Prager Dreifuss Newsletter – July 2016: Criminalizing corruption – New criminal provisions on private bribery
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 July 1, 2016. The authors review the background and scope of the criminal norm and give an outlook on the consequences and measures for private individuals and companies.
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.
Corporate Governance: Switzerland’s New Transparency Rules
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 beneficial owners of unlisted companies. They identify open issues and conclude that the new legislation might be the beginning of the end of the anonymous bearer share.
Market Outlook 2016 – 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 economic growth in Switzerland over the next year. In view of this rather slow economic upturn, this year, the unemployment rate may slightly rise from the 3.3 percent recorded in 2015, but should start falling again in 2017. Turmoil on the global financial markets has led to excess capital inflow in Switzerland and pushed sovereign bond yields in Switzerland into negative territory. It is to be expected that until the end of 2016 or early 2017 Swiss bond yields will be positive again.
The effect of the safe harbour ruling in Switzerland
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 the ruling affects Swiss businesses.