Collective Investment Schemes in Distress
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 investment schemes which can be set up in Switzerland since the CISA came into force in 2007 as well as the players involved in said collective investment schemes. These include the managing bodies of these collective investment schemes, the custodian bank, the regulatory auditor as well as the statutory auditor, the distributors of shares in collective investment schemes and the investor.
This is followed by a study of the distress situations in which the abovementioned collective investment schemes may find themselves. This is done in order to identify the links between the economic phenomenon of the crisis and the legal terminology which applies to this phenomenon. Finally, on this basis the thesis covers three subjects:
– Which duties to act are assigned to the respective players in the distress situation and how do they work together?
– What kind of measures can a collective investment scheme implement in order to overcome the distress situation and what are the requirements for said measures? What is the prospect of success?
– What are the requirements for the liability of the involved players?
The thesis is available under https://www.dike.ch/kollektive-kapitalanlagen-in-krisensituationen.html.
The floating charge is no longer a foreign concept
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.
Global Financial Standards and Regulatory Reforms
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 analysis reveals specific deficiencies, which raise doubts as to the effectiveness of the reform efforts undertaken.
Freezing assets in Switzerland: new developments
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 discuss topics such as the type of decision entitling an applicant to request attachment, the location of assets to be attached as well as technical and procedural aspects. Finally, the authors identify certain questions which remain open.
Undercapitalization or Deemed Equity?
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 legislation and tax practice which result from the legal obligation to make an economic distinction between equity and debt financing. On the basis of the Best Practice of the OECD/G20 within the framework of the BEPS Action 4 measures, he shows if and how a so-called “interest barrier” could be a viable remedy in Switzerland.