Clawback risks increase for board benefits of privately held Swiss companies
Clawback risks increase for board benefits of privately held Swiss companies. In two appeals the Federal Supreme Court recently clarified, under Article 678(2) of the Code of Obligations, when exactly board members and their close associates and affiliates must return benefits received from a Swiss company because they are manifestly disproportionate to the value of their related performance and the company’s overall economic situation
Berner Kommentar – Teilband zur Solidarität
Die letzte Bearbeitung der Bestimmungen zur Solidarität (Art. 143-150 OR) im Berner Kommentar erfolgte im Rahmen des 1941 erschienenen Kommentars von Hermann Becker. Diese Neukommentierung in einem separaten Band durch Brigitta Kratz hat die Modalitäten der gewillkürten Solidarschuldner- bzw. -Gläubigerschaft im Fokus.
Supreme Court decides on ambiguous clauses in general insurance term
Supreme Court decides on ambiguous clauses in general insurance terms. The Federal Supreme Court recently issued a decision(1) on the rule of ambiguity in the context of the interpretation of general insurance terms. The court found that a provision which excludes accidents as a result of the deliberate causation of a crime or offence is neither considered unusual nor ambiguous, and can therefore be validly be relied upon by the insurer.
Group cash-pooling limitations – new Federal Supreme Court guidance
New Federal Supreme Court guidance. On October 16 2014 the Federal Supreme Court decided an appeal (4A_138/2014) against a Zurich Commercial Court decision and clarified important issues under mandatory Swiss company law.
General insurance terms integral to insurance agreement
General insurance terms integral to insurance agreement. In a recent decision the Federal Supreme Court held that general terms and conditions can be included in an insurance contract, even if the application makes no reference to the date of the terms and conditions and it remains unclear which version is applicable.
New limitations on cash pooling?
New limitations on cash pooling? Cash pooling is often used within a group of companies for financial management optimization purposes. However, a recent Zurich Commercial Court decision risks jeopardising the use of cash pooling by setting overly onerous standards for the characterisation of an intra-group payment in the
cash pool as a legally permitted intra-group loan.
The Principle of Iura Novit Curia
This essay deals with the question of what reasons would warrant the application of the principle of iura novit curia (referring to the decision-maker’s duty to apply the law without any restrictions to the parties‘ pleadings) in international arbitration and to what extent it should be applied.
Insurance fraud through omission – qualified duty to act required
Insurance fraud through omission – qualified duty to act required. In a recently published decision the Federal Supreme Court quashed a criminal verdict of the Supreme Court of the Canton of Basel-Country and held that insurance fraud by omission requires a qualified duty of the perpetrator to act.
New rules for asset managers of Swiss professional pension insurances
New rules for asset managers of Swiss professional pension insurances. An amendment to the Professional Pension Insurance Act came into force on January 1 2014. The revised provisions specify new requirements for the management of Swiss professional pension insurance assets.
Prescription period for paid sick day allowance clarified
Prescription period for paid sick day allowance clarified. In an extensive series of cases the Federal Supreme Court has laid out the rules regarding the applicable limitation periods in insurance law.
‚Fat cat‘ initiative revisited – government implements ordinanceIn
‚Fat cat‘ initiative revisited – government implements ordinanceIn. Spring 2013 Swiss voters approved the ‚fat cat‘ initiative by amending the Swiss Constitution (for further details please see „Voters say yes to ‚fat cat‘ initiative“). The federal government has adopted the respective implementing ordinance, which became effective on January 1 2014.
FINMA circular on market conduct rules extended to apply to insurers
FINMA circular on market conduct rules extended to apply to insurers. Following the entry into force of the new Swiss rules on insider dealing and manipulation in the revised Stock Exchange Act and the implementation of the Stock Exchange Ordinance on May 1 2013, the Financial Market Supervisory Authority (FINMA) conducted a consultation process for an amended circular.
