton in which they have their legal seat or place of effective management (primary tax domicile). These tw...
The Insolvency Review 2020: Switzerland
Daniel Hayek and Mark Meili published the Swiss chapter in the latest edition of The Insolvency Review. In this chapter, the authors give an overview of the distinctive features of Swiss insolvency laws and current trends.
Patent box and R&D super deduction: Are they worth the effort?
Since January 1, 2020, the patentbox and the R&D super deduction are available as special tax measures to boost the innovation sector in Switzerland. The cantons have a rather large leeway in the design of the patentbox and the R&D super deduction. This results in considerable intercantonal differences on the Swiss tax landscape. In the following article, the authors present the most important considerations for the practical application of the patentbox and the R&D super deduction.
Link to article: Patent box and R&D super deduction: Are they worth the effort?
Brexit - enforcement of judgments and jurisdiction clauses from a Swiss perspective
If the United Kingdom (UK) and the European Union (EU) do not reach an agreement on the consequences of the UK's exit from the EU by the end of 2020, a no-deal Brexit becomes a reality. With Switzerland also not being a member of the EU, the present newsletter gives some preliminary guidance on how a no-deal Brexit will affect the enforcement of judgments and treatment of jurisdiction clauses in Switzerland from January 1, 2021, if a no-deal Brexit actually comes to pass in the new year.
1. The role of the Lugano Convention
The Lugano Convention on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters of October 30, 2007 a...
Partial revision of the Insurance Contract Act
On June 19, 2020, the Swiss Parliament approved the partial revision of the Insurance Contract Act (ICA). The revised ICA will enter into force on 1 January 2022. The following article is intended to provide an overview of some (but not all) of the changes (for the revised ICA see https://www.admin.ch/opc/de/federal-gazette/2020/5661.pdf). References to articles of the ICA are references to the revised law (unless otherwise noted).
Link to article:
Partial revision of the Insurance Contract Act
1) Other text forms as an alternative to communication in written form
For various communications under the revised ICA, as an alternative to the simple written form (article 12...
Getting The Deal Through: Joint Ventures 2021 - Switzerland
In this article of Getting The Deal Through, Daniel Hayek and Mark Meili outline the statutory framework for joint ventures in Switzerland and discuss current trends in this area.
Form
Types of joint venture
1. What are the key types of joint venture in your jurisdiction? Is the "joint venture" recognised as a distinct legal concept?
"Joint ventur...
Standardisation of the practice of employee benefit plans throughout Switzerland
The practice regarding the tax treatment of employee benefit plans will undergo three major changes with effect from 1 January 2021. Are these changes also applicable to existing employee benefit plans?
The practice regarding the tax treatment of employee benefit plans will be subject to the following three significant changes effective as of 1 January 2021. The practice update is...
The Choice of Law in the Empoyment Agreement
The Choice of Law in the Employment Agreement; Possibility and Limits.
Corona exceptions in court or not?
With its COVID-19 regulation on judiciary and procedural rules of April 16, 2020, the Federal Council enacted the necessary provisions in civil, debt enforcement and bankruptcy proceedings enabling judicial authorities to effectively deal with civil proceedings during the COVID-19 pandemic.
The regulation had a first term of validity until September 30, 2020. Based on the COVID-19 Act of September 25, 2020, the Federal Council has now extended the validity of this reg...
Expiry of Measures against Bankruptcies – Revival of Duties of Board of Directors
On 14 October 2020, the Federal Council decided not to extend themeasures against bankruptcies caused by COVID-19. The resulting consequences are explained in this newsletter.
How can companies benefit from the tax reform?
In the 5th October 2020 issue of NZZ, Roland Böhi and Lukas Scherer shed light on the tax reform measures of the patent box and the super-deduction for research and development expenses for the tax promotion of innovation in Switzerland which came into force in January 2020. The authors show that it can be worthwhile not only for large companies. Even for SMEs and start-ups, attractive options for tax savings arise, also in the software sector.
Residency for tax purposes (individuals)
The place of an individual’s tax residence for national tax purposes can be controversial if a person has permanent homes available to himself in more than one canton in Switzerland. A short presentation of some frequent constellations.
‘One for all’, or arbitration clauses with effect for unconcluded contracts?
Recent decision in Switzerland should be noted by counsel
Introduction
The highest court of Switzerland recently issued a decision on the contentious topic of how to treat arbitration clauses contained in a multi-contractual party framework.
Facts of the case
The claimant in the arbitration proceedings (and respondent of the appeal proceedings before the Federal Tribunal), a German manufacturer, sought damages from ...
Reimbursement of costs in home office
In the Federal Supreme Court ruling 4A_533/2018 of 23 April 2019, it was inter alia disputed between the parties whether the employee was entitled to compensation for the use of a room in his private home as a study or archive. The Federal Supreme Court affirmed this.
Does this decision automatically apply to home office-cases in times of Covid-19? The author critically assesses the Federal Court's ruling in view of Covid-19."
eSports and taxes
eSports – the competitive playing of computer and video games is enjoying growing popularity in Switzerland. So far, this phenomenon has not yet been given much attention in the Swiss tax environment. Our article flags open questions and provides possible solutions for eSports athletes as well as for eSports organisations.
In the latest version of "GAR Know-How Litigation" Dr. Reto M. Jenny, Cinzia Paolucci and Dr. Nicolas Dommer provide an overview of the civil litigation system in Switzerland.
Covid-19 and the related tax issues have been omnipresent in the Swiss tax landscape in recent months. The entry into force of the corporate tax reform (so-called TRAF) and the mea...
In this article of the IFLR, Mark Meili and Manuel Vogler outline the effects of the new Swiss rules on the disclosure of beneficial owners and the related restrictions on Swiss be...
In the latest issue of "The Restructuring Review", Daniel Hayek and Mark Meili provide an overview of the special features of Swiss restructuring law, taking into account the lates...
In the 15 June 2020 issue of the NZZ (New Journal of Zurich), Daniel Hayek and Mark Meili discuss the problems surrounding the repayment of the COVID-19 bridging loans and suggest ...
In the 2020 edition of the InDepth Feature: Bankruptcy & Restructuring 2020, Daniel Hayek and Mark Meili discuss the current economic situation in Switzerland in times of COVID-19 ...
Künstliche Intelligenz und Strafrechtspflege – eine Orientierung
The advancing digitalisation and technologicalisation enables the criminal justice system to break new ground in its field of activity. The development is progressing rapidly. The criminal law sciences are therefore called upon to take a closer look at the phenomenon of so-called artificial intelligence. This article provides an orientation on this develop-ment and critically examines its potential for application.
by Lukas Staffler und Oliver Jany, ZiS 4/2020, pages 164–177.
Urs Feller provides a brief Conference report on the Litigation crisis management session which was held at the IBA Annual Conference 2019 in Seoul.
With its COVID-19 Joint and Several Loan Guarantee Ordinance dated 25 March 2020 ("COVID-19 Guarantee Ordinance"), the Swiss Federal Council established a liquidity support scheme ...
On the basis of its constitutional authority to legislate by issuing direct orders to maintain public order, the Swiss Federal Council on April 16, 2020 enacted a COVID-19 regulati...
Last month we showed how companies can restructure and avoid bankruptcy if they run into financial difficulties due to the corona crisis. In the meantime, the Federal Council has e...
Admissible and Inadmissible complaints in Swiss Arbitration
Swiss Supreme Court finds stribunal overstepped the bounds of its competency
Introduction
In its decision 4A_294/2019 and 4A_296/2019 of November 13, 2019, the Swiss Federal Supreme Court, acting as sole court of appeal in arbitration matters, had to examine whether an award rendered by a Swiss arbitral tribunal was to be considered being extra petita. In one of the rare cases of an award being overturned, the court found that the tribunal had partially overstepped the bounds of its competency.
Facts of the matter
A Turkish company (Respondent 2) had undertaken to supply 60 armoured vehicles to a department of the Turkish Interior Ministry. Respondent 2 appointed anoth...
Managing Partner Daniel Hayek talks in an interview with Legal 500 on the dilemma of culture and change.
With the outbreak of the coronavirus in Switzerland, various legal questions arise for companies, in particular with regard to the validity and amendment of contracts. If insolvenc...
The Corona Pandemic confronts us all with new and unknown challenges. In order to make a small contribution to overcoming the current situation, the Tax Team describes certain tax ...
In the present situation with the stringent measures that the Swiss Government took to protect the public, many individuals and SMEs are in urgent need of legal advice. Should you ...
Dear Clients, Alumni and Friends
As the global coronavirus (COVID-19) pandemic continues to unfold, the Swiss government has in sum taken the following measures: closed all scho...
In his latest article our tax partner Roland Böhi explains how an entrepreneur can reorganize his business with real estate so that the tax consequences are minimised when the busi...
Litigation and enforcement in Switzerland: overview
A Q&A guide to dispute resolution law in Switzerland.
The country-specific Q&A gives a structured overview of the key practical issues concerning dispute resolution in this jurisdiction, including court procedures; fees and funding; interim remedies (including attachment orders); disclosure; expert evidence; appeals; class actions; enforcement; cross-border issues; the use of ADR; and any reform proposals.
To compare answers across multiple jurisdictions visit the Litigation and enforcement Country Q&A tool.
This Q&A is part of the global guide to dispute resolution. For a full list of jurisdictional Q&As visit global.practicallaw.com/dispute-guide.
Main dispute resolution methods
1. What are the main dispute resolution methods used in your jurisdiction to resolve large commercial disputes?
In Switzerland, large commerci...
The R&D super-deduction is an attractive tax measure which is not only favourable for companies but will also promote Switzerland as an international hub for innovation. Our public...
The Federal Act on Tax Reform and AHV Financing (TRAF) abolished cantonal tax privileges for holding, domicile and mixed companies. Roland Böhi and Lukas Scherer of Prager Dreifuss...
Prager Dreifuss received the Who’s Who Legal Switzerland Award for “Insurance & Reinsurance Switzerland Firm of the Year 2020”.
Arbitration procedures and practice in Switzerland: overview
A Q&A guide to arbitration law and practice in Switzerland.
The country-specific Q&A guide provides a structured overview of the key practical issues concerning arbitration in this jurisdiction, including any mandatory provisions and default rules applicable under local law, confidentiality, local courts' willingness to assist arbitration, enforcement of awards and the available remedies, both final and interim.
To compare answers across multiple jurisdictions visit the Arbitration procedures and practice Country Q&A tool.
This Q&A is part of the multi-jurisdictional guide to arbitration. For a full list of jurisdictional Q&As visit global.practicallaw.com/arbitration-guide.
Use of arbitration and recent trends
1. How is commercial arbitration used and what are the recent trends?
Use of commercial arbitration and recent trends
Arbitration is w...
Generally, private capital gains are tax-exempt in Switzerland. However, this principle is subject to restrictions which seem to be getting more and more strict.
In the 2020 edition of the International Comparative Legal Guide to Project Finance, Daniel Hayek and Mark Meili discuss common issues in project finance laws and regulations in Sw...
A view across the border… In cooperation with the German Institute of Finance and Taxation (ifst) and fellow lawyers from Germany and Switzerland, Lukas Scherer published a compreh...
With retroactive effect as of 1 January 2019, the forfeiture of the right of Swiss tax-resident individuals to claim refund of Swiss withholding tax has been slightly amended. On 4...
Daniel Hayek and Mark Meili published the Swiss chapter in the latest edition of The Insolvency Review. In this chapter, the authors give an overview of the distinctive features of...
Tax losses incurred by a real estate company in secondary tax domiciles are to be borne by the primary tax domicile in the first place. Losses exceeding the profit at the primary t...
Prager Dreifuss bietet Ihnen, den fortgeschrittenen Studierenden der Rechtswissenschaften an einer Schweizer Universität, die Möglichkeit, im Rahmen eines fünfwöchigen Summer Inter...
Für unser Zürcher Büro suchen wir suchen eine/einen Rechtsanwältin/Rechtsanwalt (Litigation Insurance)
Daniel Hayek and Mark Meili look at the rules, practicalities and latest developments in what continues to be a friendly environment for cross-border financing.
Die Autoren besprechen die Übergangsmassnahmen der STAF, die für bis anhin privilegiert besteuerte Unternehmen an Silvester in Kraft treten werden. Die Kantone sehen die Anwendung ...
Dr. Urs Feller, Marcel Frey and Michaela Kappeler discuss from the Swiss perspective the likely impact of a no-deal Brexit on civil justice matters involving UK parties and the app...
Dr. Urs Feller, Marcel Frey and Michaela Kappeler discuss how a no-deal Brexit will affect the recognition and enforcement of judgments between the UK and Switzerland.
Bernhard Lauterburg and Philipp Zurkinden provide a brief overview on public procurement laws in Switzerland.
Following recommendations from the Financial Action Task Force, the Swiss government has proposed legislation to shore up the integrity of its financial centre.
On 20 September 2019, Switzerland and the USA ratified the protocol of amendment of their double taxation treaty. The implemented protocol is intended to mark "a milestone" in the ...
Daniel Hayek and Mark Meili published the Swiss chapter in the latest edition of The Restructuring Review. In this chapter, the authors give an overview of the distinctive features...
As part of the IFA Congress 2019 held in London, the authors discuss BEPS Action 4 (interest deductibility) and its implementation in Switzerland. Interest limitation rules, as the...
Dr. Michael Mosimann und Dr. Christian Schönfeld besprechen die praktischen Auswirkungen der neuen FINMA-Aufsichtsmitteilung 02/2019 vom 26. August 2019.
The forms of collaboration are changing. New models of collaboration affect the risks of those involved in construction. Hans-Ulrich Brunner was a speaker at the 23rd Swiss Constru...
Die Formen der Zusammenarbeit verändern sich. Dabei schlagen neue Formen auch auf die Risiken der Baubeteiligten durch, die sich mitunter verschieben. Hans-Ulrich Brunner war Refer...
The Swiss electorate recently approved the long awaited Swiss Corporate Tax overhaul. In this IFLR article, the Prager Dreifuss tax team describes its various measures and how the ...
In the 2019 edition of the Annual Review of Bankruptcy & Restructuring, Daniel Hayek and Mark Meili discuss the current economic situation in Switzerland and its impact on corporat...
The tax team discusses a new ruling of the Swiss Federal Supreme Court regarding the joint and several tax liability of board members in case of a factual liquidation and its impac...
In the 2019 edition of the International Comparative Legal Guide to Project Finance, Daniel Hayek and Mark Meili discuss common issues in project finance laws and regulations in Sw...
Urs Feller and Andreas Schregenberger explain why an appeal against an award based on a "surprising" contract interpretation may as a rule not be successful.
As part of the BEPS Project, the OECD has developed the Multilateral Instrument (MLI) to efficiently modify a large number of bilateral tax treaties. Switzerland has signed the MLI...
International debt financings of Swiss headquartered groups become even more attractive pursuant to a recently announced clarification of the practice applied by the Swiss Federal ...
Prager Dreifuss bietet Ihnen, den fortgeschrittenen Studierenden der Rechtswissenschaften an einer Schweizer Universität, die Möglichkeit, im Rahmen eines fünfwöchigen Summer Inter...
Christoph Graber has been named by Who’s Who Legal as the only lawyer from continental Europe as a “Thought Leader” in “Insurance and Reinsurance”. The Thought Leader ranking is ba...
Das Tax Team bespricht die Besteuerung eines Initial Coin Offerings anhand eines Fallbeispieles.
The tax team discusses a fictional case of an initial coin offering (ICO) from a Swiss tax perspective.
Dr. Urs Feller, Marcel Frey and Bernhard Lauterburg address key practical issues concerning dispute resolution in Switzerland in a Q&A format that gives a structured overview of ma...
Revised Swiss corporate tax reform will keep Switzerland a top corporate location – a brief overview.
Dr. Urs Feller and Nina Lim discuss the new instruments proposed by the Swiss Federal Council in order to enhance and strengthen the collective enforcement in Switzerland when a la...
In international insolvencies, the insolvency administrator and creditors have to look for assets of the debtor in foreign jurisdictions. To what extent this is possible depends on...
In the 2018 edition “The Insolvency Review” Daniel Hayek and Laura Oegerli give a comprehensive overview of the most important aspects of Swiss insolvency law and the newest develo...
This paper examines the legal qualification of Smart Contracts under Swiss law and gives an over-view over how Smart Contracts may interact with the fundamental rules of contract l...
Daniel Hayek and Chantal Joris published the Swiss chapter in the latest edition of The Restructuring Review. In this chapter, the authors give an overview of the distinctive featu...
In the July/August edition of the IFLR Magazine Dr. Andreas Moll, Matthias Bürge, Dr. Christian Schönfeld and Charlotte Rupf discuss the Swiss regime regarding transfer restrictions...
Von den Verwerfungen im Zuge der internationalen Finanzmarktkrise, die in den ersten Jahren des neuen Jahrtausends einsetzte, blieben auch schweizerische kollektive Kapitalanlagen ...
Gemäss den Urteilen GABA und BMW handelt es sich beim Merkmal der Erheblichkeit in Art. 5 Abs. 1 KG um eine Bagatellklausel mit der Funktion eines Aufgreifkriteriums. Die materiell...
The keynote speaker Pierre Gentin and several GCs as panellists talked about corporate ethics and leadership.
Der Mai 2018 Newsletter informiert über den Entscheid des Bundesgerichts vom 7. Mai 2018, mit dem das Bundesgericht seine rund 100jährige Praxis zum Regressanspruch des Versicherer...
Der IFLR Beitrag von Daniel Hayek und Chantal Joris folgt dem Vortrag von Daniel Hayek anlässlich der 6. Zürcher Tagung zum SchKG im Februar 2018. Der Artikel betrachtet verschiede...
As one of five insurance law experts Christoph Graber discusses current topics, changes and developments in the areas of insurance and reinsurance – from the perspective of lawyers...
Daniel Hayek was a speaker at the 6th Zurich convention on bankruptcy and restructuring organised by the Europa Institute at the University of Zurich (EIZ) in February 2018. His pr...
Prager Dreifuss takes a closer look at international linkages of the recent U.S. tax reform and analyzes the major challenges ahead for individuals as well as multinational corpora...
In this publication, a contribution in the festschrift dedicated to Prof. A. Schnyder, Hans-Ulrich Brunner comments on the revised Art. 65 Abs. 3 of the Swiss Traffic Code, which i...
About the legal nature of co-insurance and the rights and obligations of the parties.
Prager Dreifuss achieves two listings in this chapter:
Christoph Graber is „truly excellent“ when it comes to insurance matters, where sources consider him „the top name in the ...
Prager Dreifuss breaks down the taxation models applied to Initial Coin Offerings to help give you a better sense of the current Swiss fiscal regulatory spectrum.
Dr. Urs Feller, Marcel Frey and Nina Lim analyze the Swiss civil procedure system and discuss aspects such as structure and process of the court system, litigation funding, enforce...
In this chapter of "The Insolvency Review" Daniel Hayek and Laura Oegerli give a comprehensive overview of the most important aspects of Swiss insolvency law.
On September 15, the Swiss Federal Council published a bill for the comprehensive Revision of the Swiss Federal Data Protection Act. Dr. Hans-Ulrich Brunner and Raphael Keller pres...
As of 1.1.2018, multinational corporations will be obliged to generate country-by-country reports. Further, certain financial data will be subject to the automatic exchange of info...
In this briefing Christian Casanova highlights issues potentially arising from pre-emption rights in the sale of a co-property. In a judgment of 2 August 2016 the Federal Supreme C...
In June 2017 the Swiss Federal Council has adopted the dispatch to the Parliament on the amendments of the Insurance Contract Act (ICA). Christian Casanova provides in this briefin...
The co-moderators Christian Casanova (Prager Dreifuss) and Cedric Chao (DLA Piper) summarise in this session report the discussions of the panel ‘Cutting-edge ways of introducing a...
Due to its competitive tax regime, the availability of qualified personnel, well developed service sector and geographical location, Switzerland is an excellent location for domest...
Prof. Dr. Urs Bertschinger and Dr. Christian Schönfeld have submitted comments to the draft for the revision of the Swiss Financial Market Supervisory Authority FINMA’s circular 20...
Bernhard Lauterburg and Philipp Zurkinden provide a brief overview on public procurement laws in Switzerland.
Revision of the Swiss VAT: Switzerland expands VAT liability for foreign companies and e-commerce providers and reduces the VAT rate by 0.3%.
Dr. Urs Feller and Marcel Frey give an overview on strategies and conditions for successful enforcement of judgements and arbitral awards against foreign state assets located in Sw...
Country report on merger control. Philipp and Bernhard discuss the latest trend in merger control in Switzerland.
Dr. Andreas Moll, Matthias Bürge and Charlotte Rupf assess the importance of data protection in the due diligence process of M&A transactions. They discuss the applicable data prot...
With its decision in the GABA case, the Swiss Federal Supreme Court has given its understanding of the significance test in Article 5 SCA. In the court’s view, the element function...
The author has, for many years, in a number of contributions in law journals argued that the criterion "significantly restricting competition" in Article 5 para. 1 SCA should – for...
The partners of Prager Dreifuss AG are pleased to announce that Dr. Jvo Grundler joined the law firm as Of Counsel. Jvo Grundler’s expertise of over 25 years focuses on M&A, capita...
Foreign nationals resident in Switzerland can be taxed on a lump-sum (flat-rate) basis if they are not gainfully employed in Switzerland. This taxation is based on the taxpayers’ a...
The Legal 500 /GC Magazine and Prager Dreifuss GC Summit on the topic “Disruptive innovation and the In-house lawyer” took place last Thursday 18 May 2017 at the Baur au Lac Hotel i...
Prager Dreifuss received most recommendations from colleagues and clients in the area insurance law in a broad survey by the journal Bilanz in collaboration with Statista that was ...
Switzerland implements BEPS action point 5 and will exchange particular tax ruling information as of 2018 with partner states by means of spontaneous exchange of information.
The first tax treaty between Switzerland and the Principality of Liechtenstein simplifies the cross-border business from a tax point of view.
30-day notification period for intercompany dividends eased – assessment of repayment claims relating to withholding taxes paid and default interests paid is necessary
Roland Böhi’s practice focuses on all aspects of tax law. His long-standing expertise includes M&A, private equity, corporate financing, real estate, national and cross-border corp...
Urs Feller, Danielle Wenger and Marcel Frey give an overview of the developments and the legal situation with regard to the regularization of undisclosed assets in Switzerland and ...
Urs Feller and Marcel Frey examine the clarification offered by the Federal Tribunal in a recent decision on the prerequisites for the primary criminal liability of corporate entit...
Daniel Hayek and other expert panellists from reputable law firms share their thoughts on challenges, legal developments, cross-border issues, financing etc. in the increasingly im...
Urs Feller, Marcel Frey and Michaela Kappeler analyze the Swiss civil procedure system and discuss aspects such as structure of court system, litigation funding, enforcement and al...
Urs Feller discusses current trends and challenges in state court litigation and international arbitration proceedings as well as methods of proactive management of contractual dis...
As part of the IBA Substantive Project 2016, Christoph K. Graber and Isabel A. Kölliker give an overview of the insurer’s rights of recovery in Switzerland.
Switzerland is home to more than 260 banks, with an aggregate balance sheet total of approximately 3 trillion Swiss francs. A considerable part of the assets managed in Switzerland...
Daniel Hayek gives an update on the current insolvency and restructuring landscape in Switzerland, recent case law and legislative changes to come.
Ralph Butz and Michaela Kappeler discuss the legal framework regarding the introduction of the Automatic Exchange of Information in Switzerland as well as potential implementation ...
Remo Wagner’s contribution discusses the monitoring of employee transactions in securities trading from the perspective of Employment and Data Protection Law
Dr. Roland Böhi explains the tax implications of a restructuring merger between sister companies in a situation where minority shareholders now hold shares in the merged company i...
Daniel Hayek and Mark Meili discuss the impact of Brexit on jurisdiction clauses and consider that the UK may follow the Swiss approach to replace the Brussels regulation.
Die Bauwesenversicherung verspricht im Sinne einer "Wohlfühlversicherung" Schutz auf breiter Front während der Realisierung von Bauwerken. Hans-Ulrich Brunner wirft Streiflichter a...
In the July 2016 newsletter, Dr. Urs Feller and Marcel Frey present the criminal provision combatting private bribery that has been transposed into the Swiss Criminal Code as of Ju...
Prager Dreifuss, together with Legal500 and GCMagazine, hosted a leading-edge event in Zurich on 8 June 2016 featuring former general counsel of DuPont and law department innovator...
Dr. Gion Christian Casanova presents a brief on a recent decision of the Swiss Federal Tribunal expanding the commercial tenant’s claim to an extension of the lease.
This thesis is concerned with collective investment schemes in distress. It starts by giving an overview of the Swiss Collective Investment Schemes Act (CISA) and the collective in...
Daniel Hayek and Alexander Flink discuss the option to create a "floating charge" over intermediated securities and the additional flexibility it provides in finance transactions.
...Remo Wagner’s contribution deals with the legal qualification and admissibility of private care and support services, in particular of 24-hours-working-models
Hans-Ulrich Brunner discusses the latest trends and challenges on the Swiss real estate market.
Stefan Wandel discusses the evolution of global post-crisis standards in finance and takes a critical look at their effectiveness to prevent cross-border systemic risk. The analysi...
Urs Feller and Marcel Frey analyze the recent jurisprudence of the Federal Tribunal in the legal area of freezing of assets under the revised attachment provisions. The authors di...
Country report on merger control. Philipp and Bernhard discuss the latest trend in merger control in Switzerland.
Dr. Roland Böhi analyses the Swiss legal basis to prevent undercapitalization. Referring to a recent decision of the Swiss Supreme Court, he demonstrates inconsistencies between le...
Urs Feller, Marcel Frey and Michaela Lemke analyze the Swiss civil procedure system and discuss aspects such as structure of court system, litigation funding, enforcement and alter...
The authors discuss the impacts of negative interest rates on derivative transactions in light of new Swiss financial markets regulation. They outline potential risks for parties e...
Christoph Graber gives an overview on the particularities and pitfalls of D&O risk and liability in Switzerland.
Urs Feller together with Jürg Bloch comments in the standard commentary by Sutter-Somm/Hasenböhler/Leuenberger (Hrsg.), Kommentar zur Schweizerischen Zivilprozessordnung (ZPO), 3. Au...
Dr. Urs Feller and Marcel Frey discuss the implications of a recent Federal Tribunal decision pertaining to the issue of standing of account holders and beneficial owners in procee...
One of the most disputed question relating to Article 5 SCA on restrictive agreements concerns the test that triggers off the application of the provision. Under Article 101 TFEU t...
Philipp Zurkinden and Bernhard Lauterburg provide an overview on merger control in Switzerland.
Daniel Hayek shares his opinion on the outlook in the Swiss Market. Given that the international economy should improve gradually, he anticipates a moderate acceleration in economi...
Dr. Andreas Moll and Matthias Bürge discuss the new Swiss transparency rules providing for reporting duties with respect to bearer shares of companies limited by shares and the ben...
Reto Jenny represents clients before state courts and arbitration tribunals. He advises and represents clients in contractual, insurance and commercial cases as well as in the area...
Dr. Urs Feller, Danielle Wenger and Michaela Lemke discuss the procedure and legal issues with regard to administrative assistance in tax matters based on the recent group request ...
Financiar Worldwide speaks with Partner Philipp Zurkinden and Counsel Bernhard Lauterburg at Prager Dreifuss about Swiss antitrust Investigations.
Christian Casanova’s practice focuses on insurance and reinsurance cases as well as liability and real estate matters. Christian further acts for clients in a broad range of civil...
New forms of Employment - Crowdwork, Umbrella Companies and Employee Sharing
New forms of employment and their legal treatment
In its landmark ruling of 6 October 2015, the European Court of Justice declared the EU Safe Harbour Framework invalid. Daniel Hayek, Dominik Skrobala and Chantal Joris discuss how...
Dr. Urs Feller, Marcel Frey and Michaela Lemke provide an overview of what to expect and which steps need to be followed when enforcing foreign state court judgments in Switzerland...
Dr. Urs Feller, Marcel Frey and Michaela Lemke discuss which steps need to be undertaken and what to expect when enforcing foreign arbitral awards in Switzerland.
The Swiss Cartel Act of 1995 (SCA 95) has now been in force for some 20 years. It is the first competition law of Switzerland that consistently aims at protecting “effective compet...
An ever-growing list of mandatory and non-mandatory rules is ramping up the risks faced by directors & officers. The general trend is toward raising the level of care expected of D...
Ralph Butz and Michaela Lemke provide an overview of Switzerland’s steps to implement the Automatic Exchange of Information.
Dr. Urs Feller und Marcel Frey discuss the practical and procedural steps to be undertaken when enforcing a foreign state court judgment or foreign arbitral award in Switzerland.
Der Beitrag beleuchtet die Ausgestaltung und Bedeutung des Wertrechtebuches für die Schuld- und Aktienwertrechte sowie die Schaffung von Bucheffekten.
Article on the development of jurisprudence in Switzerland with regard to multi-tiered dispute resolution clauses.