</noscript><div id="__next"><main class="font-sans __variable_bcd626"><main><nav class="fixed inset-x-0 top-0 z-50 print:relative bg-body-200 drop-shadow print:drop-shadow-none"><div class="container px-4 mx-auto max-w-screen-xl flex items-center justify-between py-4"><a class="relative items-center block w-48 h-10 sm:h-16" href="/"><img alt="logo lex futura - legal for entrepreneurs" loading="lazy" decoding="async" data-nimg="fill" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;object-fit:contain;object-position:left center;color:transparent" src="https://a.storyblok.com/f/198842/316x80/96222ae81c/logo-lex-futura.svg"/></a><div class="hidden space-x-4 lg:flex print:hidden"><a class="text-black-500 hover:text-purple-500 bg-transparent text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/#our-services"><span class="inline-block m-auto">Services</span></a><a class="text-black-500 hover:text-purple-500 bg-transparent text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/#team"><span class="inline-block m-auto">Team</span></a><a class="text-black-500 hover:text-purple-500 bg-transparent text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/blog"><span class="inline-block m-auto">Blog</span></a><a class="text-white clip-path-polygon bg-purple-500 text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/contact"><span class="inline-block m-auto">Kontaktiere uns</span></a></div><div class="flex divide-x text-black-500 divide-black-400 print:hidden"><a class="inline-block px-2 sm:px-4 text-center transition-all text-lg pointer-events-none font-semibold" href="/blog">de</a><a class="inline-block px-2 sm:px-4 text-center transition-all text-lg hover:text-purple-500" href="/en/blog">en</a></div><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24" fill="currentColor" aria-hidden="true" class="w-8 h-8 text-black-500 lg:hidden"><path fill-rule="evenodd" d="M3 6.75A.75.75 0 013.75 6h16.5a.75.75 0 010 1.5H3.75A.75.75 0 013 6.75zM3 12a.75.75 0 01.75-.75h16.5a.75.75 0 010 1.5H3.75A.75.75 0 013 12zm0 5.25a.75.75 0 01.75-.75h16.5a.75.75 0 010 1.5H3.75a.75.75 0 01-.75-.75z" clip-rule="evenodd"></path></svg></div></nav><div class="transition-all bg-purple-900/80 fixed inset-0 z-40 overflow-hidden opacity-0 pointer-events-none"></div><div class="fixed inset-y-0 top-0 right-0 z-40 w-4/5 bg-white transition-all flex overflow-hidden translate-x-full pointer-events-none"><div class="absolute inset-0 rotate-45 bg-purple-500/50 pointer-events-none aspect-square transition-all translate-x-1/2 -translate-y-full delay-300"></div><div class="absolute inset-0 rotate-45 pointer-events-none bg-black-500/50 aspect-square transition-all translate-x-1/2 -translate-y-full delay-300"></div><div class="absolute inset-0 rotate-45 bg-white/50 pointer-events-none aspect-square transition-all translate-x-1/2 -translate-y-full delay-300"></div><div class="relative flex flex-col justify-end w-full px-6 pb-12 pt-36 gap-y-4 duration-200 ease-in-out -translate-y-full delay-200"><a class="text-black-500 hover:text-purple-500 bg-transparent text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/#our-services"><span class="inline-block m-auto">Services</span></a><a class="text-black-500 hover:text-purple-500 bg-transparent text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/#team"><span class="inline-block m-auto">Team</span></a><a class="text-black-500 hover:text-purple-500 bg-transparent text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/blog"><span class="inline-block m-auto">Blog</span></a><a class="text-white clip-path-polygon bg-purple-500 text-base font-semibold px-12 py-2.5 transition-all inline-flex appareance-none" href="/contact"><span class="inline-block m-auto">Kontaktiere uns</span></a></div></div><main class=""><section class="pb-16 pt-36 bg-body-200"><div class="py-12 space-y-8"><h1 class="text-h2 lg:text-h1 font-bold text-black-500 text-center whitespace-pre-line relative">Unser <span class="text-purple-500">Blog</span></h1></div></section><section class="pt-12 pb-16 bg-white"><div class="container px-4 mx-auto max-w-screen-xl"><div class="grid gap-8 md:grid-cols-2 xl:grid-cols-3"><div class="drop-shadow-xl w-full mx-auto max-md:max-w-lg"><div class="pb-[55%] relative overflow-hidden" style="clip-path:polygon(0% 0%, calc(100% - 75px) 0, 100% 75px, 100% 100%, 0% 100%)"><img alt="" loading="lazy" decoding="async" data-nimg="fill" class="transition-all hover:scale-110 -z-0" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;object-fit:cover;object-position:center center;color:transparent" sizes="(max-width: 639px) 95vw, (max-width: 1024px) 50vw, 30vw" srcSet="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=256&q=75 256w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=384&q=75 384w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x853%2F0991bfa381%2Fstock-1863880_1280.jpg&w=3840&q=75"/></div><div class="relative p-6 space-y-2 bg-white"><a class="absolute inset-0 z-10" title="View Understanding the Importance of Information Rights in Shareholders’ Agreements " href="/blog/die-bedeutung-von-informationsrechten-in-aktionaerbindungsvertraegen-eine-uebersicht"></a><h2 class="text-lg font-semibold lg:text-xl text-black-500">Understanding the Importance of Information Rights in Shareholders’ Agreements </h2><p class="text-xs lg:text-base text-black-500 min-h-[10rem]">Shareholders are entitled to statutory rights of information and inspection. However, these statutory rights do not adequately serve the interests of Venture Capital or Private Equity investors in terms of participation, information, and control, as they can quite easily be restricted by the board of directors. An investor needs to be continuously informed about its investment's activities, and to achieve this, the structural information gap between investors and the company must be balanced through contractual information and inspection rights. In this article, the statutory information and inspection rights of shareholders are first presented, followed by a discussion of typical information rights in shareholders’ agreements. </p><div class="flex items-center justify-between pt-2"><span class="inline-block text-sm italic text-black-400">11.09.2023</span><a class="flex items-center font-semibold text-subbase group" style="color:#7171EA" href="/blog#"><span class="transition-all translate-x-4 group-hover:translate-x-0">Read more</span><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="w-6 h-6 transition-all opacity-0 group-hover:opacity-100"><path fill-rule="evenodd" d="M7.21 14.77a.75.75 0 01.02-1.06L11.168 10 7.23 6.29a.75.75 0 111.04-1.08l4.5 4.25a.75.75 0 010 1.08l-4.5 4.25a.75.75 0 01-1.06-.02z" clip-rule="evenodd"></path></svg></a></div></div></div><div class="drop-shadow-xl w-full mx-auto max-md:max-w-lg"><div class="pb-[55%] relative overflow-hidden" style="clip-path:polygon(0% 0%, calc(100% - 75px) 0, 100% 75px, 100% 100%, 0% 100%)"><img alt="" loading="lazy" decoding="async" data-nimg="fill" class="transition-all hover:scale-110 -z-0" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;object-fit:cover;object-position:center center;color:transparent" sizes="(max-width: 639px) 95vw, (max-width: 1024px) 50vw, 30vw" srcSet="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=256&q=75 256w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=384&q=75 384w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F1280x768%2F9e711965ad%2Fnetwork-gcd34a9964_1280.jpg&w=3840&q=75"/></div><div class="relative p-6 space-y-2 bg-white"><a class="absolute inset-0 z-10" title="View Das digitale Notariat – elektronische öffentliche Beurkundung" href="/blog/das-digitale-notariat-elektronische-oeffentliche-beurkundung"></a><h2 class="text-lg font-semibold lg:text-xl text-black-500">Das digitale Notariat – elektronische öffentliche Beurkundung</h2><p class="text-xs lg:text-base text-black-500 min-h-[10rem]">Das Bundesrecht schreibt für viele Rechtsgeschäfte die Form der öffentliche Beurkundung vor. Als konkrete Beispiele zu nennen sind ein Grundstückkaufvertrag oder ein Ehevertrag, aber auch der Gründungsakt einer AG oder GmbH muss öffentlich beurkundet werden. Das Verfahren der öffentlichen Beurkundung ist nach kantonalem Recht geregelt und wird von einer Urkundsperson (bspw. von einem Notar oder einer Notarin) durchgeführt. Am Ende resultiert eine öffentliche Urkunde. Nach geltenden Recht muss das Original einer öffentlichen Urkunde zwingend als Papierdo-kument erstellt werden. Mit dem Gesetzesentwurf zum Bundesgesetz über die Digitalisierung im Notariat soll das Beurkundungsrecht an heutige gesellschaftliche, technische und wirt-schaftliche Entwicklungen angepasst werden. Zukünftig wird es möglich sein, das Original der öffentlichen Urkunde in elektronischer Form zu erstellen. </p><div class="flex items-center justify-between pt-2"><span class="inline-block text-sm italic text-black-400">11.07.2023</span><a class="flex items-center font-semibold text-subbase group" style="color:#7171EA" href="/blog#"><span class="transition-all translate-x-4 group-hover:translate-x-0">Read more</span><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="w-6 h-6 transition-all opacity-0 group-hover:opacity-100"><path fill-rule="evenodd" d="M7.21 14.77a.75.75 0 01.02-1.06L11.168 10 7.23 6.29a.75.75 0 111.04-1.08l4.5 4.25a.75.75 0 010 1.08l-4.5 4.25a.75.75 0 01-1.06-.02z" clip-rule="evenodd"></path></svg></a></div></div></div><div class="drop-shadow-xl w-full mx-auto max-md:max-w-lg"><div class="pb-[55%] relative overflow-hidden" style="clip-path:polygon(0% 0%, calc(100% - 75px) 0, 100% 75px, 100% 100%, 0% 100%)"><img alt="" loading="lazy" decoding="async" data-nimg="fill" class="transition-all hover:scale-110 -z-0" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;object-fit:cover;object-position:center center;color:transparent" sizes="(max-width: 639px) 95vw, (max-width: 1024px) 50vw, 30vw" srcSet="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=256&q=75 256w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=384&q=75 384w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=3840&q=75"/></div><div class="relative p-6 space-y-2 bg-white"><a class="absolute inset-0 z-10" title="View Attraktive Karrieremöglichkeit in Root Luzern: Legal Advisor 60% - 100% gesucht!" href="/blog/legal-advisor"></a><h2 class="text-lg font-semibold lg:text-xl text-black-500">Attraktive Karrieremöglichkeit in Root Luzern: Legal Advisor 60% - 100% gesucht!</h2><p class="text-xs lg:text-base text-black-500 min-h-[10rem]">Wir sind eine moderne Anwaltskanzlei in Root und suchen ab September 2023 oder nach Vereinbarung ein/e engagierte/r und motivierte/r Legal Advisor 60% - 100%. Diese Stelle bietet eine grossartige Chance, Teil unseres Teams zu werden und sich in einer spannenden Branche zu entwickeln.</p><div class="flex items-center justify-between pt-2"><span class="inline-block text-sm italic text-black-400">04.07.2023</span><a class="flex items-center font-semibold text-subbase group" style="color:#7171EA" href="/blog#"><span class="transition-all translate-x-4 group-hover:translate-x-0">Read more</span><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="w-6 h-6 transition-all opacity-0 group-hover:opacity-100"><path fill-rule="evenodd" d="M7.21 14.77a.75.75 0 01.02-1.06L11.168 10 7.23 6.29a.75.75 0 111.04-1.08l4.5 4.25a.75.75 0 010 1.08l-4.5 4.25a.75.75 0 01-1.06-.02z" clip-rule="evenodd"></path></svg></a></div></div></div><div class="drop-shadow-xl w-full mx-auto max-md:max-w-lg"><div class="pb-[55%] relative overflow-hidden" style="clip-path:polygon(0% 0%, calc(100% - 75px) 0, 100% 75px, 100% 100%, 0% 100%)"><img alt="" loading="lazy" decoding="async" data-nimg="fill" class="transition-all hover:scale-110 -z-0" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;object-fit:cover;object-position:center center;color:transparent" sizes="(max-width: 639px) 95vw, (max-width: 1024px) 50vw, 30vw" srcSet="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=256&q=75 256w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=384&q=75 384w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=3840&q=75"/></div><div class="relative p-6 space-y-2 bg-white"><a class="absolute inset-0 z-10" title="View Attraktive Karrieremöglichkeit in Root Luzern: Paralegal 40% - 80% gesucht!" href="/blog/para-legal"></a><h2 class="text-lg font-semibold lg:text-xl text-black-500">Attraktive Karrieremöglichkeit in Root Luzern: Paralegal 40% - 80% gesucht!</h2><p class="text-xs lg:text-base text-black-500 min-h-[10rem]">Wir sind eine moderne Anwaltskanzlei in Root und suchen ab September 2023 oder nach Vereinbarung ein/e engagierte/r und motivierte/r Paralegal 40% - 80%. Diese Stelle bietet eine grossartige Chance, Teil unseres Teams zu werden und sich in einer spannenden Branche zu entwickeln.</p><div class="flex items-center justify-between pt-2"><span class="inline-block text-sm italic text-black-400">04.07.2023</span><a class="flex items-center font-semibold text-subbase group" style="color:#7171EA" href="/blog#"><span class="transition-all translate-x-4 group-hover:translate-x-0">Read more</span><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="w-6 h-6 transition-all opacity-0 group-hover:opacity-100"><path fill-rule="evenodd" d="M7.21 14.77a.75.75 0 01.02-1.06L11.168 10 7.23 6.29a.75.75 0 111.04-1.08l4.5 4.25a.75.75 0 010 1.08l-4.5 4.25a.75.75 0 01-1.06-.02z" clip-rule="evenodd"></path></svg></a></div></div></div><div class="drop-shadow-xl w-full mx-auto max-md:max-w-lg"><div class="pb-[55%] relative overflow-hidden" style="clip-path:polygon(0% 0%, calc(100% - 75px) 0, 100% 75px, 100% 100%, 0% 100%)"><img alt="" loading="lazy" decoding="async" data-nimg="fill" class="transition-all hover:scale-110 -z-0" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;object-fit:cover;object-position:center center;color:transparent" sizes="(max-width: 639px) 95vw, (max-width: 1024px) 50vw, 30vw" srcSet="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=256&q=75 256w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=384&q=75 384w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=828&q=75 828w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1080&q=75 1080w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1200&q=75 1200w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=1920&q=75 1920w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=2048&q=75 2048w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=3840&q=75 3840w" src="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F3000x2000%2F0844e2f4c7%2Fwe-are-hiring.jpg&w=3840&q=75"/></div><div class="relative p-6 space-y-2 bg-white"><a class="absolute inset-0 z-10" title="View Attraktive Karrieremöglichkeit in Root Luzern: Head of Office 50% - 70% gesucht!" href="/blog/head-of-office"></a><h2 class="text-lg font-semibold lg:text-xl text-black-500">Attraktive Karrieremöglichkeit in Root Luzern: Head of Office 50% - 70% gesucht!</h2><p class="text-xs lg:text-base text-black-500 min-h-[10rem]">Wir sind eine moderne Anwaltskanzlei in Root und suchen ab September 2023 oder nach Vereinbarung ein/e engagierte/r und motivierte/r Head of Office 50% - 70%. Diese Stelle bietet eine grossartige Chance, Teil unseres Teams zu werden und sich in einer spannenden Branche zu entwickeln. Erfahre mehr hier. </p><div class="flex items-center justify-between pt-2"><span class="inline-block text-sm italic text-black-400">04.07.2023</span><a class="flex items-center font-semibold text-subbase group" style="color:#7171EA" href="/blog#"><span class="transition-all translate-x-4 group-hover:translate-x-0">Read more</span><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="w-6 h-6 transition-all opacity-0 group-hover:opacity-100"><path fill-rule="evenodd" d="M7.21 14.77a.75.75 0 01.02-1.06L11.168 10 7.23 6.29a.75.75 0 111.04-1.08l4.5 4.25a.75.75 0 010 1.08l-4.5 4.25a.75.75 0 01-1.06-.02z" clip-rule="evenodd"></path></svg></a></div></div></div><div class="drop-shadow-xl w-full mx-auto max-md:max-w-lg"><div class="pb-[55%] relative overflow-hidden" style="clip-path:polygon(0% 0%, calc(100% - 75px) 0, 100% 75px, 100% 100%, 0% 100%)"><img alt="" loading="lazy" decoding="async" data-nimg="fill" class="transition-all hover:scale-110 -z-0" style="position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;object-fit:cover;object-position:center center;color:transparent" sizes="(max-width: 639px) 95vw, (max-width: 1024px) 50vw, 30vw" srcSet="/_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F948x562%2Fdfd93bf3a1%2Fcsm_shutterstock_2189252025_2e0f5e7895.jpg&w=256&q=75 256w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F948x562%2Fdfd93bf3a1%2Fcsm_shutterstock_2189252025_2e0f5e7895.jpg&w=384&q=75 384w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F948x562%2Fdfd93bf3a1%2Fcsm_shutterstock_2189252025_2e0f5e7895.jpg&w=640&q=75 640w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F948x562%2Fdfd93bf3a1%2Fcsm_shutterstock_2189252025_2e0f5e7895.jpg&w=750&q=75 750w, /_next/image?url=https%3A%2F%2Fa.storyblok.com%2Ff%2F198842%2F948x562%2Fdfd93bf3a1%2Fcsm_shutterstock_2189252025_2e0f5e7895.jpg&w=828&q=75 828w, 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href="/blog/bilanz-ranking"></a><h2 class="text-lg font-semibold lg:text-xl text-black-500">BILANZ-Ranking</h2><p class="text-xs lg:text-base text-black-500 min-h-[10rem]">We are thrilled to announce that Lex Futura has been recognized with three top awards in this year's BILANZ ranking of top law firms in Switzerland.</p><div class="flex items-center justify-between pt-2"><span class="inline-block text-sm italic text-black-400">26.04.2023</span><a class="flex items-center font-semibold text-subbase group" style="color:#7171EA" href="/blog#"><span class="transition-all translate-x-4 group-hover:translate-x-0">Read more</span><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20" fill="currentColor" aria-hidden="true" class="w-6 h-6 transition-all opacity-0 group-hover:opacity-100"><path fill-rule="evenodd" d="M7.21 14.77a.75.75 0 01.02-1.06L11.168 10 7.23 6.29a.75.75 0 111.04-1.08l4.5 4.25a.75.75 0 010 1.08l-4.5 4.25a.75.75 0 01-1.06-.02z" 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startup.","ogDescription":""}],"headings":[{"as":"h1","_uid":"9e04a71c-61d9-4657-bc58-e765ce338e51","size":"h1","color":"black","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Unser ","type":"text"},{"text":"Blog","type":"text","marks":[{"type":"bold"}]}]}]},"alignment":"center","component":"heading"}],"component":"BlogIndexPage","featuredArticle":""},"slug":"blog-index-page","full_slug":"de/blog-index-page","sort_by_date":null,"position":-100,"tag_list":[],"is_startpage":false,"parent_id":null,"meta_data":null,"group_id":"1e053ed7-765d-4f3a-8469-2bdcba0d8156","first_published_at":"2023-04-06T18:05:27.823Z","release_id":null,"lang":"de","path":"/blog","alternates":[],"default_full_slug":null,"translated_slugs":null},"articles":[{"name":"Die Bedeutung von Informationsrechten in Aktionärbindungsverträgen: Eine Übersicht","created_at":"2023-09-11T08:10:43.875Z","published_at":"2023-09-20T13:57:27.768Z","id":368142583,"uuid":"e2ebbac4-20ee-4610-9909-db82cb3e7bd0","content":{"_uid":"9f0ecd78-bf3e-47b4-adfd-784e3dbb4669","title":"Understanding the Importance of Information Rights in Shareholders’ Agreements ","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"d177708c-369c-4f4c-9fa3-0d8932abb4a5","title":"Understanding the Importance of Information Rights in Shareholders’ Agreements ","noIndex":false,"ogImage":{"id":11045820,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x853/0991bfa381/stock-1863880_1280.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Shareholders are entitled to statutory rights of information and inspection. However, these statutory rights do not adequately serve the interests of Venture Capital or Private Equity investors in terms of participation, information, and control, as they can quite easily be restricted by the board","ogDescription":""}],"contents":[{"_uid":"f9c70866-1a7e-4140-a887-5d2d6df6b2ab","content":{"type":"doc","content":[{"type":"heading","attrs":{"level":4},"content":[{"text":"Statutory Information and Inspection Rights of Shareholders","type":"text"}]},{"type":"paragraph","content":[{"text":"By virtue of the law, shareholders (unlike members of the board of directors) have no duties of loyalty towards the company and are also not subject to any non-disclosure obligations. Accordingly, the shareholders' statutory rights to information and inspection - in order to protect the company and its business secrets - are limited by law.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Shareholders' Right to Information","type":"text"}]},{"type":"paragraph","content":[{"text":"Pursuant to Article 697 of the Swiss Code of Obligations (CO), ","type":"text"},{"text":"every shareholder","type":"text","marks":[{"type":"bold"}]},{"text":" (irrespective of its stake) is entitled to request information from the board of directors about the company's affairs and information from the auditors about the conduct and results of their audit ","type":"text"},{"text":"at the general meeting","type":"text","marks":[{"type":"italic"}]},{"text":".","type":"text"}]},{"type":"paragraph","content":[{"text":"Furthermore, in the case of ","type":"text"},{"text":"non-listed companies","type":"text","marks":[{"type":"bold"}]},{"text":", shareholders representing together ","type":"text"},{"text":"at least 10 percent of the share capital ","type":"text","marks":[{"type":"bold"}]},{"text":"or voting rights have the right to request written information from the board of directors about the company's affairs. The board of directors shall respond to the request in writing within four months and make the answers available for shareholders to inspect at the next general meeting.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Limitations to the Right to Information","type":"text"}]},{"type":"paragraph","content":[{"text":"However, the board of directors is only obligated to provide information to the extent that:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The information is required for the proper exercise of shareholders' rights, and","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The provision of information does not endanger trade secrets or other legitimate interests of the company.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"If such a danger to the company's interests exists, the board of directors may refuse to provide the information. The refusal needs to be justified in writing.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Shareholders' Right to inspect","type":"text"}]},{"type":"paragraph","content":[{"text":"In addition to the statutory right to information, Article 697a CO grants shareholders a right of inspection. According to this provision, shareholders representing together at least 5 percent of the share capital or voting rights may inspect the company's business records. All company documents are subject to this right of inspection, regardless of the format, including electronic files.","type":"text"}]},{"type":"paragraph","content":[{"text":"The board of directors must grant such access within four months of receiving the request. However, there is no obligation to make the documents objectively understandable or to translate them. Shareholders are not allowed to make copies of the documents under the right of inspection; they can only take notes.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Limitations to the Right of Access","type":"text"}]},{"type":"paragraph","content":[{"text":"Similar to the right to information, the right of inspection is limited and must be granted only if:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The information is required for the proper exercise of shareholders' rights, and","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"No trade secrets or other legitimate interests of the company are endangered.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"As with the right to information, a refusal to permit an inspection must be justified in writing.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Legal Action for Information in Case of Denial of Information / Inspection","type":"text"}]},{"type":"paragraph","content":[{"text":"If information or inspection is wholly or partially denied or obstructed, affected shareholders have the right to bring an action before the competent court within a (very short) period of 30 days and demand the court to order the provision of information or inspection.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Right to Special Investigation (Art. 697c ff. CO) following Exercise of Information and Inspection Rights","type":"text"}]},{"type":"paragraph","content":[{"text":"After exercising the right to information and inspection, a shareholder may further request the general meeting to have specific matters investigated by independent experts where this is necessary for the exercise of shareholders’ rights.","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"If the general meeting approves the request, the company or any shareholder has 30 days to ask the court to appoint the experts who will conduct the special investigation.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"If the general meeting rejects the motion, shareholders may within three months request the court to order a special investigation if they collectively represent at least 5 percent (for listed companies) or 10 percent (for non-listed companies) of the share capital or voting rights.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"The request for a special investigation may cover any questions that were the subject of requests for information or inspection or were addressed during the consideration of the special investigation request in the general meeting, as long as the answers are necessary for exercising shareholders' rights.","type":"text"}]},{"type":"paragraph","content":[{"text":"The court shall order the special investigation if the applicants credibly show that founders or corporate bodies have violated laws or statutes and that the violation could harm the company or shareholders.","type":"text"}]},{"type":"paragraph","content":[{"text":"The special investigation must be conducted promptly and without unduly disrupting the company's operations.","type":"text"}]},{"type":"paragraph","content":[{"text":"The result of the special investigation is a report by the expert. This report is submitted to the company, and the court decides, upon the company's request, whether parts of the report violate trade secrets or other legitimate interests of the company and therefore should not be disclosed to the requesting shareholders.","type":"text"}]},{"type":"paragraph","content":[{"text":"Finally, the board of directors presents the report to the shareholders at the next general meeting and issues a statement. Subsequently, every shareholder has the right, for one year after the general meeting, to request a copy of the report and the statement from the company at its expense.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Shareholders' Information Rights are limited","type":"text"}]},{"type":"paragraph","content":[{"text":"As evident from the statutory information regime, shareholders' legal information and inspection rights are restricted, and investors may not be able to fully demand relevant information.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Shareholders' Information Rights in Shareholder Agreements","type":"text"}]},{"type":"paragraph","content":[{"text":"Given the limited (statutory) information rights of shareholders and the absence of confidentiality and loyalty obligations, shareholder agreements in Venture Capital and other Private Equity transactions often establish specific information rights and non-disclosure obligations.","type":"text"}]},{"type":"paragraph","content":[{"text":"Common information obligations include:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Annual Reporting","type":"text","marks":[{"type":"bold"}]},{"text":": The company is usually required to prepare the annual financial statements and a written annual report within a certain timeframe after the end of the year. The annual report shall contain information about the company's current situation and development, its competitive position, an updated business plan for the relevant fiscal year containing a projected monthly financial overview, and the relevant financial, earnings, and performance figures of the company.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Quarterly Reporting","type":"text","marks":[{"type":"bold"}]},{"text":": In the quarterly reporting, investors are provided with an (unaudited) quarterly financial statement and a written quarterly report within, for example, 30 days after the end of a business quarter. The quarterly report contains information about key business areas and general developments, often similar to the annual report.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Monthly Reporting","type":"text","marks":[{"type":"bold"}]},{"text":": In some cases, monthly reporting is also required. The corresponding monthly report contains a monthly financial statement as well as information on the most important key performance indicators. Instead of a monthly financial statement, many contracts provide that the company shall provide investors with management reports and information about key financial indicators.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Annual Planning","type":"text","marks":[{"type":"bold"}]},{"text":": In some cases, the company might be required to provide an overview of its annual planning, showing the goals for the upcoming year.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Ad-hoc Information","type":"text","marks":[{"type":"bold"}]},{"text":": Companies are typically obliged to inform investors proactively and promptly about extraordinary events.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Access and Control Rights","type":"text","marks":[{"type":"bold"}]},{"text":": Investors might also negotiate the right to access the company's premises at their discretion. This access right is usually limited to regular business hours and must not disrupt the company's business operations.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"In addition to these common information obligations, other specific obligations can be considered. These specific obligations become particularly relevant when investors have specific information duties towards their own investors and require access to company data to fulfil these duties.","type":"text"}]},{"type":"paragraph","content":[{"text":"In the area of ","type":"text"},{"text":"Impact Investing","type":"text","marks":[{"type":"bold"}]},{"text":", for instance, it is common for companies to provide investors with a report on the social and environmental impact of the activity (","type":"text"},{"text":"Social and Environmental Impact Report","type":"text","marks":[{"type":"italic"}]},{"text":").","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Non-Disclosure Agreements as Counterpart to Information Rights","type":"text"}]},{"type":"paragraph","content":[{"text":"As a counterpart to the contractually granted information rights, shareholder agreements must include non-disclosure obligations. Shareholders who gain access to internal business information must be obligated to maintain confidentiality. Otherwise, there is a risk that the investors will use the information they receive for purposes that may harm the company. In order to further minimise the potential for damage, the agreement of a non-competition clause is sometimes considered. However, such non-competition clauses are rarely accepted by investors. This makes a well-drafted and comprehensive non-disclosure agreement all the more important.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Take Home Message","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The shareholders' statutory right to information and inspection is limited and exercising it involves a lot of effort.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Venture Capital investors require specific information from the company and should therefore - in addition to the limited information and inspection rights - reserve corresponding information and inspection rights in the shareholders' agreement. Otherwise, they might not be able to obtain the necessary information.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"From the point of view of the company and the other shareholders, the granting of such comprehensive information rights must necessarily be combined with a comprehensive duty of confidentiality. Only such a confidentiality obligation ensures that the information provided to the investor is not disclosed.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"In the absence of a contractual duty of confidentiality, an investor is not subject to any statutory loyalty or confidentiality duties.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Disclaimer: The information contained in this article is for general information purposes and does not constitute legal or tax advice. In specific individual cases, the present content cannot replace individual advice from expert persons.","type":"text","marks":[{"type":"italic"}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":11045820,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x853/0991bfa381/stock-1863880_1280.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Shareholders are entitled to statutory rights of information and inspection. However, these statutory rights do not adequately serve the interests of Venture Capital or Private Equity investors in terms of participation, information, and control, as they can quite easily be restricted by the board of directors. An investor needs to be continuously informed about its investment's activities, and to achieve this, the structural information gap between investors and the company must be balanced through contractual information and inspection rights.\nIn this article, the statutory information and inspection rights of shareholders are first presented, followed by a discussion of typical information rights in shareholders’ agreements.\n","publishedAt":"2023-09-11 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Alain","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"die-bedeutung-von-informationsrechten-in-aktionaerbindungsvertraegen-eine-uebersicht","full_slug":"blog/die-bedeutung-von-informationsrechten-in-aktionaerbindungsvertraegen-eine-uebersicht","sort_by_date":null,"position":-420,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"eba9b822-4967-4bd6-951a-35873a1b1b31","first_published_at":"2023-09-11T08:30:35.174Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Das digitale Notariat – elektronische öffentliche Beurkundung","created_at":"2023-07-11T08:07:22.836Z","published_at":"2023-07-11T08:56:20.403Z","id":338860641,"uuid":"5b0cf727-ba62-4a87-90f5-0b398daa983e","content":{"_uid":"6cb44361-ca58-47f8-ab8f-61eb22b22ee4","title":"Das digitale Notariat – elektronische öffentliche Beurkundung","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"0aeafbdf-d806-43ac-8fac-f11ea3503e40","title":"Das digitale Notariat – elektronische öffentliche Beurkundung","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Das digitale Notariat – elektronische öffentliche Beurkundung","ogDescription":""}],"contents":[{"_uid":"4c0f9991-be37-4788-8b7a-98cba84a614f","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Das Bundesrecht schreibt für viele Rechtsgeschäfte die Form der öffentliche Beurkundung vor. Als konkrete Beispiele zu nennen sind ein Grundstückkaufvertrag oder ein Ehevertrag, aber auch der Gründungsakt einer AG oder GmbH muss öffentlich beurkundet werden. Das Verfahren der öffentlichen Beurkundung ist nach kantonalem Recht geregelt und wird von einer Urkundsperson (bspw. von einem Notar oder einer Notarin) durchgeführt. Am Ende resultiert eine öffentliche Urkunde.","type":"text"}]},{"type":"paragraph","content":[{"text":"Nach geltenden Recht muss das Original einer öffentlichen Urkunde zwingend als Papierdokument erstellt werden. Mit dem Gesetzesentwurf zum Bundesgesetz über die Digitalisierung im Notariat soll das Beurkundungsrecht an heutige gesellschaftliche, technische und wirtschaftliche Entwicklungen angepasst werden. Zukünftig wird es möglich sein, das Original der öffentlichen Urkunde in elektronischer Form zu erstellen.","type":"text"}]},{"type":"paragraph","content":[{"text":"Nachfolgend eine Übersicht zu den wichtigsten Fakten:","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Wieso braucht es (weiterhin) öffentliche Beurkundungen?","type":"text"}]},{"type":"paragraph","content":[{"text":"Eine öffentliche Beurkundung hat für den Rechtsverkehr unter Privaten eine grosse Bedeutung: Sie schützt vor übereilten Entscheiden, dient der Beweissicherung und schafft klare Verhältnisse im Hinblick auf Registereinträge. Da auf diese Weise die Rechtssicherheit und der Rechtsfrieden gefördert werden, ist es wichtig, die Weiterentwicklung der öffentlichen Beurkundung auch im elektronischen und digitalen Bereich nachhaltig zu gewährleisten.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Gibt es bereits heute elektronische öffentliche Urkunden?","type":"text"}]},{"type":"paragraph","content":[{"text":"Auch wenn aktuell das Original der öffentlichen Urkunde noch als Papierdokument zu erstellen ist, gab es vor gut 10 Jahren bereits erste vage Digitalisierungsbestrebungen. Seit 2012 können die Kantone in ihrem Beurkundungsrecht vorsehen, dass Urkundspersonen elektronische Ausfertigungen von Originalen in Papierform erstellen dürfen, welche (in digitaler Form) die gleiche Wirkung wie die originalen öffentlichen Urkunde in Papierform haben. Von dieser Möglichkeit wurde bislang nur zögerlich Gebrauch gemacht: 15 Kantone haben entsprechende Bestimmungen erlassen. Mit dem Gesetzesentwurf wurde daher ein neuer Anlauf genommen.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Wie sollen öffentliche Urkunden in Zukunft elektronisch erstellt werden?","type":"text"}]},{"type":"paragraph","content":[{"text":"Zur Erstellung einer öffentlichen Urkunde müssen die Urkundsparteien diese aktuell noch bei einer Urkundsperson vor Ort eigenhändig unterzeichnen, bevor sie von der Urkundsperson gestempelt oder gebunden und allenfalls gesiegelt wird. Es besteht zwar grundsätzlich die Möglichkeit, sich mittels Vollmacht vertreten zu lassen, ein physischer Kontakt der Urkundsparteien bzw. ihren Vertretern und der Urkundsperson ist jedoch meistens unumgänglich.","type":"text"}]},{"type":"paragraph","content":[{"text":"Für eine elektronische Beurkundung ist absolut zentral, dass die Urkundsparteien den Inhalt einer öffentlichen Urkunde zur Kenntnis nehmen können und dessen Wahrnehmbarkeit während des ganzen Beurkundungsprozesses gewährleistet bleibt. Da die Gesetzgebungskompetenz für den Beurkundungsprozess bei den Kantonen liegt, werden diese die Bestimmungen hierzu erlassen müssen. Eine entsprechende Bestimmung im Entwurf des Bundesgesetzes wurde aus diesem Grund auch gestrichen, weshalb die konkrete Ausgestaltung des Beurkundungsprozesses noch nicht definiert ist.","type":"text"}]},{"type":"paragraph","content":[{"text":"Klar ist jedoch, dass wenn für die öffentliche Beurkundung eine Genehmigung einer Urkundspartei erforderlich ist, diese ebenfalls auf der (elektronischen) öffentlichen Urkunde angebracht werden muss. Der Beurkundungsvorgang gelangt zum Abschluss, indem die Urkundsperson (bspw. ein Notar oder eine Notarin) der elektronischen öffentlichen Urkunde eine qualifizierte elektronische Signatur beifügt.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Ist eine rein digitale öffentliche Beurkundung denkbar?","type":"text"}]},{"type":"paragraph","content":[{"text":"Die grösste Hürde für eine rein digitale Beurkundung wird die (allfällige) Genehmigung des Urkundeninhalts durch eine Urkundspartei darstellen, da diese grundsätzlich die eigenhändige Unterschrift erfordert. Die mit einem qualifizierten Zeitstempel verbundene qualifizierte elektronische Signatur ist zwar der eigenhändigen Unterschrift gleichgestellt, sie hat sich jedoch in der breiten Bevölkerung (noch) nicht durchgesetzt. Damit eine rein digitale öffentliche Beurkundung dem breiten Publikum trotzdem zugänglich ist, soll es alternativ auch möglich sein, dass die eigenhändige Unterschrift grafisch erfasst werden kann. Allerdings muss bei dieser Option gemäss dem Gesetzesentwurf ","type":"text"},{"text":"«das dazu eingesetzte Eingabegerät in der Lage sein, alle zur Identifizierung der unterzeichnenden Personen nötigen biometrischen Merkmale dieser Unterschriften aufzuzeichnen.» ","type":"text","marks":[{"type":"italic"}]},{"text":"Denkbar ist daher, dass mithilfe von Grafiktabletts die charakteristischen Informationen einer menschlichen Unterschrift (Schreibgeschwindigkeit, Neigungswinkel und Druckstärke) sowie allfällige weitere biometrische Daten erfasst werden und diese der öffentlichen Urkunde als Randdaten beigefügt werden.","type":"text"}]},{"type":"paragraph","content":[{"text":"Steht den Urkundsparteien eine der beiden Optionen zur Verfügung (qualifizierte elektronische Signatur oder Tablett zur grafischen Erfassung der eigenhändigen Unterschrift), sollte einer rein digitalen öffentlichen Beurkundung nichts mehr im Wege stehen: Denn mit den heutigen Kommunikationsmöglichkeiten ist es möglich, dass alle beteiligten Personen mittels eines Videokonferenz-Programms miteinander kommunizieren und gleichzeitig den Urkundeninhalt über ein Grafiktablett wahrnehmen und schliesslich durch Unterzeichnung genehmigen können.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Welches Programm wird für den Beurkundungsprozess genutzt?","type":"text"}]},{"type":"paragraph","content":[{"text":"Ob den Urkundspersonen für den digitalen Beurkundungsprozess eine Software zur Verfügung gestellt wird oder ob sie freie Hand in der Auswahl der Kommunikationsmittel haben, ist zurzeit noch unklar. Hierbei wird die Vereinbarkeit mit dem Datenschutz-, Berufsrecht- und dem Strafrecht eine zentrale Rolle spielen.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Wo werden die elektronischen Originale der öffentlichen Urkunden aufbewahrt?","type":"text"}]},{"type":"paragraph","content":[{"text":"Der Gesetzesentwurf sieht vor, dass das Bundesamt für Justiz ein elektronisches Urkundenregister betreibt, in welchem sämtliche elektronischen Originale öffentlicher Urkunden zentral erfasst und dauerhaft aufbewahrt werden. Damit das elektronische Original jederzeit auffindbar ist, hat die Urkundsperson nach der Beurkundung für dessen Erfassung im Urkundenregister zu sorgen. Das im elektronischen Urkundenregister erfasste Original gilt sodann als Referenzexemplar.","type":"text"}]},{"type":"paragraph","content":[{"text":"Den Zugriff auf das elektronische Urkundenregister sollen lediglich Urkundspersonen, die Aufsichtsbehörde sowie Gerichte und weitere Behörden gestützt auf rechtskräftige Entscheide erhalten. Die Zugriffe sind zu protokollieren.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Ist eine elektronische öffentlichen Urkunde nur digital vorhanden?","type":"text"}]},{"type":"paragraph","content":[{"text":"Mit dem neuen Gesetz wird das Original einer elektronischen öffentlichen Urkunden im elektronischen Urkundenregister erfasst und dient als Referenzdokument. Es soll jedoch ohne Weiteres möglich sein, dass Urkundspersonen von einem solchen Referenzdokument elektronische Ausfertigungen oder Ausfertigungen in Papierform erstellen können. Umgekehrt soll eine Urkundsperson auch elektronische Ausfertigungen von auf Papier errichteten öffentlichen Urkunden erstellen können. Die gegenseitige Transformation von elektronischen öffentlichen Urkunden und auf Papier errichteten öffentlichen Urkunden wird somit sichergestellt.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Wo stehen wir im Vergleich zum nahen Ausland?","type":"text"}]},{"type":"paragraph","content":[{"text":"Mit der sogenannten «Digitalisierungsrichtlinie» gibt die ","type":"text"},{"text":"Europäische Union ihren Mitgliedstaaten einen rechtlichen Rahmen für digitale Beurkundungsprozesse im Bereich des Gesellschaftsrechts vor. Hiernach wurden die EU-Mitgliedstaaten verpflichtet, bis zum ","type":"text","marks":[{"type":"textStyle","attrs":{"color":""}}]},{"text":"1. August 2022 ein Verfahren zur Online-Gesellschaftsgründung einzuführen. Im Vergleich zur EU besteht also Aufholbedarf. Wenn die Schweiz","type":"text"},{"text":" weiterhin ein attraktiver Wirtschaftsstandort bleiben möchte, ist es wichtig, dass sie auch bei den Entwicklungen im Bereich der öffentlichen Beurkundung ganz vorne dabei ist.","type":"text","marks":[{"type":"textStyle","attrs":{"color":""}}]}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Wann tritt das Gesetz in Kraft?","type":"text"}]},{"type":"paragraph","content":[{"text":"Nachdem in den parlamentarischen Beratungen noch gewisse Bestimmungen des Gesetzesentwurfs leicht angepasst, hinzugefügt oder gestrichen wurden, nahmen der Ständerat und der Nationalrat das Gesetz in ihren jeweiligen Schlussabstimmungen am 15. Juni 2023 an.","type":"text"}]},{"type":"paragraph","content":[{"text":"Verstreicht die Referendumsfrist ungenutzt, bestimmt der Bundesrat das Inkrafttreten des Notariatsdigitalisierungsgesetz. Es soll allerdings erst zusammen mit der noch vom Bundesrat zu erarbeitenden Verordnung in Kraft treten. Dies wird frühestens im Jahre 2024 der Fall sein.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":10242456,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x768/9e711965ad/network-gcd34a9964_1280.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Das Bundesrecht schreibt für viele Rechtsgeschäfte die Form der öffentliche Beurkundung vor. Als konkrete Beispiele zu nennen sind ein Grundstückkaufvertrag oder ein Ehevertrag, aber auch der Gründungsakt einer AG oder GmbH muss öffentlich beurkundet werden. Das Verfahren der öffentlichen Beurkundung ist nach kantonalem Recht geregelt und wird von einer Urkundsperson (bspw. von einem Notar oder einer Notarin) durchgeführt. Am Ende resultiert eine öffentliche Urkunde.\nNach geltenden Recht muss das Original einer öffentlichen Urkunde zwingend als Papierdo-kument erstellt werden. Mit dem Gesetzesentwurf zum Bundesgesetz über die Digitalisierung im Notariat soll das Beurkundungsrecht an heutige gesellschaftliche, technische und wirt-schaftliche Entwicklungen angepasst werden. Zukünftig wird es möglich sein, das Original der öffentlichen Urkunde in elektronischer Form zu erstellen.\n","publishedAt":"2023-07-11 00:00","readMoreText":"Read more","authorPicture":{"id":8907340,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/63767d11d9/emanuel-gruenig.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Emanuel","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"das-digitale-notariat-elektronische-oeffentliche-beurkundung","full_slug":"blog/das-digitale-notariat-elektronische-oeffentliche-beurkundung","sort_by_date":null,"position":-410,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"7c3ed147-3674-4125-beed-5a2e0fe8fbdb","first_published_at":"2023-07-11T08:10:09.593Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Legal Advisor","created_at":"2023-07-04T11:28:52.308Z","published_at":"2023-07-18T12:45:10.398Z","id":335907662,"uuid":"f2da360e-c7fc-4798-9f26-429934938b10","content":{"_uid":"133dc7d8-87e7-45b2-9e9f-9437697a0d64","title":"Attraktive Karrieremöglichkeit in Root Luzern: Legal Advisor 60% - 100% gesucht!","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"4a09f1dc-c7c0-4428-8a03-4a0ad9583a52","title":"Legal Advisor","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Legal Advisor","ogDescription":""}],"contents":[{"_uid":"a79f51ef-0ddf-4acd-95a6-e1a9f1966335","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Wir suchen ab September 2023 oder nach Vereinbarung eine/n Legal Advisor 60% - 100%. Diese Stelle bietet eine grossartige Chance, Teil eines dynamischen Teams zu werden und sich in einer spannenden Branche zu entwickeln. ","type":"text"},{"text":"Erfahre hier mehr. ","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/e76c1ebc67/inserat-legal-advisor-ab-2023_09.pdf?cv=1689681420997","uuid":null,"anchor":null,"target":"_self","linktype":"url"}}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":10120708,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/3000x2000/0844e2f4c7/we-are-hiring.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Wir sind eine moderne Anwaltskanzlei in Root und suchen ab September 2023 oder nach Vereinbarung ein/e engagierte/r und motivierte/r Legal Advisor 60% - 100%. Diese Stelle bietet eine grossartige Chance, Teil unseres Teams zu werden und sich in einer spannenden Branche zu entwickeln.","publishedAt":"2023-07-04 00:00","readMoreText":"Read more","authorPicture":{"id":8907344,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/3e2aa319ab/sabrina-studer.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Sabrina","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"legal-advisor","full_slug":"blog/legal-advisor","sort_by_date":null,"position":-400,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"cef26d8e-cfd1-4867-9120-c4e9270eb055","first_published_at":"2023-07-04T11:31:00.296Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Para Legal","created_at":"2023-07-04T11:25:56.371Z","published_at":"2023-07-18T12:43:10.799Z","id":335907601,"uuid":"2715be93-91b4-4a29-9a92-0c1a382eabce","content":{"_uid":"776b9d14-4e55-4f05-9780-f3a7c6eb4d9b","title":"Attraktive Karrieremöglichkeit in Root Luzern: Paralegal 40% - 80% gesucht!","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"22309b66-cf6b-440a-8499-e1f8c14865b6","title":"Para Legal","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Para Legal","ogDescription":""}],"contents":[{"_uid":"8df0071b-3cd8-41d1-b311-5617782ac1fd","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Wir suchen ab September 2023 oder nach Vereinbarung eine/n Paralegal 40% - 80%. Diese Stelle bietet eine grossartige Chance, Teil eines dynamischen Teams zu werden und sich in einer spannenden Branche zu entwickeln.","type":"text"},{"text":" Erfahre hier mehr.","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/bfd9f25ed5/inserat-paralegal-ab-2023_09.pdf?cv=1689681426374","uuid":null,"anchor":null,"target":"_self","linktype":"url"}}]},{"text":" ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":10120708,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/3000x2000/0844e2f4c7/we-are-hiring.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Wir sind eine moderne Anwaltskanzlei in Root und suchen ab September 2023 oder nach Vereinbarung ein/e engagierte/r und motivierte/r Paralegal 40% - 80%. Diese Stelle bietet eine grossartige Chance, Teil unseres Teams zu werden und sich in einer spannenden Branche zu entwickeln.","publishedAt":"2023-07-04 00:00","readMoreText":"Read more","authorPicture":{"id":8907344,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/3e2aa319ab/sabrina-studer.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Sabrina","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"para-legal","full_slug":"blog/para-legal","sort_by_date":null,"position":-390,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"af9d0d76-7e0e-4d2a-be99-069e633b7d69","first_published_at":"2023-07-04T11:27:22.131Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Head of Office","created_at":"2023-07-04T11:06:21.369Z","published_at":"2023-07-18T11:50:19.057Z","id":335900883,"uuid":"bda5e9f9-5c3a-40d5-bdf0-9298a26ddf14","content":{"_uid":"d62a996f-691f-4dde-bcb3-87a56b28c9af","title":"Attraktive Karrieremöglichkeit in Root Luzern: Head of Office 50% - 70% gesucht!","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"0813c473-1119-40f5-b229-e7dcd0f375ee","title":"Head of Office","noIndex":false,"ogImage":{"id":10120603,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1920x1920/dabbe6a8fb/linkedin-social-media_head-of-office.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Head of Office","ogDescription":""}],"contents":[{"_uid":"e2f850a5-1f7d-46ea-ad57-6919de13d02f","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Wir suchen ab September 2023 oder nach Vereinbarung eine/n Head of Office 50% - 70%. Diese Stelle bietet eine grossartige Chance, Teil eines dynamischen Teams zu werden und sich in einer spannenden Branche zu entwickeln. ","type":"text"},{"text":"Erfahre mehr hier.","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/45496da682/inserat-head-of-office-ab-2023_09.pdf?cv=1689680753709","uuid":null,"anchor":null,"target":"_self","linktype":"url"}}]},{"text":" ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":10120708,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/3000x2000/0844e2f4c7/we-are-hiring.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Wir sind eine moderne Anwaltskanzlei in Root und suchen ab September 2023 oder nach Vereinbarung ein/e engagierte/r und motivierte/r Head of Office 50% - 70%. Diese Stelle bietet eine grossartige Chance, Teil unseres Teams zu werden und sich in einer spannenden Branche zu entwickeln. Erfahre mehr hier. ","publishedAt":"2023-07-04 00:00","readMoreText":"Read more","authorPicture":{"id":8907344,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/3e2aa319ab/sabrina-studer.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Sabrina","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"head-of-office","full_slug":"blog/head-of-office","sort_by_date":null,"position":-380,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"62fdaad8-6cec-4395-91f6-20f87722647e","first_published_at":"2023-07-04T11:08:50.644Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"BILANZ-Ranking","created_at":"2023-05-23T17:07:00.003Z","published_at":"2023-09-12T12:32:28.508Z","id":312007792,"uuid":"e8d186ac-9d71-41f2-9954-4f9cd789cbc1","content":{"_uid":"49e067d2-502e-42a8-8078-7ca841b9bc87","title":"BILANZ-Ranking","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"d32ccd4a-77a9-4aaf-8805-37469d46d1f0","title":"BILANZ-Ranking","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"We are thrilled to announce that Lex Futura has been recognized with three top awards in this year's BILANZ ranking of top law firms in Switzerland.","ogDescription":""}],"contents":[{"_uid":"df027076-4a1d-406c-a595-5ee19ccc11b1","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"We are incredibly grateful to our valued customers for their votes, which have earned us the highest awards in the areas of \"private equity and venture capital,\" \"international law,\" and \"technology and telecommunications law.\"","type":"text"}]},{"type":"paragraph","content":[{"text":"These awards are a testament to the hard work and dedication of our team and the success we have achieved in partnering with our dynamic and innovative corporate clients. We are proud to see our efforts recognized in this way and remain committed to providing exceptional legal services to our clients.","type":"text"}]},{"type":"paragraph","content":[{"text":"We extend our heartfelt thanks to all of our customers for their continued support and look forward to building upon our successes together in the future.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9420751,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/dfd93bf3a1/csm_shutterstock_2189252025_2e0f5e7895.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"We are thrilled to announce that Lex Futura has been recognized with three top awards in this year's BILANZ ranking of top law firms in Switzerland.","publishedAt":"2023-04-26 00:00","readMoreText":"Read more","authorPicture":{"id":8907331,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/10f9500d56/anina-groh.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Anina Groh","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"bilanz-ranking","full_slug":"blog/bilanz-ranking","sort_by_date":null,"position":10,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"0b126549-b138-4910-9db4-44458717e529","first_published_at":"2023-05-23T17:24:13.439Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Options to Remove Shareholders in Swiss Stock Corporations","created_at":"2023-05-23T17:48:22.628Z","published_at":"2023-06-30T08:58:54.059Z","id":312023838,"uuid":"be2c330f-e351-49df-bb5c-77b5f9265ab0","content":{"_uid":"eef4033f-80e5-4b6e-ad17-2a87862ddd9a","title":"Options to Remove Shareholders in Swiss Stock Corporations","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"8c959350-2876-4d0d-aab8-b263cad11b41","title":"Options to Remove Shareholders in Swiss Stock Corporations","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Shareholders may want to remove another shareholder for reasons such as lack of participation, rights abuse, or personal conflicts. Five legal options can be considered to tackle this challenge, but each has drawbacks and can lead to legal disputes. It's crucial to evaluate all possibilities careful","ogDescription":""}],"contents":[{"_uid":"3d64c346-99f8-43b7-bde1-7499685ef79a","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Shareholders may often find themselves in a challenging situation where they want to remove another shareholder. The reasons for doing so may vary, including situations where the shareholder is not actively participating in the company's operations, abusing their rights or when personal conflicts arise between the co-shareholders.","type":"text"}]},{"type":"paragraph","content":[{"text":"In this article, we explore different legal options that can be considered when tackling this challenge. However, it is important to note that every option has its drawbacks, and there is always a chance of legal disputes arising between parties. As such, it is essential to evaluate all possibilities carefully and make informed decisions that weigh all interests and risks.","type":"text"}]},{"type":"paragraph","content":[{"text":"If possible, the first recommendation is to remove the unwanted shareholder from the board of directors and terminate any applicable employment contracts. This can help reduce their influence on the business. From there, there are the following options to think about: ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Purchase of the Shares (Buy-Out) or Sale of the Business (Asset Deal)","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Voluntary Buy-Out","type":"text"}]},{"type":"paragraph","content":[{"text":"A voluntary buy-out is a process that requires the consent of both parties, not only on the sale itself but also on the purchase price. However, if the parties have not agreed on a fixed valuation or valuation method to be used during the buy-out, it can become challenging to reach an agreement on the price. Emotions may run high, making negotiations difficult.","type":"text"}]},{"type":"paragraph","content":[{"text":"Nevertheless, if both parties can come to an agreement, a voluntary buy-out is the most amicable way to part ways.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Forced Buy-Out","type":"text"}]},{"type":"paragraph","content":[{"text":"In the case where a shareholders' agreement is in place, it's common for the agreement to include purchase options. Therefore, before exploring other options, it's crucial to review the shareholders' agreement to determine whether there are any options available to force a shareholder to sell their shares. A forced buy-out based on a contractual agreement is a viable option for removing an unwanted shareholder, but it's essential that the shareholders' agreement is well-drafted and includes a valuation clause.","type":"text"}]},{"type":"paragraph","content":[{"text":"It's important to note that a forced buy-out can be challenged and subject to court review.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Transfer of the Business (Asset Deal)","type":"text"}]},{"type":"paragraph","content":[{"text":"One option to consider is selling the business assets to another company not affiliated with the unwanted shareholder. The board of directors is usually responsible for such actions, which may involve transferring the assets to a newly formed entity or a subsidiary whose shares can then be sold to certain shareholders. However, if the sale of assets results in a complete liquidation and the company becomes essentially inactive, the shareholders must approve the decision to sell to protect the directors from personal liability.","type":"text"}]},{"type":"paragraph","content":[{"text":"It is crucial to ensure that the price of the assets is reasonable and based on market value. An independent valuation report is recommended to establish the price. Additionally, when transferring assets, it is important to transfer all relevant employment relationships and obtain the approval of all contractual partners.","type":"text"}]},{"type":"paragraph","content":[{"text":"Before proceeding with a sale of assets, one should also carefully consider tax implications and potential reputational damage.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Company Liquidation and Incorporation of a New Company","type":"text"}]},{"type":"paragraph","content":[{"text":"Another option is to dissolve the \"old\" company and form a new one without the unwanted shareholder. However, dissolving a Swiss stock corporation requires approval from at least two-thirds of the share votes represented and an absolute majority of the share values represented at the AGM. If the quorum is not reached, shareholders representing at least 10% of the share capital may petition a court to dissolve the company based on important reasons.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the decision to liquidate is made, the assets cannot be distributed until three months after the last debt call if the company works with an auditor. If not, the distribution may take place after 12 months. The release of all hidden reserves as a liquidation dividend will result in significant income tax for the shareholders.","type":"text"}]},{"type":"paragraph","content":[{"text":"It is important to note that liquidation may cause significant damage to the company's reputation and may not be suitable for resuming operations.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Merger or Demergers","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Squeeze-Out Merger (90% Shareholder Approval Required)","type":"text"}]},{"type":"paragraph","content":[{"text":"Swiss merger laws provide the option of a squeeze-out merger in which one or more shareholders who control at least 90% of the voting rights can decide to merge with another company and squeeze-out and compensate the remaining shareholders. The merger agreement is reached between the board of directors of both companies, and it stipulates that shareholders of the transferring company receive only a cash compensation and no shares in the acquiring company. The compensation should correspond to the actual value of the shares and be audited by an independent auditor. The shareholders' meeting of both companies must approve the merger, which requires at least 90% of all share votes.","type":"text"}]},{"type":"paragraph","content":[{"text":"Once the merger is approved, the shareholders of the transferring company only receive a cash payment and lose their voting rights in the acquiring company. If the compensation is inadequate, each shareholder can seek a judicial determination of the payment through a court review. However, a squeeze-out merger requires meticulous planning and there are several risks associated with it. Violations of Swiss merger laws can result in successful challenges to the merger resolution. Moreover, in case of breach of duty, the board of directors and the auditor may be held liable for the resulting damage.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Asymmetric Demerger","type":"text"}]},{"type":"paragraph","content":[{"text":"Swiss merger laws also allow for the splitting of companies into two or more companies while adjusting the shareholdings, which is known as asymmetric demerger. The company's assets are generally divided into two companies owned by two competing shareholder groups, with shareholdings in the two new companies not necessarily being identical to the holdings before the split.","type":"text"}]},{"type":"paragraph","content":[{"text":"For a successful asymmetric demerger, at least 90% of the share votes must pass a resolution. The procedure for asymmetric demerger is similar to that of a merger, and the value of the parts of the business to be split off, as well as all other relevant circumstances, must be considered in the exchange ratio.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Increase or decrease of the Share Capital","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Capital Increase","type":"text"}]},{"type":"paragraph","content":[{"text":"A capital increase may not necessarily lead to the removal of a shareholder, but it can be utilized to dilute the shares of a non-participating shareholder. For an ordinary capital increase with cash contributions, a simple majority of the share votes represented at the general meeting is required. Each shareholder generally holds a subscription right to new shares, which can only be suspended by the shareholders' meeting for significant reasons such as the acquisition of companies or participation of employees. It is essential to carefully evaluate the circumstances before suspending the subscription right.","type":"text"}]},{"type":"paragraph","content":[{"text":"In cases where some shareholders are aware that another shareholder cannot participate in a capital increase, a capital increase can be used as an effective method to reduce the shareholder's influence.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Capital Cut (Capital Reduction and immediate Capital Increase) ","type":"text"}]},{"type":"paragraph","content":[{"text":"In the event that a company requires financial restructuring, the shareholders' meeting may resolve to reduce the share capital to zero, followed by a subsequent increase in the capital, resulting in the extinguishment of the shareholders' previous shares due to the reduction. Upon the subsequent increase, existing shareholders are granted an irrevocable subscription right, which is pro rata. If a shareholder is no longer able or willing to invest in the company, they forfeit their shareholder position as a result of the decrease and subsequent increase.","type":"text"}]},{"type":"paragraph","content":[{"text":"The capital decrease and subsequent increase generally require an absolute majority of the votes represented at the general meeting, unless the articles specify otherwise or the capital increase requires a higher quorum. It is worth noting that shareholders may partially exercise their subscription right to maintain their position in the company, such as by subscribing to only one share.","type":"text"}]},{"type":"paragraph","content":[{"text":"The use of a capital decrease and subsequent increase is a feasible solution to eliminate a shareholder, but only if the company necessitates restructuring.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Court Proceedings","type":"text"}]},{"type":"paragraph","content":[{"text":"Under Swiss law on stock corporations, shareholders do generally not have the right to request that a court exclude another shareholder from a company, unlike in the case of a GmbH. However, if the conflict with a shareholder leads to the company's inability to function, an organizational defect may arise, and any shareholder may apply to the court for necessary measures to be taken.","type":"text"}]},{"type":"paragraph","content":[{"text":"Organizational deficiency proceedings, such as a court-ordered auction of shares among shareholders, can be carried out in such cases. It should be noted that the court is not bound by the parties' requests, and the measures that a court may take to address organizational deficiencies are up to the court. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Nevertheless, court proceedings can be considered as an option when other remedies are unavailable, and the company is no longer able to function.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Are the shares of your company only partially paid-in?","type":"text"}]},{"type":"paragraph","content":[{"text":"If the shares of a company are only partially paid-in, the board of directors may establish a deadline for the shareholders to subsequently pay their full contributions. If a shareholder fails to make the payment despite being requested to do so, the board may grant a grace period. If the shareholder still does not pay within the grace period, the board of directors has the authority to declare the shareholder deprived of their rights from the share subscription and to issue new shares for this purpose. This option is however only available if the shares are only partially paid in.","type":"text"}]},{"type":"paragraph","content":[{"text":"Swiss company law generally provides robust protection for a shareholder's position, and disposing of a shareholder is a challenging task. If parties can reach an agreement, a voluntary sale of shares is ideal. If no agreement can be reached, the options described above should be evaluated with caution.","type":"text"}]},{"type":"paragraph","content":[{"text":"Disclaimer: The information contained in this article is for general information purposes and does not constitute legal or tax advice. In specific individual cases, the present content cannot replace individual advice from expert persons.","type":"text","marks":[{"type":"italic"}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":9421115,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/3f83f8584a/csm_shutterstock_2202072837_a91f319ce0.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Shareholders may want to remove another shareholder for reasons such as lack of participation, rights abuse, or personal conflicts. Five legal options can be considered to tackle this challenge, but each has drawbacks and can lead to legal disputes. It's crucial to evaluate all possibilities carefully and make informed decisions. The first recommendation is to remove the unwanted shareholder from the board of directors and terminate applicable employment contracts to reduce their influence on the business.","publishedAt":"2023-03-27 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"5-options-to-remove-shareholders-in-swiss-stock-corporations","full_slug":"blog/5-options-to-remove-shareholders-in-swiss-stock-corporations","sort_by_date":null,"position":20,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"20f33185-4dc8-47ad-8171-de09c8933aed","first_published_at":"2023-05-23T17:56:40.183Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Shareholders’ resolutions can finally be passed in writing - a massive relief, especially for smaller companies.","created_at":"2023-05-23T17:58:05.122Z","published_at":"2023-06-22T10:21:00.055Z","id":312024016,"uuid":"095bbd3f-0677-40f4-b18a-4d374bb57a1b","content":{"_uid":"50557194-9597-4cad-adc1-cab880486f14","title":"Shareholders’ resolutions can finally be passed in writing - a massive relief, especially for smaller companies.","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"34002478-f93d-4e18-8db1-44aa754ae7d5","title":"Shareholders’ resolutions can finally be passed in writing - a massive relief, especially for smaller companies.","noIndex":false,"ogImage":{"id":9668660,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/2a938b847a/csm_pexels-pixabay-416320__1__dc8eae618a-1.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Until the end of 2022, general meetings had to be held in person. This will change with the new Swiss company law which has come into force at the beginning of 2023.","ogDescription":""}],"contents":[{"_uid":"9372c63a-5fe4-45d2-980f-81a3ba7194b7","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Until the end of 2022, general meetings had to be held in person. This will change with the new Swiss company law which has come into force at the beginning of 2023.","type":"text"}]},{"type":"paragraph","content":[{"text":"Art. 701 para. 3 CO provides that general meetings may be held in writing on paper or in electronic form (without complying with the usual convening requirements), provided that no shareholder requests an oral debate.","type":"text"}]},{"type":"paragraph","content":[{"text":"For smaller companies, the possibility to pass resolutions in writing is a great relief, especially if they have shareholders domiciled abroad.","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Shareholders can now vote on non-controversial agenda items on the basis of an (electronic) circular resolution. It is no longer necessary to attend a general meeting or to appoint a proxy.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Circular resolutions are also permitted even for resolutions requiring notarisation. In these cases, the board of directors will, after the written resolution has been passed, pass a resolution before a notary public confirming the results of the shareholders meeting.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"If a shareholder wishes to have an oral discussion about the agenda items, he has the right to request an oral debate at any time. Shareholder rights are thus fully preserved.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"A recent notarised amendment to the articles of association of a Swiss public limited company illustrates the efficiency gains that can be achieved by adopting resolutions by electronic means:","type":"text"}]},{"type":"paragraph","content":[{"text":"After all shareholders (spread all over the world) had voted unanimously in writing on four amendments to the articles of association, waiving oral debate, the Swiss-based board of directors confirmed the voting results before a public notary. This notarised confirmation served as a commercial register document.","type":"text"}]},{"type":"paragraph","content":[{"text":"Neither proxies nor a physical meeting were required.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9421254,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/427dc22089/csm_pexels-pixabay-416320__1__dc8eae618a.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Until the end of 2022, general meetings had to be held in person. This will change with the new Swiss company law which has come into force at the beginning of 2023.","publishedAt":"2023-02-06 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"shareholders-resolutions-can-finally-be-passed","full_slug":"blog/shareholders-resolutions-can-finally-be-passed","sort_by_date":null,"position":30,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"be77e76a-8592-4c00-acac-d2a00a193a9d","first_published_at":"2023-05-23T18:01:38.144Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Capital loss at the end of 2022? The revised Swiss corporate law may force you to have a limited audit (even if you have otherwise waived an audit).","created_at":"2023-05-22T10:09:35.005Z","published_at":"2023-07-11T07:29:36.298Z","id":311068030,"uuid":"88647a1d-cf86-4f41-903e-ba55e64ffce2","content":{"_uid":"16673d6a-5902-4e24-a814-8961f64f2b84","title":"Capital loss at the end of 2022? The revised Swiss corporate law may force you to have a limited audit (even if you have otherwise waived an audit).","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"8f8dafbd-c1a2-4ce4-afc8-98efcdb12434","title":"Capital loss at the end of 2022? The revised Swiss corporate law may force you to have a limited audit (even if you have otherwise waived an audit).","noIndex":false,"ogImage":{"id":9367693,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/6016x4016/28409eb602/pexels-leeloo-thefirst-7873553.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Start-ups often do not have an auditor in the first years of their business activity. This is permissible if the company does not have more than ten full-time employees on an annual average and all shareholders waive an audit (so-called opting-out).\nHowever, the new Swiss corporate law obliges compa","ogDescription":""}],"contents":[{"_uid":"1c78a474-abf8-4cac-bad8-9430cc40fee4","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Start-ups often do not have an auditor in the first years of their business activity. This is permissible if the company does not have more than ten full-time employees on an annual average and all shareholders waive an audit (so-called opting-out).","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]},{"type":"hard_break"},{"text":"However, the new Swiss corporate law obliges companies with an opting-out to have their last annual financial statement audited by a certified auditor if it shows a capital loss (Art. 725a CO).","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Why should you care?","type":"text"}]},{"type":"paragraph","content":[{"text":"As part of the revision of Swiss corporate law, the restructuring law and in particular the provisions on capital loss were also adjusted. The adjusted provisions apply in full as of 01 January 2023, i.e., they also apply to the annual financial statements as of 31 December 2022.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Do your annual financial statements as of December 31, 2022, show a capital loss?","type":"text"}]},{"type":"paragraph","content":[{"text":"If your annual financial statements as of 31 December 2022 show a capital loss within the meaning of Art. 725a of the Swiss Code of Obligations (","type":"text"},{"text":"CO","type":"text","marks":[{"type":"bold"}]},{"text":"), the Board must not only take the necessary measures to eliminate the capital loss (e.g. raising new equity, adjusting the balance sheet by means of a capital reduction or conversion of debt into equity) but also appoint a licensed auditor to conduct a limited audit of the annual financial statements prior to approval by the general meeting.","type":"text"}]},{"type":"paragraph","content":[{"text":"This rule also applies if the company has opted out of an audit.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is a capital loss according to Art. 725a CO?","type":"text"}]},{"type":"paragraph","content":[{"text":"A capital loss pursuant to Art. 725a CO exists if the last annual financial statements show that the company's assets less its liabilities no longer cover half of the sum of the share capital, the statutory capital reserve not repayable to the shareholders and the statutory retained earnings.","type":"text"}]},{"type":"paragraph","content":[{"text":"In short: a capital loss exists if the equity is less than 50% of the protected capital.","type":"text"}]},{"type":"paragraph","content":[{"text":"You can find an article on the calculation of protected equity h","type":"text"},{"text":"ere.","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/en/blog/what-is-freely-available-equity-capital-and-why-is-it-important","uuid":null,"anchor":null,"target":"_self","linktype":"url"}}]}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What are the obligations of the Board if it determines a capital loss at the end of 2022?","type":"text"}]},{"type":"paragraph","content":[{"text":"If the annual financial statements show a capital loss pursuant to Art. 725a CO, the Board must appoint a licensed auditor (Art. 725a para. 2 OR) and instruct him to conduct a limited audit.","type":"text"}]},{"type":"paragraph","content":[{"text":"This audit is special because the report is made to the Board and the purpose of the audit is to ensure that the economic situation of the company is not actually worse than presented by the Board. ","type":"text"}]},{"type":"paragraph","content":[{"text":"The licensed auditor must proceed with the necessary urgency.","type":"text"}]},{"type":"paragraph","content":[{"text":"There is no audit obligation if the Board applies for a debt restructuring moratorium.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What happens if the Board does not have the annual financial statements audited?","type":"text"}]},{"type":"paragraph","content":[{"text":"Pursuant to Art. 731 para. 3 CO, resolutions on the approval of the annual financial statements and on the appropriation of profits are null and void if they are passed without the required audit report being available to the general meeting. If at the end of 2022 there is a capital loss and the Board does not apply for a debt restructuring moratorium and does not audit the annual financial statement, the corresponding resolution is null and void.","type":"text"}]},{"type":"paragraph","content":[{"text":"In addition, liability under Swiss corporate law applies if the Board - despite the existence of a capital loss – does not have the annual financial statements subjected to a limited audit.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9367693,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/6016x4016/28409eb602/pexels-leeloo-thefirst-7873553.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Start-ups often do not have an auditor in the first years of their business activity. This is permissible if the company does not have more than ten full-time employees on an annual average and all shareholders waive an audit (so-called opting-out).\nHowever, the new Swiss corporate law obliges companies with an opting-out to have their last annual financial statement audited by a certified auditor if it shows a capital loss (Art. 725a CO).","publishedAt":"2023-01-26 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Alain","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"kapitalverlust-per-ende-2022-das-neue-aktienrecht-zwingt-dich-zur-eingeschraenkten-revision-auch-wenn-du-sonst-auf-eine-revision-verzichtet-hast","full_slug":"blog/kapitalverlust-per-ende-2022-das-neue-aktienrecht-zwingt-dich-zur-eingeschraenkten-revision-auch-wenn-du-sonst-auf-eine-revision-verzichtet-hast","sort_by_date":null,"position":40,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"baa7cd2e-f21f-4be6-b443-c898cdab0d8a","first_published_at":"2023-05-22T10:14:16.570Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"What is freely available equity capital and why is it important?","created_at":"2023-05-23T18:12:24.784Z","published_at":"2023-06-22T14:48:04.836Z","id":312024274,"uuid":"56aad3c7-91cc-4f48-b0e9-59449f5087d5","content":{"_uid":"e7ff5ff5-ecd1-44e7-976a-c9f0dcc36761","title":"What is freely available equity capital and why is it important?","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"b11c1094-6269-43d3-9d4c-d248dde5ce73","title":"What is freely available equity capital and why is it important?","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"If a GmbH (Limited Liability Company according to art. 772 ff. CO ) wishes to convert to an AG (Company Limited by Shares according to art. 620 ff. CO) and the shareholders do not want to inject additional funds, a conversion is usually only possible if equity capital is freely available. In additio","ogDescription":""}],"contents":[{"_uid":"465e9d37-9ecd-4a08-adec-7b89be9ce55b","table1":{"tbody":[{"_uid":"9c3870bd-8de2-4a61-99ce-52ee261bce94","body":[{"_uid":"ad0bc518-001b-4e90-b5b6-c89c0ba5c901","value":"Operative Gesellschaften","component":"_table_col"},{"_uid":"6e63855b-5fe8-4989-a88f-d195b63e2707","value":"150% des im Handelsregister eingetragenen Aktien- und Partizipationskapitals, plus allfällige gesetzliche Reserven für eigene Kapitalanteile im Konzern (Art. 659b Abs. 2 OR) und aus Aufwertungen (Art. 725c Abs. 1 OR)","component":"_table_col"}],"component":"_table_row"},{"_uid":"b2a58181-8393-40dd-8491-d1dee8b09025","body":[{"_uid":"7961e151-cb5f-4d41-86bb-b7215680cf50","value":"Holding Gesellschaften","component":"_table_col"},{"_uid":"fb6e8655-4931-4674-9b88-bb364168d21c","value":"120% des im Handelsregister eingetragenen Aktien- und Partizipationskapitals, plus allfällige gesetzliche Reserven für eigene Kapitalanteile im Konzern (Art. 659b Abs. 2 OR) und aus Aufwertungen (Art. 725c Abs. 1 OR)","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"807e5690-c8d4-4031-adf1-cc6013ea26f5","value":"","component":"_table_head"},{"_uid":"c82b2f19-bfbe-4b68-b7ea-cd58deab5b6f","value":"Geschütztes Kapital","component":"_table_head"}],"fieldtype":"table"},"table2":{"tbody":[{"_uid":"88f6ac08-eeac-4f92-869e-8c943d555636","body":[{"_uid":"682ab1e7-4f7b-427e-bf13-09687012e852","value":"Aktienkapital / share capital","component":"_table_col"},{"_uid":"765cea04-8da2-4cb4-aae5-039813ffe498","value":"CHF 100'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"3aafa669-4077-43d7-b956-de39b7655e10","body":[{"_uid":"74c25236-5e52-4bfb-bcf6-1d05a6dee42d","value":"Gesetzliche Kapitalreserve / statutory capital reserves","component":"_table_col"},{"_uid":"fc33b2dc-a6fe-4d39-805f-ebb9f19af38f","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"93b95be7-6e40-4fa1-ab35-ab53c04635a2","body":[{"_uid":"d1422087-be74-4d93-a07c-b3206ce2c88b","value":"Gesetzliche Gewinnreserve / statutory retained earnings","component":"_table_col"},{"_uid":"9b05416f-e399-4dd2-ba14-25980a083659","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"7b0e0801-5153-4783-a35b-4c90f8ca3228","body":[{"_uid":"f87b0973-8654-45e6-a7a3-0eb0b354f14e","value":"Aufwertungsreserve / revaluation reserve","component":"_table_col"},{"_uid":"47ea4468-a198-4722-b65d-c28a2dcdcd21","value":"CHF 10'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"9720c5f0-2f28-4844-a539-7c5e22516a77","body":[{"_uid":"b3dc4269-67b3-498d-b46c-c08dbd13343e","value":"Reserve für eigene Aktien / own capital shaes","component":"_table_col"},{"_uid":"7ca5d59b-9a69-45d5-95e7-54f0578e7c38","value":"CHF 10'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"07f317ab-5996-4a71-a7bf-0b685aaafcca","body":[{"_uid":"176d8503-04b3-40a9-900e-2d103623fe78","value":"Verlustvortrag / loss carried forward","component":"_table_col"},{"_uid":"d7047990-00f1-46e7-9ba0-c966cde5b385","value":"CHF -30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"23d2ee39-354c-4bec-bbe9-02b7e099da68","body":[{"_uid":"6987c254-4a6e-4438-aa95-c36ad698e1ee","value":"Jahresverlust / annual loss","component":"_table_col"},{"_uid":"a01e417e-472e-4aa0-b2b6-dc9895a95a14","value":"CHF -150'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"2dd8729d-2297-4843-9dcf-6c06e1e66d59","body":[{"_uid":"2ef670f4-c0ae-44e4-8ad9-c8e05d81eae9","value":"Total Eigenkapital / total Shareholder's equity","component":"_table_col"},{"_uid":"10e2fd28-953f-45e9-bb11-b892dde90d92","value":"CHF 140'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"3439fe20-fde7-4e87-8792-41908faff2a4","body":[{"_uid":"b3b705fb-688f-41b6-a3df-2a412834271e","value":"Geschütztes Kapital / protected capital","component":"_table_col"},{"_uid":"afe7b396-b93b-4ef0-93d5-a8f51382d496","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"f0ddf0aa-f029-45b9-8cd1-e8d6d8251b77","body":[{"_uid":"002793a8-9a0c-4502-92a3-0f99caa2ec04","value":"Bezugsgrösse (=geschütztes Eigenkapital / 2) für Kapitalverlust / Reference value (=protected capital / 2) for capital loss)","component":"_table_col"},{"_uid":"28fa2b4f-45ca-43cf-b75f-f745c8e83a04","value":"CHF 85'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"4462b7b3-0b56-416f-ad77-4c1fe6379a92","body":[{"_uid":"95a07b8d-e306-4e56-a28a-3625426f1c34","value":"Frei verwendbares Eigenkapital / freely available equity","component":"_table_col"},{"_uid":"871a3542-45a2-4f84-bd2e-e812f05f84cb","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"ebd35e12-623d-430e-a1b8-1169332c33ef","value":"Eigenkapitalpositionen","component":"_table_head"},{"_uid":"94e2cef0-37e8-4bef-a0c6-4354a96aa3a7","value":"","component":"_table_head"}],"fieldtype":"table"},"table3":{"tbody":[{"_uid":"7f1a4e9c-8e1a-47a5-8542-c35891ca5e27","body":[{"_uid":"968a3f7d-d828-4d1d-8bb6-1972102e1466","value":"Aktienkapital / share capital","component":"_table_col"},{"_uid":"9b98c551-e974-40d3-bd56-c5c0d9e2a184","value":"CHF 100'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"7f6d76da-2c19-4532-b349-1dfd0f602edc","body":[{"_uid":"114a29f7-7deb-4ca9-9c02-ac7fe5bb5c53","value":"Gesetzliche Kapitalreserve / statutory capital reserves","component":"_table_col"},{"_uid":"5ef4167e-a263-42ff-ba22-7c0d815ddae6","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"592ae0de-9968-4583-b32c-166b573ce0a7","body":[{"_uid":"7ebd84b4-891b-455d-bb89-a06eb6eba639","value":"Gesetzliche Gewinnreserve / statutory retained earnings","component":"_table_col"},{"_uid":"533d5d38-63af-4080-a174-d1f066118c1b","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"229274f2-5176-4550-bac9-9af827f3723e","body":[{"_uid":"88d8d0fb-efd2-4fab-9e0a-03abd7fbe897","value":"Aufwertungsreserve / revaluation reserve","component":"_table_col"},{"_uid":"125a32b9-95f2-4809-88f2-7c3e15ec9486","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"74c9baa5-a1aa-4b72-8ef5-2832dfb71c07","body":[{"_uid":"f9524cd0-d4a2-4c96-a5e7-01063cf018ee","value":"Reserve für eigene Aktien / own capital shaes","component":"_table_col"},{"_uid":"39d919a2-d14c-4d08-95b9-39b16ffb783b","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"83e05c3b-4f8f-4525-b934-74aeaa982b6b","body":[{"_uid":"e5724dfb-cdb6-4073-bb5c-5462fc658880","value":"Gewinnvortrag / profit carried forward","component":"_table_col"},{"_uid":"83f47b2f-574d-4997-afd6-85f9be840a1b","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"4d6b32ba-ea2e-4990-b42f-9b1eb8f54a5f","body":[{"_uid":"855f0a4d-3f74-4f60-92a5-7cf7ed0d9b9f","value":"Jahresverlust / annual loss","component":"_table_col"},{"_uid":"131ad1d9-c053-484b-9f0f-4cd116bd4845","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"a86eebf3-825c-448c-a123-14b036a8870e","body":[{"_uid":"adaff5bb-9731-444c-8fdd-5072f10f70a8","value":"Total Eigenkapital / total Shareholder's equity","component":"_table_col"},{"_uid":"1a640970-52fb-4ba7-b2cd-aa139d98f6f5","value":"CHF 330'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"2a1b7373-c7c7-4c8a-b1c6-e69de7fa5c87","body":[{"_uid":"57667ea2-1560-47fe-978f-9fa92a56174b","value":"Geschütztes Kapital / protected capital","component":"_table_col"},{"_uid":"45427403-c521-46a0-923b-5aa7f5ad2aea","value":"CHF 150'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"67430e81-a291-4f9b-8706-e189abc61969","body":[{"_uid":"a330f7da-3a1d-4342-8455-410bfaa5e0ed","value":"Bezugsgrösse (=geschütztes Eigenkapital / 2) für Kapitalverlust / Reference value (=protected capital / 2) for capital loss)","component":"_table_col"},{"_uid":"89da7466-f69d-44c5-a2dc-e298fa7e8508","value":"CHF 75'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"cad3030e-e52f-42db-a322-06cfb7baeae0","body":[{"_uid":"7532bbfe-60c3-4fe4-8c0e-90bde3f551c8","value":"Frei verwendbares Eigenkapital / freely available equity","component":"_table_col"},{"_uid":"8851737c-418b-457f-aa23-0d21f0c3b286","value":"CHF 180'000.00","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"c665fb81-3d90-4ddc-99c5-77174b3c8293","value":"Eigenkapitalpositionen","component":"_table_head"},{"_uid":"280cf9b4-cee6-4c1e-ac6b-080393f722c0","value":"","component":"_table_head"}],"fieldtype":"table"},"table4":{"tbody":[{"_uid":"a4d62eed-84d9-47c8-aeb3-36d486632eeb","body":[{"_uid":"ea0ec22b-ff57-412e-acdf-fdcae2a03a28","value":"Aktienkapital / share capital","component":"_table_col"},{"_uid":"05e9784a-41b3-4315-be10-fad0de735600","value":"CHF 100'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"698a7053-72f1-4dae-974d-49f53deb3459","body":[{"_uid":"46f8c23b-57b1-4e61-8de5-20d524e5906f","value":"Gesetzliche Kapitalreserve / statutory capital reserves","component":"_table_col"},{"_uid":"a0119176-d9c3-4422-8553-0dbf553e16aa","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"306193a3-51b3-4ea9-afaa-fb4f98461235","body":[{"_uid":"e875baa4-8c9f-41db-a2be-db4cc2888afd","value":"Gesetzliche Gewinnreserve / statutory retained earnings","component":"_table_col"},{"_uid":"32d46298-4c28-4b4b-8f89-3c941cafe1fe","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"84c561ce-7b0c-4666-a75a-c9a2f109592a","body":[{"_uid":"ac39f1c6-7b8b-4af1-a69b-9d0352fa31fa","value":"Aufwertungsreserve / revaluation reserve","component":"_table_col"},{"_uid":"38d4da41-2d16-4a53-973e-d8a56096417d","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"6a00bcfe-4b76-4a84-9ffe-b21f643159d4","body":[{"_uid":"34df2761-c68a-4e8a-8810-40bf30c7e61f","value":"Reserve für eigene Aktien / own capital shaes","component":"_table_col"},{"_uid":"96935d83-e026-4c57-8e19-76e96f527e3e","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"061e9f64-6312-4d20-bd33-17e7af8c469e","body":[{"_uid":"b8b7454a-fadd-468d-b354-903013024c6f","value":"Gewinnvortrag / profit carried forward","component":"_table_col"},{"_uid":"293adb8f-e5e9-4427-999a-794a9d90d316","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"eec1da3c-8fc3-456b-b9cc-2ba4fd5111c8","body":[{"_uid":"df9e0ff9-f21d-4fa8-9a85-cca533968276","value":"Jahresverlust / annual loss","component":"_table_col"},{"_uid":"42b0c6ac-31c4-431e-9f9b-a89269951b6c","value":"CHF -400'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"fdff65d4-e928-456b-9d34-845acd85e0c5","body":[{"_uid":"b29e16c9-3f2b-4de2-984b-c714c231acc2","value":"Total Eigenkapital / total Shareholder's equity","component":"_table_col"},{"_uid":"c82737dd-bae7-4a16-88a7-34e547e0528d","value":"CHF -70'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"5d8feb40-e298-46c6-b9c0-e72a576720db","body":[{"_uid":"e6c47d45-feaf-4daa-9135-bb1f10afe90f","value":"Geschütztes Kapital / protected capital","component":"_table_col"},{"_uid":"d070e4ae-38c3-49c8-aeda-ffe144b2fb3e","value":"CHF 150'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"212e2844-0632-4f96-8535-91be597f954a","body":[{"_uid":"a7a90c4d-c75c-4e60-b201-95b3c480611f","value":"Bezugsgrösse (=geschütztes Eigenkapital / 2) für Kapitalverlust / Reference value (=protected capital / 2) for capital loss)","component":"_table_col"},{"_uid":"32dbe87c-9b99-4c1b-bf0f-8b94ed2913ce","value":"CHF 75'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"fec83c57-683b-4149-9fe0-dee856366f31","body":[{"_uid":"7659e9c5-c48a-4d05-b2a8-2b622c6e5658","value":"Frei verwendbares Eigenkapital / freely available equity","component":"_table_col"},{"_uid":"cb31557b-9bc3-4d67-a490-f0b4391b0c19","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"985bcd89-79d8-4c74-be46-cfb09a8049ec","value":"Eigenkapitalpositionen","component":"_table_head"},{"_uid":"2982a784-5089-4054-be2c-4f7165582289","value":"","component":"_table_head"}],"fieldtype":"table"},"content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"If a GmbH (Limited Liability Company according to art. 772 ff. CO ) wishes to convert to an AG (Company Limited by Shares according to art. 620 ff. CO) and the shareholders do not want to inject additional funds, a conversion is usually only possible if equity capital is freely available. In addition, the question of freely available equity capital also arises again and again in the case of subsequent payment of partially paid-in shares, when issuing free shares to shareholders, when acquiring treasury shares and in case of mergers with companies with a capital loss.","type":"text"}]},{"type":"paragraph","content":[{"text":"However, what is actually freely available equity capital?","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is Shareholders’ Equity?","type":"text"}]},{"type":"paragraph","content":[{"text":"The shareholders’ equity is the difference between a company’s assets and its liabilities. Shareholders’ equity is therefore a constantly changing variable.","type":"text"}]},{"type":"paragraph","content":[{"text":"On the balance sheet, shareholders’ equity is composed of the following items according to the Swiss Code of Obligations (cf. Art. 959a CO):","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Fixed share capital","type":"text","marks":[{"type":"bold"}]},{"text":" ( = sum of the nominal value of the issued shares) [e.g. the share capital and the participation capital].","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Reserves","type":"text","marks":[{"type":"bold"}]},{"text":", consisting of ","type":"text"},{"text":"statutory capital reserves","type":"text","marks":[{"type":"italic"}]},{"text":" and the ","type":"text"},{"text":"statutory","type":"text","marks":[{"type":"italic"}]},{"text":" and ","type":"text"},{"text":"voluntaryretained earning","type":"text","marks":[{"type":"italic"}]},{"text":"s. The statutory retained earnings consist of ","type":"text"},{"text":"the statutory retained earnings ","type":"text","marks":[{"type":"italic"}]},{"text":"according to Art. 672 CO, the ","type":"text"},{"text":"revaluation reserve","type":"text","marks":[{"type":"italic"}]},{"text":" according to Art. 725c CO and ","type":"text"},{"text":"the reserve for treasury shares","type":"text","marks":[{"type":"italic"}]},{"text":" according to Art. 659b para. 2 CO.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Furthermore, shareholders’ equity includes the ","type":"text"},{"text":"profit or loss carried forward from previous years","type":"text","marks":[{"type":"bold"}]},{"text":" as well as the ","type":"text"},{"text":"current annual profit or loss","type":"text","marks":[{"type":"bold"}]},{"text":". Any treasury shares held are also part of shareholders’ equity. Like a loss carried forward or a loss for the year, these are carried as a minus item. ","type":"text"}]},{"type":"paragraph","content":[{"text":"In order to have freely available equity capital, the company must have positive shareholders’ equity. If the ","type":"text"},{"text":"shareholders’ equity is negative","type":"text","marks":[{"type":"bold"}]},{"text":", i.e., if the amount of debt is greater than the assets, the company is ","type":"text"},{"text":"over-indebted","type":"text","marks":[{"type":"bold"}]},{"text":". The rules according to Art. 725b CO apply.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the shareholders’ equity is less than 50% of the protected equity capital, there is a ","type":"text"},{"text":"capital loss","type":"text","marks":[{"type":"bold"}]},{"text":". In this case, the rules according to Art. 725a CO apply.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is the protected part of equity?","type":"text"}]},{"type":"paragraph","content":[{"text":"The protected equity is the part of the total shareholders’ equity which may not be distributed. It consists of (i) the nominal share capital and any participation capital, (ii) the statutory capital reserves (Art. 671 para. 1 CO) and the statutory retained earnings in accordance to Art. 672 para. 1 CO in a combined amount of a maximum of 50% (20% in the case of holding companies) of the share and participation capital entered in the Commercial Register, (iii) plus the statutory reserves for treasury shares in a group (Art. 659b para. 2 CO) and revaluation (Art. 725c para. 1 CO).","type":"text"}]},{"type":"paragraph","content":[{"text":"The rules about the protected part of the equity can be summarised as follows:","type":"text"}]}]},"content1":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Holdinggesellschaften sind Unternehmen, deren Aktiven mehrheitlich aus Beteiligungen und anderen Finanzanlagen bestehen oder Unternehmen, die ihre Holdingfunktion nicht hauptsächlich durch das Halten von Beteiligungen, sondern zusätzlich durch die Gewährung von Darlehen erfüllen.","type":"text"}]},{"type":"paragraph","content":[{"text":"Kennt man das Eigenkapital und den geschützten Teil des Eigenkapitals, kann das frei verwendbare Eigenkapital berechnet werden.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Wie berechnet man den frei verwendbaren Teil des Eigenkapitals?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Verfügt eine Gesellschaft über positives Eigenkapital, welches das geschützte Eigenkapital übersteigt, gilt der überschiessende Betrag grundsätzlich als frei verwendbares Eigenkapital. Dabei ist jedoch zu beachten, dass nicht dem Drittvergleich entsprechende konzerninterne Upstream- und Crossstream-Darlehen das frei verwendbare Eigenkapital allenfalls noch reduzieren.","type":"text"}]},{"type":"paragraph","content":[{"text":"Hier drei Beispiele zur Berechnung des frei verwendbaren Eigenkapitals und der Bezugsgrösse für den Kapitalverlust nach Art. 725a OR:","type":"text"}]}]},"content2":{"type":"doc","content":[{"type":"heading","attrs":{"level":4},"content":[{"text":"Weshalb ist des frei verwendbare Eigenkapital von Bedeutung?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Das frei verwendbare Eigenkapital ist insbesondere in folgenden Fällen von Bedeutung:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Umwandlung GmbH in AG","type":"text","marks":[{"type":"bold"}]},{"text":": Bei einer Umwandlung einer GmbH in eine AG muss die GmbH vor der eigentlichen Umwandlung das Grundkapital erhöhen. Diese Erhöhung kann u.a. entweder durch eine zusätzliche Einlage der Gesellschafter oder durch Umwandlung von frei verwendbarem Eigenkapital (durch Ausgabe von Gratisstammanteilen) erfolgen (Art. 781 Abs. 5 Ziff. 3 i.V.m. Art. 650 Abs. 1 Ziff. 6 i.V.m. Art. 652d OR).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Ausgabe von Gratisaktien","type":"text","marks":[{"type":"bold"}]},{"text":": Werden im Rahmen einer Kapitalerhöhungen sog. Gratisaktien ausgegeben, ist dies nur zu Lasten von frei verwendbarem Eigenkapital möglich (Art. 650 Abs. 1 Ziff. 6 i.V.m. Art. 652d OR)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Nachliberierung von teilliberierten Aktien","type":"text","marks":[{"type":"bold"}]},{"text":": Sollten bestehende (teilliberierte) Aktien nachliberiert werden, müssen die bestehenden Aktionäre den Nennwert leisten oder es kann frei verwendbares Eigenkapital umgewandelt werden (Art. 634b Abs. 2 OR)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Erwerb von eigenen Aktien","type":"text","marks":[{"type":"bold"}]},{"text":": Der entgeltliche Erwerb von eigenen Aktien ist nur zulässig, wenn frei verwendbares Eigenkapital vorhanden ist (Art. 659 OR).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Sanierungsfusionen","type":"text","marks":[{"type":"bold"}]},{"text":": Bei einer Sanierungsfusion muss die übernehmende Gesellschaft über frei verwendbares Eigenkapital in der Höhe der Unterdeckung verfügen. Nur dann ist eine entsprechenden Fusion zulässig (Art. 6 FusG).","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]}]},"component":"richTextBlok"},{"_uid":"6a602ef0-8e2f-4d47-acd2-d4b7eda3288e","table":{"tbody":[{"_uid":"fe39d4c9-aaa8-4f8a-a611-9b2317241843","body":[{"_uid":"3e4a26c2-81cd-4f44-bbfd-0e795c507b7f","value":"Operating Companies","component":"_table_col"},{"_uid":"6b4c48cd-62d6-499c-9bcd-4b66a38d987c","value":"150% of the share and participation capital entered in the Commercial Register plus any statutory reserves for own capital shares in the Group (Art. 659b para. 2 CO) and from revaluations (Art. 725c para. 1 CO)\n\n","component":"_table_col"}],"component":"_table_row"},{"_uid":"dee07bac-140e-4049-ab1e-3b9919994ce5","body":[{"_uid":"4d8ac8e4-e181-4bfa-a057-126a45c1d29e","value":"Holding Companies\n\n","component":"_table_col"},{"_uid":"9dccd313-64c9-4ee2-9e84-e4f02356a4f0","value":"\n120% of the share and participation capital entered in the Commercial Register plus any statutory reserves for own capital shares in the Group (Art. 659b para. 2 CO) and from revaluations (Art. 725c para. 1 CO)\n\n","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"b93929af-0f72-4ea1-bcd5-1ace376ef04b","value":"","component":"_table_head"},{"_uid":"57dbf9e3-6cdc-447c-996b-54bc276a2243","value":"Protected Capital","component":"_table_head"}],"fieldtype":"table"},"component":"table"},{"_uid":"21bd0c93-44cb-4e2b-98b1-a983327aa5b5","table1":{"tbody":[{"_uid":"0dc2870c-0e6e-4cb9-91ae-d1e1e2450c3a","body":[{"_uid":"463e1dbe-262e-4fea-862b-4773001339db","value":"","component":"_table_col"},{"_uid":"3417ae72-ef9b-4889-a87e-84bf5c0f2d0c","value":"","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"0a42cea7-f566-4066-b7ef-c7f9810f9d10","value":"","component":"_table_head"},{"_uid":"bb6655d5-3ca7-40e0-8d65-cafb8ff87719","value":"","component":"_table_head"}],"fieldtype":"table"},"table2":{"tbody":[{"_uid":"668d8797-3d7d-4ba2-9b58-a3221b010b33","body":[{"_uid":"4d26e4d1-9707-454f-943b-6d3d59f64416","value":"","component":"_table_col"},{"_uid":"d56aa593-06be-41d3-8720-7de1010aec7f","value":"","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"82f5968a-a3aa-47e8-accf-8882908c49dc","value":"","component":"_table_head"},{"_uid":"fc89afe4-eed1-4ce3-af53-c3ca1d92b69f","value":"","component":"_table_head"}],"fieldtype":"table"},"content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Holding companies are companies whose assets consist mainly of investments and other financial assets or companies that fulfill their holding function not mainly by holding investments but additionally by granting loans.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the shareholders' equity and the protected part of the shareholders' equity are known, the freely available part of the shareholders’ equity can be calculated.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"3. How do you calculate the freely available part of the shareholders’ equity?","type":"text"}]},{"type":"paragraph","content":[{"text":"If a company has positive shareholders’ equity that exceeds the protected capital, the excess amount is generally considered to be freely available equity. However, it should be noted that intercompany upstream and cross-stream loans that do not correspond to the third-party comparison may still reduce the freely available equity.","type":"text"}]},{"type":"paragraph","content":[{"text":"Here are three examples for the calculation of freely usable equity:","type":"text"}]}]},"content1":{"type":"doc","content":[{"type":"paragraph"}]},"content2":{"type":"doc","content":[{"type":"paragraph"}]},"component":"richTextBlok"},{"_uid":"307f4449-365b-458d-b2be-7d50f223e59a","table":{"tbody":[{"_uid":"c7b4bb5b-b163-4350-b2c6-8f278cc6b5f1","body":[{"_uid":"96ce3430-8fb7-4205-b697-a340a0c0f16d","value":"Aktienkapital / share capital","component":"_table_col"},{"_uid":"004344b9-f0f3-45c2-924f-a2cd6e46968e","value":"CHF 100'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"557d3879-f628-4397-a699-21f6c1e925e3","body":[{"_uid":"838b61b0-4935-463e-9096-c01663e9c9a2","value":"Gesetzliche Kapitalreserve / statutory capital reserves","component":"_table_col"},{"_uid":"c1148a88-43d5-4e36-aaca-f3b5cfdb9c11","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"08d75298-96f1-4fbe-8946-2c83b83c149c","body":[{"_uid":"e5fb5bd7-8027-489f-b37a-850b8e53231a","value":"Gesetzliche Gewinnreserve / statutory retained earnings","component":"_table_col"},{"_uid":"c723d7e5-39fe-4839-b862-b7ed6ff4c03e","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"2948b23e-1127-428c-ad16-2f539b185145","body":[{"_uid":"8cdcc36a-edc6-495e-8278-1435c1eed214","value":"Aufwertungsreserve / revaluation reserve","component":"_table_col"},{"_uid":"550e56fa-8973-4b13-85a7-4409bbfdeb39","value":"CHF 10'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"bf609bd0-96c0-4ff1-8684-7e1b4af2a399","body":[{"_uid":"4c1f2ad2-7849-41c4-8b37-cc94fb1d5fde","value":"Reserve für eigene Aktien / own capital shaes","component":"_table_col"},{"_uid":"00bc67a7-ba6d-4fcc-960a-4b0bfaea12c6","value":"CHF 10'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"e722fd7a-d1bd-4edd-97dd-40eb40666270","body":[{"_uid":"595d1e18-18c9-43ea-a387-656368f959a8","value":"Verlustvortrag / loss carried forward","component":"_table_col"},{"_uid":"249d8df1-9829-4d86-a2af-7a658f4eb031","value":"CHF -30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"52939758-59e2-442f-b8a7-92207f390e18","body":[{"_uid":"3ec713c0-b494-4e3d-91e8-cec800854dd9","value":"Jahresverlust / annual loss","component":"_table_col"},{"_uid":"5e98ca1f-6724-45c5-a5fa-4be998e035d3","value":"CHF -150'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"d3509974-dc60-48f9-b596-54c61b9e6c07","body":[{"_uid":"f2f90d88-1e74-496f-808c-d0d9eae4a819","value":"Total Eigenkapital / total Shareholder's equity","component":"_table_col"},{"_uid":"a7cd277c-6f99-4e6b-b259-4dc22dc0b372","value":"CHF 140'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"62b6cb25-31d4-4b8f-b7aa-e3fcc4ef9bf1","body":[{"_uid":"236b3589-0502-40fd-b1d0-21b576ec59bb","value":"Geschütztes Kapital / protected capital","component":"_table_col"},{"_uid":"a5ff75e2-a19f-4890-995f-4cbd909a78f3","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"2bb3558f-ae87-4a4a-b635-7b1d0238476d","body":[{"_uid":"e223b208-90d0-4871-994c-cfa02e11c3f3","value":"Bezugsgrösse (=geschütztes Eigenkapital / 2) für Kapitalverlust / Reference value (=protected capital / 2) for capital loss)","component":"_table_col"},{"_uid":"3576ae11-8f20-48a3-8d2c-ff635248e34c","value":"CHF 85'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"d4441417-52a7-480a-81d0-374a641339ef","body":[{"_uid":"31a1ba96-0e07-42e7-85ab-6ff6472db385","value":"Frei verwendbares Eigenkapital / freely available equity","component":"_table_col"},{"_uid":"61023d55-19e8-47e1-8a21-4838845b8864","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"2cd26907-cc1d-4496-8e44-dd991c0a9fbc","value":"Eigenkapitalpositionen","component":"_table_head"},{"_uid":"651ad533-aad9-49ed-a8d8-065663e77718","value":"","component":"_table_head"}],"fieldtype":"table"},"component":"table"},{"_uid":"0b997867-ee6a-4c01-b89d-1938878a32e1","table":{"tbody":[{"_uid":"9214ec3b-272a-430b-bf92-c906350ca2a6","body":[{"_uid":"2b730c0d-7fc6-4f9d-8915-65feaba15a58","value":"Aktienkapital / share capital","component":"_table_col"},{"_uid":"718f99c2-56fd-415f-afe7-b67ddbfb0240","value":"CHF 100'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"53501f78-cd82-4faf-9ca4-333c6d3693de","body":[{"_uid":"5139487b-95c3-46f5-8a19-c7aee0aa0863","value":"Gesetzliche Kapitalreserve / statutory capital reserves","component":"_table_col"},{"_uid":"5aeccf01-26d4-4013-8289-2554d1bfdf4f","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"1264eefd-fefb-4092-a59b-929cb71b8f2a","body":[{"_uid":"65704732-346d-4ba9-b668-a3af1d49c2a7","value":"Gesetzliche Gewinnreserve / statutory retained earnings","component":"_table_col"},{"_uid":"ec985a7e-d2d5-4944-8a74-49557eff6abd","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"2a036b45-36a8-4ae9-9adb-6de0c1ce1379","body":[{"_uid":"88fbcc63-c25b-48b5-93b4-e34495042428","value":"Aufwertungsreserve / revaluation reserve","component":"_table_col"},{"_uid":"20775410-4c70-4782-a8ff-b740389fff08","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"78bea351-9582-4308-a429-29588f26de32","body":[{"_uid":"d8cb0d5d-480a-4ec9-8aa2-536aaf8a1a3e","value":"Reserve für eigene Aktien / own capital shaes","component":"_table_col"},{"_uid":"7e6ba24e-30ad-4135-8462-3d3820d0cced","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"667fc749-e76d-4006-b9d3-0d8667b8f148","body":[{"_uid":"21fb5171-45f3-41fd-a584-484165cfda48","value":"Gewinnvortrag / profit carried forward","component":"_table_col"},{"_uid":"9912aa94-634b-438c-aa64-2d47a50db922","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"6335ad3d-43d0-4f7f-967a-f5c55e50ad89","body":[{"_uid":"9071a6ff-80d4-4acf-a60e-9e401d95d9bb","value":"Jahresverlust / annual loss","component":"_table_col"},{"_uid":"597156dc-b3f7-4e6a-bbf6-c01be55f2330","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"69ded00e-a272-446e-94b8-2c69f4d96a67","body":[{"_uid":"8a14f4ad-61fe-41bc-ad15-8fd294bf7e55","value":"Total Eigenkapital / total Shareholder's equity","component":"_table_col"},{"_uid":"741ce85d-c11a-4db7-a3b8-c725eca37c0d","value":"CHF 330'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"703738f8-4321-4637-86ae-cf1f2e100321","body":[{"_uid":"10924847-0e91-4a47-8f60-234ed318d496","value":"Geschütztes Kapital / protected capital","component":"_table_col"},{"_uid":"29cc3432-2cb9-43fd-a2d4-50d3d3b3cb90","value":"CHF 150'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"75d2d25f-1ee4-43f7-bb9b-961e5ddd0f49","body":[{"_uid":"7eac51f0-96d9-46a4-89d6-fa00eeb8c91e","value":"Bezugsgrösse (=geschütztes Eigenkapital / 2) für Kapitalverlust / Reference value (=protected capital / 2) for capital loss)","component":"_table_col"},{"_uid":"ad870dcc-7792-47ec-ada9-7f637630f405","value":"CHF 75'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"aa0a136d-4b4d-4eaf-a4c4-5b25f991fcc1","body":[{"_uid":"87202f12-374e-46ac-9243-17f5a60451fb","value":"Frei verwendbares Eigenkapital / freely available equity","component":"_table_col"},{"_uid":"25d19197-09a0-4a68-8b66-b6d61b5adc97","value":"CHF 180'000.00","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"7778c5b6-5495-48af-a215-78e937616e24","value":"Eigenkapitalpositionen","component":"_table_head"},{"_uid":"228a1be5-52d2-4908-94fb-e354063f29f8","value":"","component":"_table_head"}],"fieldtype":"table"},"component":"table"},{"_uid":"808addbe-722f-4a45-9a5d-e7f359c81a3a","table":{"tbody":[{"_uid":"9c545b69-ec49-4535-8d7d-165fe2600e62","body":[{"_uid":"e927804d-69d2-49b3-a177-a7812bff713b","value":"Aktienkapital / share capital","component":"_table_col"},{"_uid":"1cbc3628-90c4-4724-b9d7-80fd4d8f4447","value":"CHF 100'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"bd61a73b-d949-4034-a1f3-3b629727f204","body":[{"_uid":"757b3079-2d8d-4810-aafb-934679767b5b","value":"Gesetzliche Kapitalreserve / statutory capital reserves","component":"_table_col"},{"_uid":"cab1fddb-b9a9-4a3f-a823-ca81ef789da3","value":"CHF 170'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"30d6a35d-82eb-4398-baef-600f63bdd5e0","body":[{"_uid":"b339a7ce-23a0-4052-981f-43968ca31470","value":"Gesetzliche Gewinnreserve / statutory retained earnings","component":"_table_col"},{"_uid":"99869cb0-36d8-4286-b8b0-3159da7ece3e","value":"CHF 30'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"25b7b4a3-6acb-4f56-97c7-ce0596296b32","body":[{"_uid":"23fed005-2228-4f1b-84f4-5d02d107e2d1","value":"Aufwertungsreserve / revaluation reserve","component":"_table_col"},{"_uid":"96efc2c6-294a-4bbd-9222-dbdde0af17ec","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"01a08b2f-5d87-4e42-991e-cd145113552a","body":[{"_uid":"ad8274c7-ad57-4e72-8568-45b19be53249","value":"Gewinnvortrag / profit carried forward","component":"_table_col"},{"_uid":"0f89bb6f-ecf3-4a75-845f-3361cc05a151","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"dc38c577-1793-449a-bcf3-452c5b69d94d","body":[{"_uid":"3b7fe6c4-d906-4d19-8d94-86c8afeb20ed","value":"Jahresverlust / annual loss","component":"_table_col"},{"_uid":"e183635c-658c-45a7-b54b-c85f13ba0d93","value":"CHF -400'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"66de27cd-0bcd-4fbd-b6fe-9de9b2728910","body":[{"_uid":"fd78eb7b-a639-4f6b-8a7a-90b25c4f0b32","value":"Total Eigenkapital / total Shareholder's equity","component":"_table_col"},{"_uid":"9f22e370-13b2-4d5a-bb49-0269e479822a","value":"CHF -70'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"fd5c737d-b516-490a-bb27-ce0c200c0ce4","body":[{"_uid":"c56e824e-26c7-4c53-9e9a-69b3968077af","value":"Geschütztes Kapital / protected capital","component":"_table_col"},{"_uid":"f0b39b20-9e94-4e49-81f8-cd08ed4a2d3d","value":"CHF 150'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"20dfcdd8-db61-4103-acd2-6e234890ba6b","body":[{"_uid":"9895e9c2-a2e4-43ca-b88b-0de03bb0de82","value":"Bezugsgrösse (=geschütztes Eigenkapital / 2) für Kapitalverlust / Reference value (=protected capital / 2) for capital loss)","component":"_table_col"},{"_uid":"511030bc-f685-4e0e-a0c2-6f051feed1e0","value":"CHF 75'000.00","component":"_table_col"}],"component":"_table_row"},{"_uid":"15ed7941-535e-4742-a67b-10139f8ca86a","body":[{"_uid":"a9f39e76-daf4-4975-855d-61db0b8783ee","value":"Frei verwendbares Eigenkapital / freely available equity","component":"_table_col"},{"_uid":"8f5705af-e770-44d3-b9a1-49fdcc53270e","value":"CHF 0.00","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"3e457c73-b9fe-47ec-845b-2b84d57571a4","value":"Eigenkapitalpositionen","component":"_table_head"},{"_uid":"242442ec-5d3f-4e9f-bd19-4f12e4df6eda","value":"","component":"_table_head"}],"fieldtype":"table"},"component":"table"},{"_uid":"4755a3c8-5e08-4ca1-a94b-91986664818c","content":{"type":"doc","content":[{"type":"heading","attrs":{"level":4},"content":[{"text":"Why do we care about the freely available capital?","type":"text"}]},{"type":"paragraph","content":[{"text":"The freely available equity capital is of particular importance in the following cases:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Conversion of a GmbH into an AG","type":"text","marks":[{"type":"bold"}]},{"text":": When a GmbH is converted into an AG, the GmbH must increase its share capital prior to the actual conversion. This increase can, among other things, take place either through an additional contribution by the shareholders or through the conversion of freely available equity capital (through the issue of free shares) (Art. 781 para. 5 no. 3 in conjunction with Art. 650 para. 1 no. 6 in conjunction with Art. 652d CO).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Issue of free shares","type":"text","marks":[{"type":"bold"}]},{"text":": If free shares are issued in the context of a capital increase, this is only possible at the expense of freely available equity capital (Art. 650 para. 1 no. 6 in conjunction with Art. 652d CO).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Subsequent payment of partly paid-up shares","type":"text","marks":[{"type":"bold"}]},{"text":": If existing (partly paid-up) shares are subsequently paid-up, the existing shareholders must pay-in the nominal value or the additional capital must be converted from freely available equity (Art. 634b para. 2 CO).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Acquisition of treasury shares","type":"text","marks":[{"type":"bold"}]},{"text":": The acquisition of treasury shares against payment is only permitted if freely available equity capital exists (Art. 659 CO).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Restructuring mergers","type":"text","marks":[{"type":"bold"}]},{"text":": In the case of a restructuring merger, the acquiring company must have freely available equity capital in the amount of the shortfall. Only then, a corresponding merger is permissible (Art. 6 FusG).","type":"text"}]}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":9422148,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/181cd00772/csm_equity-gd2969db45_1920_589695436a.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"If a GmbH (Limited Liability Company according to art. 772 ff. CO ) wishes to convert to an AG (Company Limited by Shares according to art. 620 ff. CO) and the shareholders do not want to inject additional funds, a conversion is usually only possible if equity capital is freely available. In addition, the question of freely available equity capital also arises again and again in the case of subsequent payment of partially paid-in shares, when issuing free shares to shareholders, when acquiring treasury shares and in case of mergers with companies with a capital loss.\nHowever, what is actually freely available equity capital?","publishedAt":"2023-01-19 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"what-is-freely-available-equity-capital-and-why-is-it-important","full_slug":"blog/what-is-freely-available-equity-capital-and-why-is-it-important","sort_by_date":null,"position":50,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"2c361c07-3f99-4ab0-8214-486ddc3627c7","first_published_at":"2023-05-24T13:06:05.731Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Q\u0026A on the acquisition of treasury shares by Swiss companies","created_at":"2023-05-27T09:41:26.285Z","published_at":"2023-06-22T10:26:58.994Z","id":314422556,"uuid":"a35b9274-a305-4ca5-960c-003aa988ef0e","content":{"_uid":"0452a310-635c-4509-bdb5-3ca742b4da2d","title":"Q\u0026A on the acquisition of treasury shares by Swiss companies","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"193ef48f-385c-4a48-818e-9e15cce4aa86","title":"Q\u0026A on the acquisition of treasury shares by Swiss companies","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"The acquisition of treasury shares is a hot topic. Companies often wonder whether they are allowed to acquire their own shares in connection with employee participation programs, upon the departure of shareholders or in other situations.","ogDescription":""}],"contents":[{"_uid":"e32571c3-d8f9-4f07-9ca3-13c345d53ea2","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"The acquisition of treasury shares is a hot topic. Companies often wonder whether they are allowed to acquire their own shares in connection with employee participation programs, upon the departure of shareholders or in other situations.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]},{"type":"hard_break"},{"type":"hard_break"},{"text":"In the following article, I will address some of the most important questions in connection with the acquisition of treasury shares. The overview does not replace individual advice but should provide initial practical points of reference.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Is my company allowed to acquire its own shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"Yes, a company may acquire its own shares provided the following conditions are met. The acquisition of treasury shares is regulated in Art. 659 and 659a of the Swiss Code of Obligation (","type":"text"},{"text":"CO","type":"text","marks":[{"type":"bold"}]},{"text":"):","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Presence of freely available equity","type":"text","marks":[{"type":"bold"}]},{"text":": A company must have freely available equity in the amount of the purchase price of the shares when acquiring its own shares. The term \"freely available equity\" is explained below.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Compliance with statutory acquisition limits (10% or 20%)","type":"text","marks":[{"type":"bold"}]},{"text":": A company may generally only acquire treasury shares up to a maximum of ten (10) percent of the share capital registered in the commercial register. However, if the acquisition is in connection with a transfer restriction (e.g. to defend against unwanted share acquisitions according to Art. 685b para. 1 CO) or a dissolution lawsuit, the maximum limit is twenty (20) percent of the share capital. The shares acquired in excess of ten (10) percent must however be sold within two (2) years or cancelled through a reduction in capital.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Compliance with the principle of equal treatment","type":"text","marks":[{"type":"bold"}]},{"text":": The principle of equal treatment must be observed when acquiring own shares. Specifically, this means the following:","type":"text"}]}]}]},{"type":"ordered_list","attrs":{"order":{"order":1}},"content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"A company may only limit a purchase offer to individual shareholders if the restriction is justified on factual grounds and the remaining shareholders are not unfairly disadvantaged.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The company must further offer the acquisition of treasury shares to all willing sellers on identical terms and conditions.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The acquisition of own shares must generally take place at market value (\"","type":"text"},{"text":"at arm's length","type":"text","marks":[{"type":"italic"}]},{"text":"\").","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"If treasury shares are acquired ","type":"text"},{"text":"free of charge","type":"text","marks":[{"type":"bold"}]},{"text":" (i.e. without consideration), the ten (10) percent limit does generally not apply. The requirement of the presence of freely available equity does not apply either. However, the principle of equal treatment must still be observed.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What does freely available equity mean?","type":"text"}]},{"type":"paragraph","content":[{"text":"The term \"","type":"text"},{"text":"freely available equity","type":"text","marks":[{"type":"italic"}]},{"text":"\" describes the amount of distributable reserves.","type":"text"}]},{"type":"paragraph","content":[{"text":"Reserves are distributable as long as they are not protected by law. Protected reserves are the share capital and the statutory capital reserve and the statutory profit reserves in an amount of fifty (50) percent or twenty (20) percent (for holding companies) of the share capital registered in the commercial register (Art. 671 para. 2 and Art. 672 para. 2 OR). The calculated amount of unprotected reserves (and profit) must then be reduced by any existing negative positions for treasury shares and interim dividends.","type":"text"}]},{"type":"paragraph","content":[{"text":"The result is the freely available equity.","type":"text"}]},{"type":"paragraph","content":[{"text":"The availability of freely available equity is to be assessed based on the last balance sheet approved by the general meeting. Ongoing losses must be taken into account however.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"May a company subscribe to its own shares in the context of a capital increase?","type":"text"}]},{"type":"paragraph","content":[{"text":"Yes. A company may subscribe to its own shares in the context of a capital increase provided the aforementioned general conditions are met. In this case, the acquisition value corresponds to the issue amount. The subscription to new shares is treated the same as the acquisition of shares.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What are the consequences of violating the statutory provisions on the acquisition of own shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"The violation of the legal regulations regarding the acquisition of treasury shares does generally not result in the nullity of the purchase contract, but may lead to the responsibility of the board of directors in the event of damage.","type":"text"}]},{"type":"paragraph","content":[{"text":"However, if the acquisition of treasury shares is not made from freely available equity, there may be a violation of the prohibition to return deposits, which could potentially make the acquisition null and void (Art. 680 para. 2 OR). This, however, depends on the individual case.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Who is competent to purchase treasury shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"The purchase and resale of treasury shares is exclusively within the competence of the board of directors (and not the general meeting). The board of directors is also liable in the event of a violation of the corresponding provisions.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What rights are associated with treasury shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"The voting and associated rights of treasury shares (e.g. right to convene a general meeting, right to participate, right to information, right of access and right to request) are suspended. The votes concerning treasury shares are therefore not to be taken into account in the vote count and the statutory or statutory absolute or relative majority.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What should be considered from a tax perspective when purchasing own shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"Generally, if a company purchases its own shares from an individual, there is a tax-free capital gain at the level of the individual. However, this principle does not apply without restriction. If there is a so-called ","type":"text"},{"text":"direct partial liquidation","type":"text","marks":[{"type":"bold"}]},{"text":", the positive difference between the purchase price and the nominal value (and any capital contribution reserves, KER) is subject to income and withholding taxes as a liquidation dividend.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the shares are acquired for free, there are no income and withholding tax consequences for the selling individual.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is a direct partial liquidation in the context of purchasing treasury shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"In the following three cases, the purchase of own shares results in a direct partial liquidation with the corresponding income and withholding tax consequences:","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"a.) Purchase of own shares in connection with a formal capital reduction","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"If a company purchases treasury shares for the purpose of a formal capital reduction, the selling shareholder receives a taxable liquidation dividend. The difference between the sale price and the nominal value is subject to income and withholding taxes.","type":"text"}]},{"type":"paragraph","content":[{"text":"No tax consequences arise if the purchasing company classifies the treasury shares as \"","type":"text"},{"text":"treasury shares against capital reserves (KER)","type":"text","marks":[{"type":"italic"}]},{"text":"\" at the time of purchase.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"b.) Purchase of treasury shares in violation of the purchase limits (10%/20%)","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"If a company purchases own shares of more than ten (10) percent of the registered share capital, this results in a liquidation dividend subject to income and withholding taxes.","type":"text"}]},{"type":"paragraph","content":[{"text":"The same applies if the twenty (20) percent threshold of Art. 659 para. 2 OR is exceeded. The taxation takes place at the time of repurchase.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"c.) Purchase of own shares in violation of the maximum holding period","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"If a company acquires its own shares in violation of the maximum holding period, tax consequences for the portion between ten (10) and twenty (20) percent of the share capital will arise at the moment when the holding period exceeds two (2) years.","type":"text"}]},{"type":"paragraph","content":[{"text":"For the remaining shares, the tax will be levied after the following holding periods:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Six (6) years for shares acquired within the allowed acquisition limits, i.e. a company must resell its own shares acquired within the ten percent limit within six (6) years. If it does not, tax consequences will arise.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Twelve (12) years for shares acquired in connection with an employee participation plan.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"No limited holding period applies to shares connected to convertible bonds. In such cases, the holding period will stand still until the relevant obligations in the bond expires.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"In the aforementioned cases, the tax will be levied at the end of the holding period. This can lead to unpleasant (tax) surprises for the seller.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the acquisition quotas are observed and the company resells its treasury shares within the legal deadlines, the seller has a tax-free capital gain. No tax consequences arise.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the company's treasury shares are sold by a legal entity, it will generate a taxable capital gain or loss at the time of sale. The tax is levied on the difference between the sales price and the tax value of the shares. The participation deduction is granted if the requirements are met. If a direct partial liquidation occurs according to the principles above, the acquisition also has withholding tax consequences.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What happens if treasury shares are sold?","type":"text"}]},{"type":"paragraph","content":[{"text":"If treasury shares are resold, any difference between the sale and acquisition value of the own shares can be accounted for either profit neutral or with an effect on the income. In either case, the difference is taxed as either a taxable gain or expense. If the treasury shares are resold within the legal deadlines, the sale does not lead to capital contribution reserves.","type":"text"}]},{"type":"paragraph","content":[{"text":"Capital contribution reserves can only be formed if the treasury shares are sold after their purchase was taxed (due to a direct partial liquidation) and the shares are issued or sold at a premium.","type":"text"}]},{"type":"paragraph","content":[{"text":"From a ","type":"text"},{"text":"value-added tax perspective","type":"text","marks":[{"type":"bold"}]},{"text":", the sale of treasury shares is treated by the Federal Court as a capital injection, i.e., the sale of treasury shares is not subject to VAT (Art. 18 para. 2 letter e VAT Act). However, VAT paid in connection with the sale of own shares can generally be reclaimed.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"How do we account for treasury shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"Treasury shares are to be listed in the form of a minus item under the liabilities in equity (Art. 959a para. 2 number 3 CO). The minus item must be listed under the usable equity, not under the share capital. The share capital remains unchanged.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"How do we determine the purchase price of treasury shares?","type":"text"}]},{"type":"paragraph","content":[{"text":"The acquisition and resale of treasury shares must generally be at market value or \"","type":"text"},{"text":"at arm's length","type":"text","marks":[{"type":"italic"}]},{"text":"\".","type":"text"}]},{"type":"paragraph","content":[{"text":"If treasury shares are acquired at an inflated price, the difference between the purchase price and the actual market value represents a monetary benefit to the seller that is subject to withholding and income tax.","type":"text"}]},{"type":"paragraph","content":[{"text":"If a company sells treasury shares to a shareholder or a related third party at too low a price, the difference between the actual market value and the sale price also represents a monetary benefit to the Seller that is subject to withholding and income tax.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What principles should be kept in mind when acquiring own shares?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"When treasury shares are acquired free of charge, there are few legal and tax risks from a civil and tax law perspective. However, a detailed analysis of the circumstances is still advisable.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"When treasury shares are acquired for consideration, it must first be checked whether the company has freely available equity.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"If there is no freely available equity, an acquisition free of charge is recommended. In the case of an acquisition for consideration without usable equity, there are legal risks which need to be examined and evaluated in detail.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Both the seller and the acquiring company have to consider the tax risks when acquiring treasury shares. The acquisition can be taxed years after the acquisition if the holding periods are not observed.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"An acquisition of treasury shares of less than ten (10) percent of the share capital registered in the commercial register and a resale within six (6) years is generally tax-neutral on the level of the person selling the shares to the company. Any acquisition or sale prices that do not correspond to the third party comparison are reserved.","type":"text"}]}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":9499929,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/810ee60442/block-6.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"The acquisition of treasury shares is a hot topic. Companies often wonder whether they are allowed to acquire their own shares in connection with employee participation programs, upon the departure of shareholders or in other situations.\n\nIn the following article, I will address some of the most important questions in connection with the acquisition of treasury shares. The overview does not replace individual advice but should provide initial practical points of reference.","publishedAt":"2023-01-10 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"q-a-on-the-acquisition-of-treasury-shares-by-swiss-companies","full_slug":"blog/q-a-on-the-acquisition-of-treasury-shares-by-swiss-companies","sort_by_date":null,"position":0,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"84cee287-ca55-4cf9-a895-c0bb94e048a1","first_published_at":"2023-05-27T09:50:56.346Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Startup online gründen","created_at":"2023-06-22T10:28:29.009Z","published_at":"2023-06-22T14:48:29.216Z","id":328979608,"uuid":"a35de8bc-298c-424c-ab5f-5c03f12ca474","content":{"_uid":"17f37776-02a0-46fe-b76b-ff1008ce1016","title":"Startup online gründen","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"3d32f887-743f-4a39-9451-ae9760dc51ab","title":"Startup online gründen","noIndex":false,"ogImage":{"id":9943208,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x720/05abb31c87/2022_08_23-startup-online-grunden.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Startup online gründen","ogDescription":""}],"contents":[{"_uid":"55fafe33-4302-4129-94d1-2457fffde514","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Wenn du ein Startup gründen möchtest, gibt es einige Online-Angebote, die zu erschwinglichen Preisen eine rasche und einfache Gründung ermöglichen. Es gibt jedoch einige Punkte, die bei einer «Online-Gründung» zu beachten sind.","type":"text"}]},{"type":"paragraph","content":[{"text":"Ein wichtiger Schritt als Startup ist die Gründung des Unternehmens, also in der Regel der Aktiengesellschaft (AG) oder Gesellschaft mit beschränkter Haftung (GmbH). Im Internet gibt es verschiedene Angebote, die den Gründungsvorgang online rasch und einfach abwickeln. Wenn die Geschäftsbedingungen einfach und übersichtlich sind, sind solche Onlineangebote sehr nützlich für die Unternehmensgründen. Nachfolgend finden Sie eine Liste einfacher und übersichtlicher Aspekte, welche zusammen vorliegend dafürsprechen, eine Online-Gründung vorzunehmen:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Überschaubare Anzahl Aktionäre (1 bis ca. 5)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Alle Aktionäre gleichgestellt","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Keine Darlehensgeber","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Keine Verknüpfung mit anderen Gesellschaften","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Mitarbeiterbeteiligungsplan nicht oder erst zu späterem Zeitpunkt vorgesehen","type":"text"}]}]}]},{"type":"paragraph","content":[{"type":"hard_break"},{"text":"Wenn Sie mehr über die Gründung von Startup Unternehmen erfahren möchten, sehen Sie sich unser neues Video auf unserem ","type":"text"},{"text":"YouTube-Kanal Lex Futura","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.youtube.com/watch?v=9Su7xdwRz1w","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" an. Anina Groh fasst die wichtigsten Aspekte in diesem Zusammenhang zusammen.","type":"text"}]},{"type":"paragraph","content":[{"text":"Auf unserem YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» werden Videos rund um die Themen Unternehmensgründung, Finanzierung von Unternehmen, Nachfolgeregelungen, Arbeitsrecht, Steuern und weiteres erklärt. Abonniere unseren Kanal und sei auf dem Laufenden, wie du dein Unternehmen absichern kannst und wie du rechtliche Fallstricke in der Unternehmenspraxis vermeidest.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9943208,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x720/05abb31c87/2022_08_23-startup-online-grunden.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Wenn du ein Startup gründen möchtest, gibt es einige Online-Angebote, die zu erschwinglichen Preisen eine rasche und einfache Gründung ermöglichen. Es gibt jedoch einige Punkte, die bei einer «Online-Gründung» zu beachten sind.\n\n","publishedAt":"2022-12-12 00:00","readMoreText":"Read more","authorPicture":{"id":8907331,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/10f9500d56/anina-groh.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Anina","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"startup-online-gruenden","full_slug":"blog/startup-online-gruenden","sort_by_date":null,"position":-270,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"d1d582b5-7f4d-4295-8aee-16557ee6ea88","first_published_at":"2023-06-22T10:30:44.315Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Crypto Disputes: High Court judgment on crypto exchange’s information duty in fraud cases","created_at":"2023-05-27T09:51:42.767Z","published_at":"2023-07-11T07:38:01.620Z","id":314422585,"uuid":"4e6b070a-c597-4ef6-ba2d-98e37e816579","content":{"_uid":"cb231791-f875-43a0-bb8b-225fc41027c5","title":"Crypto Disputes: High Court judgment on crypto exchange’s information duty in fraud cases","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"2b5ef8a5-2a22-4988-b468-53a063bf9004","title":"Crypto Disputes: High Court judgment on crypto exchange’s information duty in fraud cases","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"The London High Court has ordered crypto exchanges based outside the UK to disclose customer information to a rival operator to help track stolen funds","ogDescription":""}],"contents":[{"_uid":"28a4967b-b916-40ff-895f-4bd937f37c42","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"The London High Court has ordered crypto exchanges based outside the UK to disclose customer information to a rival operator to help track stolen funds","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph","content":[{"text":"In ","type":"text"},{"text":"LMN v Bitflyer Holdings Inc and others [2022] EWHC 2954 (Comm),","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/1c160c8e28/anhang.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]},{"text":" the English High Court again demonstrated its willingness to exercise its broad powers to support victims of crypto-theft and fraud seeking recovery of their assets. The action was for information orders under the so-called Norwich Pharmacal and Bankers Trust jurisdiction. The court orders require foreign exchanges to provide LMN – a UK exchange – detailed customer information (including KYC information), in support of LMN’s efforts to recover $10.7 million worth of misappropriated cryptocurrency. ","type":"text"}]},{"type":"paragraph","content":[{"text":"The action was brought by an operator of a crypto exchange based in the UK – LMN. LMN holds cryptocurrency in its own name and, in a manner analogous to conventional banking, owes a personal obligation to pay the relevant amount to each customer. A percentage of its cryptocurrency reserves is accessible via the internet through 'Hot Wallets'.","type":"text"}]},{"type":"paragraph","content":[{"text":"After hackers obtained access to LMN’s systems, they transferred some millions of dollars-worth of cryptocurrency from it. In the sequel, LMN instructed an expert to trace the cryptocurrency which had been transferred by the hackers. However, whenever the tracing reached an 'exchange address' the expert could not discover what became of the cryptocurrency thereafter. This is because 'exchange addresses' are addresses owned and operated by the exchange itself. Whilst such addresses tend to be associated with a particular customer, the actual crediting of cryptocurrency to the relevant customer's account takes place 'off-chain' (ie via an internal accounting exercise). Cryptocurrency received into an 'exchange address' will be often merged by the exchange into an 'omnibus wallet' which is used to service multiple customers' requests.","type":"text"}]},{"type":"paragraph","content":[{"text":"In the end, the expert managed to identify 26 recipient addresses, which were 'exchange addresses'.","type":"text"}]},{"type":"paragraph","content":[{"text":"LMN argued that, as all these addresses are 'exchange addresses', it is impossible to trace the cryptocurrency any further without information from the exchanges about the individuals behind the transactions. In the case of exchanges either operated by one of the Defendants or by an associated company, LMN had reason to believe that each collected know your client ('KYC') and anti-money laundering ('AML') information, and thus might be able to provide relevant information. On this basis it made a request for information against the Defendants.","type":"text"}]},{"type":"paragraph","content":[{"text":"The court came to the conclusion that the conditions for an information order under Norwich Pharmacal and Bankers Trust were met.","type":"text"}]},{"type":"paragraph","content":[{"text":"Accordingly, it ordered the foreign exchanges to provide LMN with the following information: “","type":"text"},{"text":"in respect of any customer account(s) which the Target Cryptocurrency ","type":"text","marks":[{"type":"italic"}]},{"text":"[i.e. the misappropriated assets] ","type":"text"},{"text":"was allocated to and/or received on behalf of: (a) the name the account is held in; (b) all ‘Know Your Customer’ information and documents provided in respect of the account(s); (c) any other information and documents held in relation to the account(s) which does (or which the relevant Defendant consider is likely to) identify the holder of the account(s), including email addresses, residential addresses, phone numbers and bank account details ","type":"text","marks":[{"type":"italic"}]},{"text":"[…]”","type":"text"}]},{"type":"paragraph","content":[{"text":"Further, the court directed the defendants to each provide to LMN, “","type":"text"},{"text":"to the best of the Defendant’s ability: (a) an explanation as to what has become of the Target Cryptocurrency","type":"text","marks":[{"type":"italic"}]},{"text":" […]; ","type":"text"},{"text":"(b) the balance in the customer account referred to under sub-paragraph (a) above: (i) immediately before it was allocated and/or received the Target Cryptocurrency; and (ii) at the time of that Defendant’s response pursuant to this order","type":"text","marks":[{"type":"italic"}]},{"text":"”.","type":"text"}]},{"type":"paragraph","content":[{"text":"Overall, the judgment shows once again that English courts are willing to give the victims of crypto fraud assistance in recovering misappropriated funds. The flexibility of the English procedural law is certainly attractive for such victims.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9499938,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/26ae4cc35a/block-7.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"The London High Court has ordered crypto exchanges based outside the UK to disclose customer information to a rival operator to help track stolen funds","publishedAt":"2022-12-05 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"high-court-judgment-on-crypto-developers-lack-of-fiduciary-duty-to-crypto-owners","full_slug":"blog/high-court-judgment-on-crypto-developers-lack-of-fiduciary-duty-to-crypto-owners","sort_by_date":null,"position":-10,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"6d51649b-7c56-4494-952d-ff16527187a1","first_published_at":"2023-05-27T09:57:23.378Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Dein Investor fordert eine Downround Protection-Klausel? So schützt du dein Start-up!","created_at":"2023-06-22T11:54:08.590Z","published_at":"2023-06-22T14:48:28.871Z","id":329133259,"uuid":"e7244739-6680-43ca-8e24-ce113fe1f927","content":{"_uid":"368a0e41-0f3a-4049-949d-f7b3d214d829","title":"Dein Investor fordert eine Downround Protection-Klausel? So schützt du dein Start-up!","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"8974e53e-1f5f-49cf-bb30-aac2204c7a8d","title":"Dein Investor fordert eine Downround Protection-Klausel? So schützt du dein Start-up!","noIndex":false,"ogImage":{"id":9945135,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x720/377047270c/2022_08_17-downround-protection.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Dein Investor fordert eine Downround Protection-Klausel? So schützt du dein Start-up!\n","ogDescription":""}],"contents":[{"_uid":"fe4a4957-f5ba-4af9-9b7d-b261df0d9e6d","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Im aktuellen Marktumfeld kommt es immer mehr zu sog. Down Rounds. Entsprechend zentral ist die Verhandlung von sog. Down Round Protection Klauseln.","type":"text"}]},{"type":"paragraph","content":[{"text":"Ein Start-Up führt in der Regel mehrere nacheinander stattfindende Finanzierungsrunden durch. Wird eine spätere Finanzierungsrunde zu einer tieferen Unternehmensbewertung durchgeführt als eine frühere Runde, spricht man von einer Down Round. Bei einer Down Round kommt es – neben der üblichen Kapitalverwässerung – zu einer Preisverwässerung. Durch die geringere Folgebewertung sinkt – neben dem prozentualen Anteil – auch der Wert der Anteile unter das Niveau der ursprünglichen Investition.","type":"text"},{"type":"hard_break"},{"type":"hard_break"},{"text":"Wenn Sie mehr über Downround Protection Klauseln erfahren möchten, sehen Sie sich unser neues Video auf unserem","type":"text"},{"text":" YouTube-Kanal Lex Futura","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.youtube.com/watch?v=viWgDTl6q34","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" an. Simon Roth und Alain Friedrich fassen die wichtigsten Aspekte der Downround-Schutzklausel in einem Video zusammen.","type":"text"}]},{"type":"paragraph","content":[{"text":"Auf unserem YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» werden Videos rund um die Themen Unternehmensgründung, Finanzierung von Unternehmen, Nachfolgeregelungen, Arbeitsrecht, Steuern und weiteres erklärt. Abonniere unseren Kanal und sei auf dem Laufenden, wie du dein Unternehmen absichern kannst und wie du rechtliche Fallstricke in der Unternehmenspraxis vermeidest.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9945135,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x720/377047270c/2022_08_17-downround-protection.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Dein Investor fordert eine Downround Protection-Klausel? So schützt du dein Start-up!\n","publishedAt":"2022-12-01 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Alain","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"dein-investor-fordert-eine-downround-protection-klausel-so-schuetzt-du-dein-start-up","full_slug":"blog/dein-investor-fordert-eine-downround-protection-klausel-so-schuetzt-du-dein-start-up","sort_by_date":null,"position":-280,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"8f0bcffc-b362-425c-91ab-97c79ad3e870","first_published_at":"2023-06-22T11:55:19.830Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Switzerland set to facilitate questioning of witnesses via videoconference in cross-border proceedings","created_at":"2023-05-27T09:57:50.599Z","published_at":"2023-06-30T08:56:03.593Z","id":314422612,"uuid":"aacf12a5-41bc-4ae2-b007-0c39b03f6d61","content":{"_uid":"3f83db01-920e-44f1-97e4-a5f50178322e","title":"Switzerland set to facilitate questioning of witnesses via videoconference in cross-border proceedings","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"7eebfcc8-f8f7-4659-8384-1037fc54d181","title":"Switzerland set to facilitate questioning of witnesses via videoconference in cross-border proceedings","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"filename":null,"copyright":null,"fieldtype":"asset","meta_data":{},"is_external_url":false},"ogTitle":"","nofollow":false,"component":"seoTags","description":"In the future, persons in Switzerland who are involved in foreign civil proceedings are to be able to be questioned or heard by telephone or video conference without official authorization from the Federal Office of Justice. At its meeting on November 23, 2022, the Federal Council sent a correspondi","ogDescription":""}],"contents":[{"_uid":"e0d02669-6cde-49f5-b377-c668942d7cb1","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"In the future, persons in Switzerland who are involved in foreign civil proceedings are to be able to be questioned or heard by telephone or video conference without official authorization from the Federal Office of Justice. At its meeting on November 23, 2022, the Federal Council sent a corresponding bill for consultation.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph","content":[{"text":"Today, prior authorization is required from the Federal Office of Justice (FOJ) if a person is to be questioned or heard in Switzerland in the context of foreign civil proceedings by telephone or video conference. The questioning of a person in the context of civil proceedings generally constitutes a measure for the taking of evidence. Such measures are of a sovereign nature and, according to Swiss law, may not be performed directly by foreign court in Switzerland. Rather, the legal assistance route must be taken (predominantly governed by the 1970 Hague Evidence Convention).","type":"text"}]},{"type":"paragraph","content":[{"text":"In view of advancing digitalization, this regulation with individual case approval is increasingly judged to be cumbersome. In recent years, the questioning of parties, witnesses or experts using electronic means of communication has become increasingly popular in cross-border civil proceedings. Therefore, the law shall be changed.","type":"text"}]},{"type":"paragraph","content":[{"text":"The Federal Council's draft bill (","type":"text"},{"text":"LINK","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/fileadmin/lexfutura.ch/vorentw.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":") provides that the questioning or hearing of a person residing in Switzerland in the context of foreign civil proceedings by means of telephone or video conference is permissible without prior official authorization, provided that certain conditions are met to safeguard Swiss sovereignty and to protect the person concerned (see Explanatory Report on draft bill, ","type":"text"},{"text":"LINK","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/fileadmin/lexfutura.ch/vn-ber.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":"). ","type":"text"}]},{"type":"paragraph","content":[{"text":"The current requirement of a request to the FOJ via the cantonal legal assistance authority is to be replaced by an obligation to notify these two authorities. This notification should essentially contain the same information about the planned telephone or video conference as is currently required for applications for approval. The conditions attached to the currently issued authorizations of the FOJ are to be retained in an adapted form. For example, the competent cantonal legal assistance authority must be allowed to participate in the conference if it so wishes.","type":"text"}]},{"type":"paragraph","content":[{"text":"In contrast to today’s legal situation, such questioning or hearings should also be possible in civil proceedings of states that are not party to the 1970 Hague Evidence Convention. Currently, this is only possible in exceptional cases. As was already the case under the current law, it is always assumed that participation in the questioning or hearing is voluntary.","type":"text"}]},{"type":"paragraph","content":[{"text":"Technically, this change is implemented by waiving the requirement for permission to take evidence in Switzerland, as provided for in Article 17(2) of the 1970 Hague Evidence Convention, and limit such waiver to interviews by means of electronic communication. In order to implement the changes, Switzerland's Declaration No. 5 to the 1970 Hague Evidence Convention and Articles 11 and 11a of the Federal Act on Private International Law must be amended.","type":"text"}]},{"type":"paragraph","content":[{"text":"The consultation period for the draft bill will last until 9 March 2023. The amendments are unlikely to enter into force before the beginning of 2024.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9499981,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/7ed03c6042/block-8.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"In the future, persons in Switzerland who are involved in foreign civil proceedings are to be able to be questioned or heard by telephone or video conference without official authorization from the Federal Office of Justice. At its meeting on November 23, 2022, the Federal Council sent a corresponding bill for consultation.","publishedAt":"2022-11-28 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"switzerland-set-to-facilitate-questioning-of-witnesses-via-videoconference-in-cross-border-proceedings","full_slug":"blog/switzerland-set-to-facilitate-questioning-of-witnesses-via-videoconference-in-cross-border-proceedings","sort_by_date":null,"position":-20,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"69d73440-a11f-4d44-aebe-06730466cd9d","first_published_at":"2023-05-27T10:01:07.767Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Personalreglement – braucht mein Unternehmen das?","created_at":"2023-06-22T11:58:54.803Z","published_at":"2023-07-11T07:38:26.016Z","id":329137330,"uuid":"b1cd9cc4-3b4d-4b6e-a178-7dc234577559","content":{"_uid":"c66da0dd-81c9-448e-9d3d-28494a15b9a3","title":"Personalreglement – braucht mein Unternehmen das?","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"10127819-75bc-4f90-9700-9aa0436149d0","title":"Personalreglement – braucht mein Unternehmen das?","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Personalreglement – braucht mein Unternehmen das?","ogDescription":""}],"contents":[{"_uid":"d00bbf92-f2dd-465d-bcf5-889cadd41df1","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Im neuen Video auf unserem YouTube-Kanal fasst Anina Groh zusammen, wann es für ein Unternehmen sinnvoll ist, ein Personalreglement zu erlassen. Du lernst zudem die Faktoren kennen, die für ein Personalreglement sprechen und welche Alternativen es gibt.","type":"text"}]},{"type":"paragraph","content":[{"text":"Auf unserem","type":"text"},{"text":" YouTube Kanal","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.youtube.com/watch?v=ZAO0IxWBf2M","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" «Lex Futura – Schweizer Wirtschaftsrecht» werden Videos rund um die Themen Unternehmensgründung, Finanzierung von Unternehmen, Nachfolgeregelungen, Arbeitsrecht, Steuern und weiteres erklärt. Abonniere unseren Kanal und sei auf dem Laufenden, wie du dein Unternehmen absichern kannst und wie du rechtliche Fallstricke in der Unternehmenspraxis vermeidest.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9945332,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x720/cd15a13ec5/2022_08_03-personalreglement.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Im neuen Video auf unserem YouTube-Kanal fasst Anina Groh zusammen, wann es für ein Unternehmen sinnvoll ist, ein Personalreglement zu erlassen. Du lernst zudem die Faktoren kennen, die für ein Personalreglement sprechen und welche Alternativen es gibt.\n\n","publishedAt":"2022-11-14 00:00","readMoreText":"Read more","authorPicture":{"id":8907331,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/10f9500d56/anina-groh.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Anina","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"personalreglement-braucht-mein-unternehmen-das","full_slug":"blog/personalreglement-braucht-mein-unternehmen-das","sort_by_date":null,"position":-290,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"2357238c-e63e-4c54-aefe-f58612304fae","first_published_at":"2023-06-22T12:01:12.667Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Decentralized justice – the future of dispute resolution for Web 3.0?","created_at":"2023-05-27T10:01:31.646Z","published_at":"2023-06-30T08:55:15.948Z","id":314422614,"uuid":"0807bfcd-9dbc-4722-80f7-d1e87f7bf831","content":{"_uid":"ebf39809-b3eb-418d-8814-e35326d6f3d5","title":"Decentralized justice – the future of dispute resolution for Web 3.0?","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"fc7229f9-06a8-4edb-9dab-d01fbd82c281","title":"Decentralized justice – the future of dispute resolution for Web 3.0?","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Decentralized justice is a new approach to dispute resolution that combines blockchain, crowdsourcing and game theory in order to produce resolution systems which are radically more efficient than existing methods.","ogDescription":""}],"contents":[{"_uid":"747053d2-fb39-42af-8740-0372ec06a690","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Decentralized justice is a new approach to dispute resolution that combines blockchain, crowdsourcing and game theory in order to produce resolution systems which are radically more efficient than existing methods.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph","content":[{"text":"In essence, it is an automated procedure by which a randomly selected jury will decide on a dispute. The most popular decentralized justice protocol is currently Kleros. Already more than 1’300 disputes have been resolved using Kleros.","type":"text"}]},{"type":"paragraph","content":[{"text":"This begs the question will decentralized justice be the dispute resolution method of the future. Will it dominate dispute resolution in Web 3.0? Or might it even spread further?","type":"text"}]},{"type":"paragraph","content":[{"text":"Our partner, Nino Sievi, has discussed these questions in a podcast (#Zukunft) together with other lawyers. 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Anina Groh and Zammim Ayubi held a workshop on \"How to de-fine your IP Strategy?\"","type":"text"}]},{"type":"paragraph","content":[{"text":"Wondering how to protect your ideas, software and more? You can download the slides ","type":"text"},{"text":"here ","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/164e12177d/how-to-define-your-ip-strategy-workshop-slides.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]},{"text":"and check out more on our recent video on the topic (in german): ","type":"text"},{"text":"Was sind IPs \u0026 wie wichtig sind sie für dein Unternehmen? - Intellectual Property kurz erklärt! - YouTube","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.youtube.com/watch?v=MxsXBcLNyaQ\u0026t=7s","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":". ","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500175,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/3424ab9d2e/csm_shutterstock_758264113_5f3604a97d.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Startup Nights Workshop \"How to define your IP-Strategy\"","publishedAt":"2022-11-08 00:00","readMoreText":"Read more","authorPicture":{"id":8907331,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/10f9500d56/anina-groh.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Anina Groh","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"startup-nights-workshop-how-to-define-your-ip-strategy","full_slug":"blog/startup-nights-workshop-how-to-define-your-ip-strategy","sort_by_date":null,"position":-40,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"6a2cf1f4-7adc-4ae4-9838-023296106ab3","first_published_at":"2023-05-27T10:07:00.403Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Schweizer Innovationsfonds – Was ist das? | Lex Futura","created_at":"2023-06-22T12:04:38.859Z","published_at":"2023-06-22T14:48:28.203Z","id":329142035,"uuid":"d9337afe-fc69-4a6a-aa9a-d6894f58afbc","content":{"_uid":"a4742826-eb7e-4b35-922b-6bf5c578ac24","title":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Schweizer Innovationsfonds – Was ist das? | Lex Futura","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"be001fd4-d235-4207-b8d6-ac2aff74200c","title":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Schweizer Innovationsfonds – Was ist das? | Lex Futura","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Schweizer Innovationsfonds – Was ist das? | Lex Futura","ogDescription":""}],"contents":[{"_uid":"aba2e50c-4496-4e8b-9067-82f064e64d5d","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Im neuen Video auf unserem YouTube-Kanal fasst Alain Friedrich zusammen, was mit dem Schweizer Innovationsfonds erreicht werden soll. Du lernst, warum der Bundesrat am 22. Juni 2022 entschieden hat, dass es einen branchenneutralen Schweizer Innovationsfonds geben soll und welche Ziele damit verfolgt werden.","type":"text"}]},{"type":"paragraph","content":[{"text":"Auf unserem ","type":"text"},{"text":"YouTube Kanal","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.youtube.com/watch?v=Vn_FUwYz7Yw","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" «Lex Futura – Schweizer Wirtschaftsrecht» werden Videos rund um die Themen Unternehmensgründung, Finanzierung von Unternehmen, Nachfolgeregelungen, Arbeitsrecht, Steuern und weiteres erklärt. Abonniere unseren Kanal und sei auf dem Laufenden, wie du dein Unternehmen absichern kannst und wie du rechtliche Fallstricke in der Unternehmenspraxis vermeidest.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9945891,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x720/12403af1b3/2022_08_04-innovationsfonds.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Im neuen Video auf unserem YouTube-Kanal fasst Alain Friedrich zusammen, was mit dem Schweizer Innovationsfonds erreicht werden soll. Du lernst, warum der Bundesrat am 22. Juni 2022 entschieden hat, dass es einen branchenneutralen Schweizer Innovationsfonds geben soll und welche Ziele damit verfolgt werden.\n","publishedAt":"2022-10-27 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Alain","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"youtube-kanal-lex-futura-schweizer-wirtschaftsrecht-schweizer-innovationsfonds-was-ist-das-lex-futura","full_slug":"blog/youtube-kanal-lex-futura-schweizer-wirtschaftsrecht-schweizer-innovationsfonds-was-ist-das-lex-futura","sort_by_date":null,"position":-300,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"2de6691d-41e3-4ce0-85e9-7314a238a30d","first_published_at":"2023-06-22T12:05:56.810Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Was sind «IPs» \u0026 wie wichtig sind sie für dein Unternehmen?","created_at":"2023-06-22T12:06:47.347Z","published_at":"2023-06-22T14:48:27.867Z","id":329144821,"uuid":"7451ad2d-fa45-4195-a85f-2fff1ee25f93","content":{"_uid":"40727fd3-fa83-41c5-8741-c119d01019ad","title":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Was sind «IPs» \u0026 wie wichtig sind sie für dein Unternehmen?","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"1e0dffa4-4835-4f2f-962e-6a7177305ff3","title":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Was sind «IPs» \u0026 wie wichtig sind sie für dein Unternehmen?","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"YouTube Kanal «Lex Futura – Schweizer Wirtschaftsrecht» Was sind «IPs» \u0026 wie wichtig sind sie für dein Unternehmen?\n","ogDescription":""}],"contents":[{"_uid":"a1cb0b9b-2754-4f17-bd88-1942d27fa18c","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Im neuen Video auf unserem YouTube-Kanal erläutert dir Anina Groh die Bedeutung von sogennanten «IPs» (Abkürzung für Intellecutal Property Rights), und erklärt dir, wie Du die für dein Unternehmen relevanten IPs identifiziert und wie Du diese schützen kannst.","type":"text"}]},{"type":"paragraph","content":[{"text":"Auf unserem ","type":"text"},{"text":"YouTube ","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.youtube.com/watch?v=MxsXBcLNyaQ","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":"Kanal «Lex Futura – Schweizer Wirtschaftsrecht» werden Videos rund um die Themen Unternehmensgründung, Finanzierung von Unternehmen, Nachfolgeregelungen, Arbeitsrecht, Steuern und weiteres erklärt. Abonniere unseren Kanal und sei auf dem Laufenden, wie du dein Unternehmen absichern kannst und wie du rechtliche Fallstricke in der Unternehmenspraxis vermeidest.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9945920,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1280x720/7320849e3a/2022_08_16-ip-in-a-nutshell.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Im neuen Video auf unserem YouTube-Kanal erläutert dir Anina Groh die Bedeutung von sogennanten «IPs» (Abkürzung für Intellecutal Property Rights), und erklärt dir, wie Du die für dein Unternehmen relevanten IPs identifiziert und wie Du diese schützen kannst.\n\n","publishedAt":"2022-10-13 00:00","readMoreText":"Read more","authorPicture":{"id":8907331,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/10f9500d56/anina-groh.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Anina","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"youtube-kanal-lex-futura-schweizer-wirtschaftsrecht-was-sind-ips-wie-wichtig-sind-sie-fuer-dein-unternehmen","full_slug":"blog/youtube-kanal-lex-futura-schweizer-wirtschaftsrecht-was-sind-ips-wie-wichtig-sind-sie-fuer-dein-unternehmen","sort_by_date":null,"position":-310,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"3a9ca5ac-df13-4806-a79d-c5f4cf100f2a","first_published_at":"2023-06-22T12:07:41.395Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Startup Guide Employee Participation Plans","created_at":"2023-05-27T10:07:22.347Z","published_at":"2023-07-11T07:49:31.729Z","id":314422618,"uuid":"08bbf53d-182f-44a0-935d-b16dce8a2fd0","content":{"_uid":"b320f877-a951-40ce-b625-02655b811b9b","title":"Startup Guide Employee Participation Plans","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"ff3872c5-d0cc-4b04-9c0a-979a7b9876f0","title":"Startup Guide Employee Participation Plans","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Startups often incentivise employees by granting them a share in the (future) success of the company by issuing equity. Such compensation schemes play a crucial role in enabling start-\nups to attract and retain highly qualified talents. Our partner Alain Friedrich has drawn up a guide that summarise","ogDescription":""}],"contents":[{"_uid":"2cf648ff-b52e-4675-b245-ded2604b42a2","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Startups often incentivise employees by granting them a share in the (future) success of the company by issuing equity. Such compensation schemes play a crucial role in enabling start-","type":"text"},{"type":"hard_break"},{"text":"ups to attract and retain highly qualified talents. Our partner Alain Friedrich has drawn up a guide that summarises the most important types, structures, and tax as well as legal issues of employee participation plans of Swiss startups.","type":"text"}]},{"type":"paragraph","content":[{"text":"If you are interested ","type":"text"},{"text":"download ","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/46f87de3a9/lf-start-up-guide-employee-participation-plans-2022.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]},{"text":"the PDF. ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Introduction","type":"text"}]},{"type":"paragraph","content":[{"text":"Startups often incentivise employees by granting them a share in the (future) success of the company by issuing equity. Such compensation schemes play a crucial role in enabling start-ups to attract and retain highly qualified talents.","type":"text"}]},{"type":"paragraph","content":[{"text":"The aim of this guide is to help founders and investors of Swiss startups better understand the types, structures, and tax as well as legal implications of the most common employee participation plans and to provide them with an initial overview of the most common structures. The guide does not only deal with the legal framework of employee participation plans, but also describes how employee participation plans influence exits and financing rounds. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Please note, however, that this guide does not replace legal or tax advice and only serves as a first introduction to the complex topic of employee participations programmes.","type":"text"}]},{"type":"paragraph","content":[{"text":"Now, let’s start with the basics.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What are employee participation plans?","type":"text"}]},{"type":"paragraph","content":[{"text":"In this guide, the term \"Employee Participation Plan\" serves as a generic term for the instruments used by Swiss startups to incentivise employees. These are essentially (i) ","type":"text"},{"text":"employee shares","type":"text","marks":[{"type":"bold"}]},{"text":", ","type":"text"},{"text":"employee options ","type":"text","marks":[{"type":"bold"}]},{"text":"(also called ","type":"text"},{"text":"Employee Stock Option Programme, ","type":"text","marks":[{"type":"italic"}]},{"text":"ESOP) and (ii) ","type":"text"},{"text":"virtual shares ","type":"text","marks":[{"type":"bold"}]},{"text":"(also called Phantom Stock or ","type":"text"},{"text":"Virtual Stock Option Plan ","type":"text","marks":[{"type":"italic"}]},{"text":"[VSOP]).","type":"text"}]},{"type":"paragraph","content":[{"text":"All types of employee participation plans have the common goal of motivating employees to join the startup, show full commitment, remain in the company for a certain period and ultimately participate in the realised value of the company through a so-called ","type":"text"},{"text":"exit ","type":"text","marks":[{"type":"italic"}]},{"text":"or ","type":"text"},{"text":"liquidity event.","type":"text","marks":[{"type":"italic"}]}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Why are employee participation plans popular with startups?","type":"text"}]},{"type":"paragraph","content":[{"text":"Employee participation plans are particularly popular with startups for several reasons.","type":"text"}]},{"type":"paragraph","content":[{"text":"First, such programmes serve to ","type":"text"},{"text":"attract employees","type":"text","marks":[{"type":"bold"}]},{"text":". Highly qualified employees usually have an above-average compensation and attractive fringe benefits when employed at large companies. Startups usually lack the liquidity or the will to pay a similarly high cash compensation. Therefore, instead of cash compensations, startups use employee participation programmes and compensate highly qualified employees with shares or options, thereby allowing them to participate directly or indirectly in the success of the company.","type":"text"}]},{"type":"paragraph","content":[{"text":"Furthermore, employee participation plans serve the purpose of ","type":"text"},{"text":"employee retention. ","type":"text","marks":[{"type":"bold"}]},{"text":"Simply hiring talent is not the end of the story for startups. The real skill lies in retaining key people in the company. This is where employee shares or options, which vest over several years and allow the beneficiaries to participate in a (hopefully) steady increase in the value of their company, come into play. In addition, employee participation plans align the interests of the founding team, the investors, and the employees.","type":"text"}]},{"type":"paragraph","content":[{"text":"Lastly (and most importantly), employee participation plans are also meant to ","type":"text"},{"text":"motivate and incentivise employees. ","type":"text","marks":[{"type":"bold"}]},{"text":"It is assumed that employees work particularly hard when they do it for \"their\" company and are able to participate in the success of the employer.","type":"text"}]},{"type":"paragraph","content":[{"text":" Startups also sometimes use shares, options, or virtual participations selectively to compensate consultants and service providers. Even though the legal consequences of issuing shares, options as well as virtual participations to non-employees do not differ massively from those of employee participations, it should be noted that this guide only refers to employee participations. In case a startup is issuing shares, options or virtual participations to advisors, the legal and tax consequences must therefore be examined separately.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Structuring of employee participation plans","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Introductory notes ","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Swiss startups use different forms of employee participation plans. Either shares are directly allocated to certain employees (","type":"text"},{"text":"employee shares","type":"text","marks":[{"type":"bold"}]},{"text":"), options on shares of the startup are granted (","type":"text"},{"text":"ESOP","type":"text","marks":[{"type":"bold"}]},{"text":") or a virtual employee share participation programme (so-called phantom stock, ","type":"text"},{"text":"VSOP","type":"text","marks":[{"type":"bold"}]},{"text":") is implemented.","type":"text"}]},{"type":"paragraph","content":[{"text":"The first two options are equity-based, whereas the third is a purely virtual participation whose value is usually dependent on the exit proceeds.","type":"text"}]},{"type":"paragraph","content":[{"text":"The three forms of employee participation can be summarised as follows:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Employee shares","type":"text","marks":[{"type":"bold"}]},{"text":": Employee shares grant employees a direct participation in the startup. The employees therefore become shareholders of the startup with all rights and obligations according to Swiss corporation law.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Employee stock options","type":"text","marks":[{"type":"bold"}]},{"text":": Employee stock options grant employees the right to acquire shares of the startup. Consequently, employees receive a (mere) contractual entitlement to the allocation of a certain number of shares in the company at a certain point in the future, if the options are exercised.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Phantom stock or virtual participation","type":"text","marks":[{"type":"bold"}]},{"text":": Virtual shares grant employees a contractual right to receive a payment upon an exit event. The amount to be paid to the holder of virtual participations is generally determined by the amount a shareholder receives for one share in the event of an exit. The employees’ right to the compensation is directed towards the company. Thus, a virtual participation is basically bonus payment upon exit.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Issuing employee shares normally costs the company – except for the costs associated with the notarisation and the application to the commercial registry - nothing (in some situations social security contributions may be due, more on this later), but dilutes the participation of existing shareholders.","type":"text"}]},{"type":"paragraph","content":[{"text":"The question therefore arises as to how large an employee participation pool (","type":"text"},{"text":"pool","type":"text","marks":[{"type":"bold"}]},{"text":") needs to be. The recommendation of the American Venture Capital Fund ","type":"text"},{"text":"Balderton Capital","type":"text","marks":[{"type":"italic"}]},{"text":" can serve as a rough guideline. They recommend that startups should allocate the following percentages to the option pool:","type":"text"}]}]},"component":"richTextBlok"},{"_uid":"3460ed67-62f5-4912-a503-77c24062b82c","table":{"tbody":[{"_uid":"2fa81f01-7cdb-4666-9999-1a4db9e99da3","body":[{"_uid":"178417d8-363d-4c5a-b8c0-967dc936e551","value":"Size of the pool (% of total share capital)","component":"_table_col"},{"_uid":"c45e8204-754b-4e93-a841-b7a9e882eb1c","value":"7.5 - 10%","component":"_table_col"},{"_uid":"22f2a5ce-afcf-44c2-92e2-b96f114ed261","value":"9 - 12%","component":"_table_col"},{"_uid":"cf2b2d19-eb11-4fd9-869c-e36130cfcb60","value":"12 - 15%","component":"_table_col"},{"_uid":"f1ab00ae-af82-4364-9846-52305e2ccdde","value":"15%+","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"cffd6b3e-661d-4efd-89a6-cd396ac6c1d9","value":"","component":"_table_head"},{"_uid":"f93c3ef7-6702-49d4-a0e6-bd1c0f1aafda","value":"Seed - Series A","component":"_table_head"},{"_uid":"06521424-ef2e-41a4-a1bb-c997ac8c2cf7","value":"Series B","component":"_table_head"},{"_uid":"9c0e8e5b-7c85-4163-8b2a-14698be6e137","value":"Series C","component":"_table_head"},{"_uid":"493a25f9-1276-4273-9233-10925f6dbc93","value":"Afterwards","component":"_table_head"}],"fieldtype":"table"},"component":"table"},{"_uid":"d2313c5d-af07-49ba-bd9a-79a44f55e6ab","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"The above values must be taken with a grain of salt. Each company has its own needs and goals and must therefore decide for itself what option pool it wants to implement. In any case, the size of the pool should be reviewed regularly in the context of the startup’ s hiring and growth plans.","type":"text"}]},{"type":"paragraph","content":[{"text":"In addition to the overall size of the pool, there is always the issue of which employees should be entitled to a participation. Particularly in the USA, there are voices that advocate the broadest possible employee participation. Others consider only the involvement of the most valuable employees to be appropriate. Ultimately, the question must be decided by each startup. According to my experience, in Switzerland, only key people usually participate in the employee participation plans. A participation of all employees is rare. ","type":"text"}]},{"type":"paragraph","content":[{"text":"As a rule, early employees (","type":"text"},{"text":"founding employees","type":"text","marks":[{"type":"italic"}]},{"text":") are granted a stake in the company amounting to 1-1.5%. In later financing rounds, this participation is diluted unless there is a ","type":"text"},{"text":"refresher ","type":"text","marks":[{"type":"italic"}]},{"text":"and additional options, or shares are granted to people who already have employee shares.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Employee shares","type":"text"}]},{"type":"paragraph","content":[{"text":"In the case of employee shares, employees are granted a direct stake in the start-up’s equity. The corresponding shares are usually issued as part of a capital increase or transferred from existing shareholders to employees. A buy-back of its own shares by the startup and a subsequent issuance to employees is generally not an option due to legal reasons.","type":"text"},{"text":"[1]","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/en/whats-keeping-us-busy/article/startup-guide-mitarbeiterbeteiligungen/#_ftn1","uuid":null,"anchor":null,"target":null,"linktype":"url"}}]}]},{"type":"paragraph","content":[{"text":"When transferring employee shares, it should be noted that the employees become shareholders and possess the usual shareholder rights (participation rights, property rights as well as information and protection rights) and the more employees become shareholders, the more tedious the decision-making process may be.","type":"text"}]},{"type":"paragraph","content":[{"text":"This can be particularly disruptive in financing rounds, as all existing shareholders usually need to sign an investment agreement. This is the reason why employees are often not only party to a shareholders' agreement, but also to a pooling agreement, according to which a designated person is authorised to exercise the shareholders' rights on behalf of the employees. This authorisation is common but can - in principle - be revoked by any employee at any time if Swiss law is applicable.","type":"text"}]},{"type":"horizontal_rule"},{"type":"paragraph","content":[{"text":"[1]","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/en/whats-keeping-us-busy/article/startup-guide-mitarbeiterbeteiligungen/#_ftnref1","uuid":null,"anchor":null,"target":null,"linktype":"url"}}]},{"text":" Art. 659 OR para. 1 provides that own shares may only be acquired if, among other things, freely usable equity capital is available. Depending on the financing situation, however, a startup often does not have such freely usable equity capital.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Employee Stock Options (ESOP)","type":"text"}]},{"type":"paragraph","content":[{"text":"With employee stock options, employees acquire a right (option) but not the obligation to purchase shares at a specific strike price during a so-called exercise period. Depending on the plan, options can be exercised immediately upon allocation or only after the expiration of a certain period during which the exercise of the option must be earned (","type":"text"},{"text":"vesting period","type":"text","marks":[{"type":"italic"}]},{"text":").","type":"text"}]},{"type":"paragraph","content":[{"text":"From the perspective of existing shareholders, employee options have the advantage that the holders of options do not become shareholders until the option is exercised. As a rule, an option will always be exercisable in case of an exit. ","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Virtual Participation Plans","type":"text"}]},{"type":"paragraph","content":[{"text":"In practice, virtual participation programmes have various names. Common terms are phantom shares, virtual shares, exit/dividend participation rights or virtual stock option plan (VSOP).","type":"text"}]},{"type":"paragraph","content":[{"text":"Virtual participation plans are essentially contractual rights of employees to future cash payments based on certain parameters. With the granting of virtual participation rights, a beneficiary acquires a claim against the company in an amount that is determined according to certain metrics. ","type":"text"}]},{"type":"paragraph","content":[{"text":"The beneficiaries of virtual participation plans are not entitled to any shareholder rights. Their right is solely based on a contractual agreement between the employees and the company. Since the beneficiary's entitlement is usually related to a part of the exit proceeds, people with virtual shareholdings will be economically diluted in future financing rounds - as will existing shareholders.","type":"text"}]},{"type":"paragraph","content":[{"text":"The issuance of virtual participations is relatively straightforward, simple to implement and flexible. Neither a public notarisation nor an entry in the commercial register is required. ","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Documentation and important terms","type":"text"}]},{"type":"paragraph","content":[{"text":"Employee participation plans usually consist of two main documents.","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Employee Participation Plan: ","type":"text","marks":[{"type":"bold"}]},{"text":"The Employee Participation Plan contains general rules about the programme (such as the eligibility, general vesting and forfeiture regulations, the trigger events and other common provisions that apply to all employee participations). The plan thus sets out the rules that apply to all participants of the programme.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Allocation letter: ","type":"text","marks":[{"type":"bold"}]},{"text":"The allocation of the employee participations usually takes place in the form of a separate contract between the startup and the employees. In this separate contract (the allocation letter), the number of allocated shares or options, the start of the vesting period and the exercise price are agreed upon. In some cases, the allocation letter sets specific individual performance targets, which the beneficiary is required to achieve before he or she receives the shares or options.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Vesting and Cliff","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"As a rule, all employee participation plans include vesting provisions. In simple words, vesting means that the beneficiary needs to ","type":"text"},{"text":"earn","type":"text","marks":[{"type":"italic"}]},{"text":" the participation. The vesting period is the period over which a beneficiary acquires the right to keep the granted employee shares in economic terms. In the instance of employee shares, this is often referred to as ","type":"text"},{"text":"reverse vesting. ","type":"text","marks":[{"type":"italic"}]},{"text":"The","type":"text"},{"text":"mechanism of reverse vesting is substantially the same as the vesting mechanism.","type":"text","marks":[{"type":"italic"}]}]},{"type":"paragraph","content":[{"text":"If the parties agree on a vesting period, the employee must earn their shares over a certain period (Vesting Period). This reduces the risk of employees leaving the company early or for the wrong reasons without having to return any of their shareholdings.","type":"text"}]},{"type":"paragraph","content":[{"text":"Employee participation plans often also provide for a so-called ","type":"text"},{"text":"cliff. ","type":"text","marks":[{"type":"italic"}]},{"text":"A","type":"text"},{"text":" cliff ","type":"text","marks":[{"type":"italic"}]},{"text":"means that the employee must remain with the company for at least the duration of the cliff for the first portion of the employee participation to be vested.","type":"text"}]},{"type":"paragraph","content":[{"text":"My experience shows that employee participation programmes of Swiss startups often have the following parameters:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The vesting period is generally 48 months, although shorter and longer periods are possible as well.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Vesting is typically linear on a monthly basis, sometimes quarterly.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The cliff is usually 12 months. A cliff period of 12 months means that in a typical vesting period of 4 years with linear vesting, 0% of the participation vests in the first 12 months, then 1/4 of the participation is vested at the end of the twelfth month and an additional 1/48 of the participation vests in each following month up to the 48th month.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"It is important to note that vesting periods are usually agreed upon under the assumption that the beneficiary will work for the company as a full-time employee during this period. As a result, the plan should also include a provision that provides for a solution if the employee reduces his or her workload instead of leaving the company. ","type":"text"}]},{"type":"paragraph","content":[{"text":"In general, startups have a great deal of discretion in determining the cliff and the vesting period. There are, for example, companies that have ","type":"text"},{"text":"longer cliffs ","type":"text","marks":[{"type":"bold"}]},{"text":"in","type":"text"},{"text":"their employee participation programmes and therefore try to bind the employees to the company even longer. Back-loaded vesting goes in the same direction. Here, the company wants that most of the holdings will only vest near the end of the vesting period. For example, it could be agreed that only 10% of the participations will vest after the first year, another 20% after the second year and the majority of the participations will not vest until after the third or fourth year.","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Performance-based vesting is also a possibility. In this case, the employee shares vest if certain sales, growth, or other targets are achieved. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Accelerated Vesting","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Employee participation plans usually also address the question of whether and under what circumstances vesting can be accelerated (","type":"text"},{"text":"Acceleratedvesting","type":"text","marks":[{"type":"bold"}]},{"text":").","type":"text"}]},{"type":"paragraph","content":[{"text":"Accelerated vesting puts beneficiaries in the position where even unvested participations (or at least a part of them) are considered to have vested early, i.e., accelerated, on the occurrence of certain events. This issue is particularly important if an exit, i.e., a sale or IPO of the company, arises during the vesting period.","type":"text"}]},{"type":"paragraph","content":[{"text":"Events leading to accelerated vesting are called trigger events. A distinction is made between single trigger and double trigger acceleration. ","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Single trigger acceleration","type":"text","marks":[{"type":"bold"}]},{"text":": Provisions according to which the occurrence of an exit event by itself is sufficient for accelerated vesting are referred to as \"Single trigger acceleration\", since only one trigger (the exit) is required for accelerated vesting.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Double trigger acceleration","type":"text","marks":[{"type":"bold"}]},{"text":": In case of double trigger acceleration, it is agreed that in the event of an exit (trigger number 1), all shares vest if the corresponding employee is terminated without cause within a predefined period after the exit (trigger number 2). The relevant period is usually 12-24 months.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"The Double trigger acceleration is justified by the fact that a single trigger accelerated vesting can negatively influence the valuation of the company. The reasons are the following:","type":"text"}]},{"type":"paragraph","content":[{"text":"Full vesting of all options reduces the proceeds going to shareholders, as a buyer will include such liabilities in its purchase price calculation (if the startup must bear the economic burden of the programme itself). In addition, it is a risk for a buyer if certain employees \"cash out\" at exit and may no longer work for the company. After all, employees are one of the most significant value drivers of an acquisition. Accordingly, double trigger acceleration arrangements are more popular with investors. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Leaver rules","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Leaver provisions cover the question of what happens when an employment relationship is terminated. Often, when the employment relationship is terminated, not only is it stipulated that vesting ends, but depending on the circumstances of the termination, further consequences for the employees are defined. D","type":"text"}]},{"type":"paragraph","content":[{"text":"All employee participation programmes are identical in the sense that when a leaver event occurs, all unvested shares are forfeited. However, the question of what happens to the vested participations remains.","type":"text"}]},{"type":"paragraph","content":[{"text":"As a rule, there is a distinction between good and bad leavers. Good leavers are allowed to keep their vested holdings, while a bad leaver loses the vested shares. In most cases, the loss applies to ","type":"text"},{"text":"all ","type":"text","marks":[{"type":"italic"}]},{"text":"holdings of the bad leaver. However, it is also possible that a bad leaver \"only\" loses part of the vested shares.","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Good leaver: ","type":"text","marks":[{"type":"bold"}]},{"text":"A good leaver event typically occurs when the beneficiary dies or becomes permanently incapacitated, is dismissed by the company without ","type":"text"},{"text":"good ","type":"text","marks":[{"type":"italic"}]},{"text":"cause, or leaves the startup for a reason that the employee participation plan defines as a ","type":"text"},{"text":"good leaver event","type":"text","marks":[{"type":"italic"}]},{"text":" (e.g., reaching retirement age).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Bad leaver","type":"text","marks":[{"type":"bold"}]},{"text":": On the other hand, a bad leaver event occurs when the company must terminate the employment agreement for good cause or when the beneficiary violates company regulations or the employment agreement and, as a result, the employment relationship is terminated.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Probably the most frequently discussed question is whether employees who leave the startup voluntarily should be regarded as bad leavers and be treated differently from those who have been dismissed without good cause. There are various arguments both for and against qualifying such people as bad leavers. As a compromise, there is the possibility of agreeing on a so-called grey leaver arrangement. Such arrangements allow employees to keep at least part of their shares in the instance of a voluntary departure.","type":"text"}]},{"type":"paragraph","content":[{"text":"Strike Price","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The ","type":"text"},{"text":"allocation letter ","type":"text","marks":[{"type":"italic"}]},{"text":"generally determines the exercise or strike price. The exercise price describes the monetary amount that people holding employee options must pay to exercise an option and to receive a share in the company. In the case of employee shares, the exercise price generally corresponds to the compensation paid for the transfer of a share.","type":"text"}]},{"type":"paragraph","content":[{"text":"Whether the beneficiary must pay the exercise price in cash or otherwise depends on the respective employee participation programme. It is possible to pay the exercise price by offsetting a wage claim of the beneficiary. In addition, it is also possible to transfer an existing share held by the company to a beneficiary. ","type":"text"}]},{"type":"paragraph","content":[{"text":"In virtual participation programmes, the participants generally do not have to pay anything to receive the payment since the beneficiary \"only\" receives a payment upon an exit or liquidity event. The amount to be paid to the beneficiary is usually derived from the amount a shareholder receives for a share in the company minus the exercise price set for the respective virtual share. As such, the pay-out is reduced by the exercise price.","type":"text"}]},{"type":"paragraph","content":[{"text":"A startup has a wide discretion in setting the exercise price. Often, the exercise price is equal to the nominal value of the shares. After the seed phase, however, startups often set the strike price at a specific percentage of the pre-money valuation of the last financing round, sometimes combined with a valuation increase.","type":"text"}]},{"type":"paragraph","content":[{"text":"Since the exercise price has a large impact on the tax consequences of employee participations, startups need to be particularly wary when thinking about exercise prices. More on this later. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Early redemption of options","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"In certain employee participation plans, when they leave the company, employees have a limited window of time to decide whether to exercise vested options.","type":"text"}]},{"type":"paragraph","content":[{"text":"In other plans, vested options can be held until an exit even. This essentially allows beneficiaries to build up a portfolio of options by changing jobs every two years or so and hoping the value of the options will increase. By doing this, such may secure a portfolio of options from different employers.","type":"text"}]},{"type":"paragraph","content":[{"text":"To prevent this, some companies allow employees to keep options when they leave but limit the potential upside of such options. Such a limitation can be achieved by allowing the startup to redeem options within a certain period after the occurrence of a leaver event. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Implementation of employee participation plans","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The introduction of employee participation plans generally requires the consent of the shareholders. I therefore recommend that the implementation of an employee participation plan and the size of the entire pool is agreed upon in the shareholders' agreement.","type":"text"}]},{"type":"paragraph","content":[{"text":"Including the size of the employee participation plan in the shareholders’ agreement ensures that no discussions arise when issuing the shares or creating the statutory basis (conditional or authorised capital increase). ","type":"text"}]},{"type":"paragraph","content":[{"text":"However, shareholders do not usually have a say in the individual allocation of shareholdings or the terms and conditions of the employee participation plan. Such details are generally the responsibility of the board of directors unless there is another contractual arrangement between the parties. ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Tax consequences ","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Employee shares","type":"text"}]},{"type":"paragraph","content":[{"text":"Moment of taxation","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"For tax purposes, employee shares allocated to employees residing in Switzerland are taxed at the","type":"text"},{"text":" time of allocation. ","type":"text","marks":[{"type":"italic"}]},{"text":"The difference between the market value (or the formula value) and the purchase price is taxable as income from employment and is subject to social security contributions.","type":"text"}]},{"type":"paragraph","content":[{"text":"Contractual agreements that oblige the startup to transfer the employee shares at a later point in time does not lead to taxation. The employees are only taxed when the employee shares are actually allocated or transferred.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the employee shares are subject to a transfer restriction (blocking period), during which the employee may not exercise, sell, pledge, or otherwise burden the allocated employee shares, the market value is discounted by 6 per cent per year for the purpose of calculating the taxable income. The discount applies for a maximum of 10 years (even if the blocking period is longer). The following table shows the reduction of the market value for the purpose of calculating the taxable income:","type":"text"}]},{"type":"paragraph","content":[{"type":"hard_break"}]}]},"component":"richTextBlok"},{"_uid":"8b641d59-abea-4690-9732-752d6ccd595b","table":{"tbody":[{"_uid":"e82bda51-9403-4020-a1cd-bb1b749f1179","body":[{"_uid":"d1f1f808-961c-418f-904a-6b25f5635efe","value":"1 year","component":"_table_col"},{"_uid":"f26fb28c-d20b-47dd-b689-1275df96af31","value":"5,660%","component":"_table_col"},{"_uid":"4daec0f0-5034-4df5-b586-f2f65d2e8c0b","value":"94,340%","component":"_table_col"}],"component":"_table_row"},{"_uid":"a13cc48e-3b7b-4b3b-9f20-690045948970","body":[{"_uid":"e8bd8922-938d-4899-815b-1d12026c57be","value":"2 year","component":"_table_col"},{"_uid":"da0e1e4d-8e5a-4389-a7f0-cb6c0cefbaae","value":"11,000%","component":"_table_col"},{"_uid":"aac4e677-48d2-49b5-be4a-730cfb5cbabb","value":"89,000%","component":"_table_col"}],"component":"_table_row"},{"_uid":"f6560d90-c4d0-47de-82f5-cfa341419e36","body":[{"_uid":"329d445a-3e46-4db1-b1e6-a0e52b7143df","value":"3 year","component":"_table_col"},{"_uid":"cbd5bade-3dbf-44be-8a7f-af8000e32ef8","value":"16,038%","component":"_table_col"},{"_uid":"dcd6b8d1-2996-46b9-93a5-e3a1dac6671f","value":"83,962%","component":"_table_col"}],"component":"_table_row"},{"_uid":"1efe9c8b-8312-4970-807e-02d67387e320","body":[{"_uid":"e3ae3c14-5ea7-4cf2-bcfb-c09571bd1ad9","value":"4 year","component":"_table_col"},{"_uid":"e9cacd07-6966-4034-a82f-de81ba20096e","value":"20,791%","component":"_table_col"},{"_uid":"d75aa892-96be-40a3-88cf-ee5eb630a060","value":"79,209%","component":"_table_col"}],"component":"_table_row"},{"_uid":"b5c9e56f-71ab-4b8c-a621-8a470ea17fcc","body":[{"_uid":"86eb96c4-0b7b-4096-b00a-34c0d25e66f5","value":"5 year","component":"_table_col"},{"_uid":"c1e2c7e8-7609-44e3-ba2e-0be04d20d2f1","value":"25,274%","component":"_table_col"},{"_uid":"88d27be3-cb25-468a-a189-6b508ac1a3c7","value":"74,726%","component":"_table_col"}],"component":"_table_row"},{"_uid":"df847a47-7e6a-428b-bbb4-6a4f2b8407b0","body":[{"_uid":"335be25a-15e6-4a88-94d6-3fd982eba81d","value":"6 year","component":"_table_col"},{"_uid":"a23528cc-d3a7-4129-8555-9e9cdbd7aaac","value":"29,504%","component":"_table_col"},{"_uid":"059c9e93-9714-46f9-a9f3-96d66c1ff9f7","value":"70,496%","component":"_table_col"}],"component":"_table_row"},{"_uid":"bf5dc74f-e179-4b8a-a4d0-9ca27b94ac07","body":[{"_uid":"93560890-59f8-4b61-90cf-9bd300172303","value":"7 year","component":"_table_col"},{"_uid":"461cf0dd-b65f-4200-8340-81606c3af539","value":"33,494%","component":"_table_col"},{"_uid":"89872009-c6a6-4c62-a653-00e8ea238d71","value":"66,506%","component":"_table_col"}],"component":"_table_row"},{"_uid":"2420cceb-4317-40c8-8692-6e9c405c84d3","body":[{"_uid":"3afd75e5-ba80-4e36-87c8-f08a16a63500","value":"8 year","component":"_table_col"},{"_uid":"9e5c2301-e240-4213-a5b2-83b4e7dd725d","value":"37,259%","component":"_table_col"},{"_uid":"0de1d27b-0eda-4379-aa38-5adf343b3ac6","value":"62,741%","component":"_table_col"}],"component":"_table_row"},{"_uid":"19c2de80-29bd-40bb-8c81-4bb8d74fe876","body":[{"_uid":"4319f083-c045-4213-b42b-701a20db7bac","value":"9 year","component":"_table_col"},{"_uid":"c00cfbac-3c39-489e-b718-7b58f1bc2e87","value":"40,810%","component":"_table_col"},{"_uid":"1672f4e0-f728-4f11-93ae-26888a75b67c","value":"59,190%","component":"_table_col"}],"component":"_table_row"},{"_uid":"19c987c6-2e79-4c05-a55b-699dff772b61","body":[{"_uid":"a587f326-d591-4369-b50c-f5cd4dc7e731","value":"10 year ","component":"_table_col"},{"_uid":"41221806-8b1e-4449-a3bb-cd859c801c73","value":"44,161%","component":"_table_col"},{"_uid":"f3122de2-23d4-42f1-8c35-e697980b7ee7","value":"55,839%","component":"_table_col"}],"component":"_table_row"}],"thead":[{"_uid":"7e75923f-a6dc-4ecd-a679-fd2545d9fd20","value":"Blocking period","component":"_table_head"},{"_uid":"73e47c80-9d1e-49aa-8334-e784a130682a","value":"percentage reduction","component":"_table_head"},{"_uid":"acef9ccc-779c-407d-9d5f-51c6eb643758","value":"reduced market value (for the calculation of taxable income)","component":"_table_head"}],"fieldtype":"table"},"component":"table"},{"_uid":"b3044b7e-c873-43fc-8519-232bfcd66a55","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Tax consequences of holding employee shares","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"If the startup distributes dividends, these are subject to taxation as investment income at the time of receipt. Social security contributions are not due. Furthermore, employee shares are subject to wealth tax which must be determined at the end of each year.","type":"text"}]},{"type":"paragraph","content":[{"text":"In principle, the methods recommended in ","type":"text"},{"text":"KS SKK 28","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.steuerkonferenz.ch/downloads/kreisschreiben/SSK%20KS%2028%20-%20Wegleitung%20zur%20Bewertung%20D%20-%20V%202021-11-30.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" (value according to the practitioner method or net asset value for startups) are applied when valuing the startup","type":"text"}]},{"type":"paragraph","content":[{"text":"To avoid different values for wealth and income tax, the formula value as agreed with the cantonal tax administration can generally also be used for wealth tax purposes. More on the formula value later. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Tax consequences in case of a sale","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The tax consequences in case of a sale of the employee shares depend on whether the shares were issued at fair market value or at a formula value. ","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Allocation at fair market value","type":"text","marks":[{"type":"bold"}]},{"text":": If the allocation is made at fair market value, the employee generates a tax-free private capital gain on the sale. Tax consequences may arise if the initially agreed lock-up period expires prematurely. If the lock-up period lapses early because of a sale, the employee must pay tax on the difference between the undiscounted market value of the share upon lapse of the lock-up period and the discounted value corresponding to the remaining lock-up period.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Allocation at formula value","type":"text","marks":[{"type":"bold"}]},{"text":": If at the time of allocation, a formula was used to value the company, which should be the rule for startups, the employee will only realise a tax-free private capital gain in the amount of the increase in value when applying the formula value. The difference between the proceeds and the formula value at the time of sale constitutes taxable income. However, after the expiry of a five-year period after the allocation of the shares, the capital gain on the employee shares is tax-free, irrespective of the value the shares were allocated at.","type":"text"}]}]}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Employee options","type":"text"}]},{"type":"paragraph","content":[{"text":"Moment of taxation","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The mere allocation of employee options is not subject to income tax, nor does the expiry of the vesting period trigger to taxation on the employee’s level. For employees residing in Switzerland, employee options are only taxed when the options are exercised (and thus when the shares are allocated).","type":"text"}]},{"type":"paragraph","content":[{"text":"When an option is exercised, the difference between the fair market value (or formula value) and the exercise price of the shares is subject to income tax. This difference constitutes income and is subject to social security contributions. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Tax consequences of holding employee options","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Until options are exercised, employees do not receive any dividend income and there are no income tax consequences during the holding period. Once the option is exercised, employees receive shares, and any subsequent dividend income is subject to income tax.","type":"text"}]},{"type":"paragraph","content":[{"text":"Employee options are not subject to wealth tax. However, as of the allocation of the employee options, they need to be declared ","type":"text"},{"text":"pro memoria","type":"text","marks":[{"type":"italic"}]},{"text":" in the list of securities and assets in the tax return. When the options are exercised, the employees become shareholders and the principles applied to employee shares apply. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Tax consequences on exit","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"As a rule, employees are usually not allowed to sell employee options. If the sale is nevertheless permissible, the proceeds of the sale would in principle be subject to income tax (income from employment).","type":"text"}]},{"type":"paragraph","content":[{"text":"After exercising the options, the employees receive shares. Therefore, the same tax consequences occur upon exit as with the sale of employee shares: Any capital gain from the sale of the shares is a tax-free unless the allocation occurred at a formula value.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Virtual participation programmes","type":"text"}]},{"type":"paragraph","content":[{"text":"Moment of taxation ","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"In virtual participation programmes, employees do not acquire equity participation rights in the company, but a right to future cash payments.","type":"text"}]},{"type":"paragraph","content":[{"text":"Issuing virtual participations plans does not trigger any tax consequences. The taxation only takes place when cash payments are made. Accordingly, there are no valuation issues since virtual participation programmes usually only offer a cash benefit.","type":"text"}]},{"type":"paragraph","content":[{"text":"Tax consequences of holding","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"If the virtual participation plan provides for a virtual dividend. taxation takes place at the time of the payment of such virtual dividends. It is subject to income tax and social security contributions.","type":"text"}]},{"type":"paragraph","content":[{"text":"In principle, virtual participations are not subject to wealth tax. They represent rights to cash benefits and are pure entitlements and not assets that have been acquired by the employee.","type":"text"}]},{"type":"paragraph","content":[{"text":"Tax consequences of the exit","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Since virtual participations only lead to tax consequences if there is an effective inflow of cash, an exit only leads to tax consequences if the employees receive a cash benefit. If there is a cash benefit, such payment is subject to income tax (income from employment) and social security contributions. ","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Determination of the fair value of the startup","type":"text"}]},{"type":"paragraph","content":[{"text":"Income tax","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Income taxes and social security contributions are calculated on the difference between the market value and the acquisition price.","type":"text"}]},{"type":"paragraph","content":[{"text":"The term “market value” corresponds to the company value determined at arm’s length, i.e., based on a relevant third-party transaction.","type":"text"}]},{"type":"paragraph","content":[{"text":"The price paid by investors in a financing round can usually not be considered the market value for income tax purposes. The valuation in a financing round is usually higher than the price that an investor would be willing to pay for existing shares of an existing shareholder. However, it should be noted that if existing shareholders sell shares to investors in a financing round (i.e., no new shares are issued), the corresponding price may be considered a \"relevant third-party transaction\" and therefore be regarded as market value of the shares.","type":"text"}]},{"type":"paragraph","content":[{"text":"If the fair value cannot be determined from a relevant third-party transaction (which is usually the case for startups), the market value is to be determined by a suitable valuation formula (","type":"text"},{"text":"formula value","type":"text","marks":[{"type":"bold"}]},{"text":").","type":"text"}]},{"type":"paragraph","content":[{"text":"The formula value can be determined by applying the ","type":"text"},{"text":"circular no. 28 of the Swiss Tax Conference of 28 August 2008 (Guidelines for the valuation of securities without market value for wealth tax)","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.steuerkonferenz.ch/downloads/kreisschreiben/SSK%20KS%2028%20-%20Wegleitung%20zur%20Bewertung%20D%20-%20V%202021-11-30.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" (","type":"text"},{"text":"SSK-KS 28","type":"text","marks":[{"type":"bold"}]},{"text":"). The rules described in these guidelines are considered a suitable and recognised method according to the tax authorities.","type":"text"}]},{"type":"paragraph","content":[{"text":"Other valuation methods are also possible. In fact, there is a relatively large margin of discretion on the part of the company. In most cantons, however, a valuation method that is based on a forecast of future performance is not considered a suitable method.","type":"text"}]},{"type":"paragraph","content":[{"text":"If no formula or market value has been determined, the tax authorities generally apply the methods described in ","type":"text"},{"text":"SSK-KS 28","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.steuerkonferenz.ch/downloads/kreisschreiben/SSK%20KS%2028%20-%20Wegleitung%20zur%20Bewertung%20D%20-%20V%202021-11-30.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" ex officio. The minimum value in each case is the net asset value. If the net asset value is lower than the nominal share capital, the nominal value is used as the minimum enterprise value. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Once chosen, the valuation method, must always be used for the corresponding participation plan (","type":"text"},{"text":"formula congruence","type":"text","marks":[{"type":"bold"}]},{"text":").","type":"text"}]},{"type":"paragraph","content":[{"text":"In principle, a formula value can be used if there is an effective market value. However, this requires that the employer (or another shareholder) has an unrestricted purchase right to buy back the shares at the formula value.","type":"text"}]},{"type":"paragraph","content":[{"text":"Restricted employee shares will be taxed at the time of acquisition of the right.","type":"text"}]},{"type":"paragraph","content":[{"text":"Wealth tax","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Employee shares are subject to cantonal wealth tax. The valuation is generally carried out according to the market value. In the case of participations in startups, the fair value is generally determined in accordance with ","type":"text"},{"text":"SSK-KS 28","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.steuerkonferenz.ch/downloads/kreisschreiben/SSK%20KS%2028%20-%20Wegleitung%20zur%20Bewertung%20D%20-%20V%202021-11-30.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":", i.e. the company is valued according to the standard method described in ","type":"text"},{"text":"SSK-KS 28","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.steuerkonferenz.ch/downloads/kreisschreiben/SSK%20KS%2028%20-%20Wegleitung%20zur%20Bewertung%20D%20-%20V%202021-11-30.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" (weighted average of earnings and net asset value), unless there is a significant change in ownership.","type":"text"}]},{"type":"paragraph","content":[{"text":"In the case of startups, the following principles generally apply. However, the details should be clarified with the relevant cantonal authorities:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Until representative business results are available, the wealth tax value of shares corresponds to the net asset value.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"A price paid by investors in financing rounds is only taken into consideration if it is paid after completion of the startup phase (or when representative business results are available).","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"If a formula value is used for income tax purposes, the respective value can generally also be used as the wealth tax value.","type":"text"}]},{"type":"heading","attrs":{"level":6},"content":[{"text":"Tax obligations of the startup","type":"text"}]},{"type":"paragraph","content":[{"text":"If a startup implements an employee participation programme, it has various disclosure obligations:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"If the granting of employee participations is taxable, the startup is obliged to certify the corresponding salary components in the salary statement.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"In addition, a supplementary sheet must be provided with the salary statement, which contains the information required in accordance with the Employee Participation Ordinance. The supplementary sheet is intended to elaborate on the salary component in a more detailed and standardised manner.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Finally, the salary statement must include a reference to the formula value approved by the tax authorities (tax ruling) and/or the clarification that no taxable income has (yet) been earned from the employee participation plan.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"If the employee participation is taxable at the employee level, the startup must keep in mind to pay the corresponding social security contributions and any withholding taxes and to take these payment obligations into account in the (liquidity) planning.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Foreign employees","type":"text"}]},{"type":"paragraph","content":[{"text":"In practice, it is not uncommon for Swiss startups to recruit talent abroad and sign employment contracts with them or use the services of an ","type":"text"},{"text":"employer of record. ","type":"text","marks":[{"type":"italic"}]},{"text":"Some of these foreign employees are also granted employee shares. To understand the tax implications of granting employee participations to people domiciled abroad, it is strongly recommended to seek tax advice in the respective country of residence of the employee. Since the taxation of these employees is generally carried out abroad, the principles presented under Swiss law cannot be adopted in their entirety.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Employee participation in financing rounds","type":"text"}]},{"type":"paragraph","content":[{"text":"In financing rounds, employee participation plans are of great importance as the size of the employee share ownership pool and agreements on a possible increase of the pool may have influence on the valuation of a company share. ","type":"text"}]},{"type":"paragraph","content":[{"text":"This is for the following reason:","type":"text"}]},{"type":"paragraph","content":[{"text":"The ","type":"text"},{"text":"pre-money","type":"text","marks":[{"type":"italic"}]},{"text":" valuation of the startup is the company valuation ","type":"text"},{"text":"before ","type":"text","marks":[{"type":"italic"}]},{"text":"the new round of financing, i.e., it represents the company valuation before the new investors have invested. This amount is then divided by the fully diluted number of shares in the company to determine the price per share. This is the price the investor then pays for a share.","type":"text"}]},{"type":"paragraph","content":[{"text":"\"Fully diluted\" in this context means that the ","type":"text"},{"text":"pre-money","type":"text","marks":[{"type":"italic"}]},{"text":" valuation is divided by the sum of (i) shares already issued, (ii) shares issued upon conversion of convertible loans and (iii) shares issued and issuable based on an employee participation programme.","type":"text"}]},{"type":"paragraph","content":[{"text":"For founding teams, it is crucial whether a possible employee participation programme is already included in the ","type":"text"},{"text":"pre-money","type":"text","marks":[{"type":"italic"}]},{"text":" valuation (and thus only dilutes their share) or whether the employee participation programme or its increase does not influence the ","type":"text"},{"text":"pre-money","type":"text","marks":[{"type":"italic"}]},{"text":" valuation and consequently dilutes the founding team and the investors.","type":"text"}]},{"type":"paragraph","content":[{"text":"If investors demand an increase in the employee share ownership pool prior to their investment, their demands lead to a decrease in the price per company share as only the existing shareholders become diluted.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Employee participation in an exit","type":"text"}]},{"type":"paragraph","content":[{"text":"An employee participation programme is also of great importance in case of an exit for several reasons as well.","type":"text"}]},{"type":"paragraph","content":[{"text":"Firstly, the financial liabilities from an existing employee participation programme are of relevance for the valuation of the startup. This is particularly true if a virtual participation programme has been agreed and, in the event of a sale, the beneficiaries are able to claim a cash settlement.","type":"text"}]},{"type":"paragraph","content":[{"text":"Further, the buyer will want to know how much compensation is paid to the employees. This figure may be relevant for the buyer to develop an appropriate strategy for approaching these employees as a means of retaining and further motivating them beyond the transaction.","type":"text"}]},{"type":"paragraph","content":[{"text":"Here, employee stock option programmes with a single trigger acceleration clause may indeed have negative consequences. With single trigger accelerations, there is a risk that the buyer will have to create new compensation packages after the transaction to motivate affected employees to stay with the company. Of course, this will ultimately have an impact on the purchase price.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Concluding remarks","type":"text"}]},{"type":"paragraph","content":[{"text":"Startups have various ways of letting their employees participate in the success of the company. The different types of employee participation plans have different advantages and disadvantages from a business, taxation, and legal perspective.","type":"text"}]},{"type":"paragraph","content":[{"text":"Depending on the results the company wants to achieve with the employee participation plan, one or the other form of employee participations should be chosen. For example, if employees do not want to take any entrepreneurial risk and only want to pay taxes if they receive cash, virtual participation programmes or options with exercise in the event of an exit are suitable. In this case, however, the employees also have no possibility of a tax-free private capital gain. If, on the other hand, employees are prepared to bear the tax consequences at the time of acquisition, they take the risk of loss but benefit from the possibility of achieving a tax-free private capital gain.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500180,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/f9b73c2229/csm_shutterstock_1059179720_5aba74b4a6.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Startups often incentivise employees by granting them a share in the (future) success of the company by issuing equity. Such compensation schemes play a crucial role in enabling start-\nups to attract and retain highly qualified talents. Our partner Alain Friedrich has drawn up a guide that summarises the most important types, structures, and tax as well as legal issues of employee participation plans of Swiss startups.","publishedAt":"2022-10-06 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"startup-guide-mitarbeiterbeteiligungen","full_slug":"blog/startup-guide-mitarbeiterbeteiligungen","sort_by_date":null,"position":-50,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"02a834f0-c849-4ed7-9b50-5b8d1a8cd10d","first_published_at":"2023-05-27T10:11:40.261Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Bring Your Own Device — What to Consider","created_at":"2023-05-27T10:12:12.620Z","published_at":"2023-06-30T08:33:35.744Z","id":314422648,"uuid":"c760048b-2d7e-49e0-ae1b-96c2a5d08bf1","content":{"_uid":"ea112785-d266-4955-9e5d-243d1b35be0b","title":"Bring Your Own Device — What to Consider","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"9d7cba43-abef-48aa-92b2-b17f1f7b9aa0","title":"Bring Your Own Device — What to Consider","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Some companies are already familiar with it, others might not even know they have had it implemented: The Bring Your Own Device (BYOD) concept. It is particularly popular with start-ups, but established companies can benefit from it as well. This blog post introduces the BYOD concept and highlights ","ogDescription":""}],"contents":[{"_uid":"88a22276-b1ed-41ed-a783-509bda94502b","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Some companies are already familiar with it, others might not even know they have had it implemented: The Bring Your Own Device (BYOD) concept. It is particularly popular with start-ups, but established companies can benefit from it as well. This blog post introduces the BYOD concept and highlights some of the pitfalls that may arise.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What Is BYOD?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"BYOD means that an employee uses his or her own devices for work. Nevertheless, the devices remain the property of the employee.","type":"text"}]},{"type":"paragraph","content":[{"text":"The advantage of the model lies in the fact that the employee is flexible and can work from anywhere. It also increases availability and productivity. In addition, when employees use their most familiar devices, problems that might otherwise occur due to the use of an OS unknown to the employee are minimised. It may also save the employer money (though there are a number of things to consider, more on this below).","type":"text"}]},{"type":"paragraph","content":[{"text":"However, “BYOD” also carries perils with it. If organisational and technical measures are not adequately implemented, private and business data get mixed up. For instance, this means that third parties who use or share a personal device of an employee can have access to business data, which is generally not permitted. Another issue is data security. Malware that infiltrates through private or business use can affect all data.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":" The Most Important Rules to Follow","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Voluntariness","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"BYOD cannot be introduced unless both the employee and the employer have agreed to it. Thus, the employer is unable to oblige the employee to BYOD and the employee has just as little of a right to it. For these reasons, the employer should always provide the necessary work equipment and integrate BYOD as a supplement.","type":"text"}]},{"type":"paragraph","content":[{"text":"Consent can also be implied. This leads to the possibility that an employer who tolerates the use of own devices by the employee has implicitly agreed and the employee can make financial claims (see below).","type":"text"}]},{"type":"paragraph","content":[{"text":"Costs","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"In the absence of a stipulation in the employment contract or in regulations (employee regulations, directives, etc.), the applicable legal provisions are those of the Swiss Code of Obligations (CO), in particular Art. 327 and 327a CO. According to Art. 327 para. 2 CO, the employee must be adequately compensated for the use of his own equipment. Art. 327a para. 1 CO requires the employer to also repay the necessary expenses and expenditures for maintenance. It is therefore advisable to regulate the coverage of costs in advance.","type":"text"}]},{"type":"paragraph","content":[{"text":"Art. 327 para. 2 CO is optional. Hence, the employer can choose whether to compensate the use of the devices in full, in part or not at all.","type":"text"}]},{"type":"paragraph","content":[{"text":"This choice is not available to him/her in relation to expenses and expenditures for maintenance under Art. 327a para. 1 CO. They must be reimbursed in any case, though there is the possibility of agreeing that they are reimbursed as a lump sum at specified intervals (weekly, monthly, etc.). The only condition is that the expenses are in fact covered and that the agreement has been made in writing. Ideally, the costs would be compensated at the same time as the salary, and this would be laid down in a clause. Depending on the situation, it makes sense to calculate the costs on a pro rata basis. This is especially important if costs are both private and business-related.","type":"text"}]},{"type":"paragraph","content":[{"text":"Data Protection","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The rules on the processing of personal data according to Art. 328b CO as well as the Data Protection Act (DSG) also and in particular apply to BYOD.","type":"text"}]},{"type":"paragraph","content":[{"text":"Holiday and Working Hours","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"With BYOD, employees are reachable anywhere and at any time. This however entails the possibility of holidays and working hours in accordance with the Swiss Labour Code not being respected. For the employer, the risk emerges that the employee may reclaim the holidays. It is recommended in this regard to at the very least make employees aware of this.","type":"text"}]},{"type":"paragraph","content":[{"text":"Termination of the Employment Contract","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"It is advantageous to include the consequences of termination in the employment contract. In the case of BYOD, the removal of all business data from private devices is crucial.","type":"text"}]},{"type":"paragraph","content":[{"text":"Implementation in the Company","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The explanations above show that there are a few aspects to be taken into account in order to avoid undesirable consequences for a company. It is for that reason advised to plan the implementation of BYOD in advance, to record it in writing and to make it accessible to the employees in the form of regulations and/or a guideline.","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]},{"type":"paragraph","content":[{"text":"Back to overview","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/en/whats-keeping-us-busy/","uuid":null,"anchor":null,"target":null,"linktype":"url"}},{"type":"bold"}]}]},{"type":"paragraph"}]},"component":"richTextBlok"}],"cardImage":{"id":9500183,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/38d22bc529/csm_shutterstock_416926162_246e38e63f.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Some companies are already familiar with it, others might not even know they have had it implemented: The Bring Your Own Device (BYOD) concept. It is particularly popular with start-ups, but established companies can benefit from it as well. This blog post introduces the BYOD concept and highlights some of the pitfalls that may arise.","publishedAt":"2022-09-08 00:00","readMoreText":"Read more","authorPicture":{"id":8907336,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/6010dbc1e8/alle-drei-partner.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alle drei Partner","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"bring-your-own-device-was-es-zu-beachten-gibt","full_slug":"blog/bring-your-own-device-was-es-zu-beachten-gibt","sort_by_date":null,"position":-60,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"4d774532-fed4-4fa3-82c4-fca7032d6d4b","first_published_at":"2023-05-27T10:16:24.955Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"The UK’s Innovation Friendly Approach to AI Regulation","created_at":"2023-05-27T10:17:35.673Z","published_at":"2023-06-30T08:32:22.206Z","id":314423635,"uuid":"a240f939-bd84-40d0-bbd7-9f4748189d5f","content":{"_uid":"019621df-379c-498c-895f-1479eb9abdd1","title":"The UK’s Innovation Friendly Approach to AI Regulation","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"b9923743-29a8-47fc-937a-df38a8ddbe30","title":"The UK’s Innovation Friendly Approach to AI Regulation","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"On July 18, 2022, the UK’s Secretary of State for Digital, Culture, Media and Sport released an overview of its plans to establish a pro-innovation approach to regulating Artificial Intelligence (AI.) The plan envisions a regulatory framework with light-touch regulations that provide the clarity and","ogDescription":""}],"contents":[{"_uid":"ec189861-efb4-4d8b-87ce-7a8347ff87b4","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"On July 18, 2022, the UK’s Secretary of State for Digital, Culture, Media and Sport released an overview of its plans to establish a pro-innovation approach to regulating Artificial Intelligence (AI.) The plan envisions a regulatory framework with light-touch regulations that provide the clarity and confidence that’s needed to drive innovation. The Secretary hopes to establish the UK as the best place in the world to found and grow an AI business, while protecting the safety of UK citizens and recognizing that AI is a global ecosystem.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"Key Elements of the Pro-Innovation Approach","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The light-touch means that regulation is targeted to concerns about the actual impact AI has on individuals, groups and businesses. Regulations will be targeted to high risk concerns rather than hypotheticals to avoid placing roadblocks that thwart innovation. Another important facet of the UK’s strategy is to support innovation by providing clear and coherent guidance that's coordinated with the global AI ecosystem. The goal is to use the regulatory leeway that’s been gained from leaving the EU to create a more nimble regulatory framework as a way to attract AI businesses to the UK.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Historical Background and Context","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The UK is a leader in the AI ecosystem, ranking first in Europe and third in the word for the amount of investment in AI ($4.65 billion) and number of AI startup companies (49.). In addition to the direct economic benefits of AI investment, there have been tangential gains in other areas that benefit both the economy and society as a whole such as:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Tracking asbestos cancer tumors;","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Helping people facing fuel shortages and","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Improving animal welfare on dairy farms.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"With these gains come concerns over privacy rights and safety that require the government to set standards to protect its citizens. Another issue is how much trust should be put in algorithms to protect critical infrastructure and under what circumstances backups need to be put in place. There are many organizations in the UK and the EU that are developing protocols, but these diverse solutions must be properly coordinated to ensure the growth of the AI industry in the UK is not slowed down by excessive regulation.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Challenges For Regulating AI","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"As AI technology becomes more sophisticated, it will also become increasingly difficult to regulate. This is because the goal of AI is often to go beyond what is discernible to humans to perform tasks such as diagnosing illnesses and completing missing passages of ancient texts. The regulatory challenge intensifies as the decisions made by AI become increasingly difficult for humans to understand and explain. For example, self-driving vehicles still require a driver to be alert and ready to take over if needed, operating in a manner similar to the autopilot functions on a plane. When more sophisticated self-driving AI is developed, motor vehicle manufacturers may want to advertise that no driver control is necessary and it will be up to regulators to decide whether these claims are justified.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What’s New About The Pro-Innovation Approach","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The rapid and sometimes unexpected transformative impact of AI development makes setting forth a predictable government response crucial for the growth of the industry in the UK. The pro-innovation approach seeks to achieve this goal by incorporating these four core principles:","type":"text"}]},{"type":"ordered_list","attrs":{"order":{"order":1}},"content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Context-specific regulations targeted to the risks arising from a particular context rather than general concerns;","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Risk-based approach to regulating high risk applications, avoiding regulations that address low risk and hypothetical situations;","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Clear, simple, stable and predictable regulations that the AI industry can rely on and","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Preference for light-touch voluntary measures or guidance over rigid mandatory legislation.","type":"text"}]}]}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Steps Towards Implementation","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Over the coming months, the UK’s Secretary of State for Digital, Culture, Media and Sport will be seeking input from consumer groups, business interests and other stakeholders about this approach and how to best refine and implement it. This process will include a thorough analysis of gaps in coverage that may require more targeted solutions, the roles of various government agencies in developing and implementing specific regulations and developing a system to oversee the regulations and monitor new developments. The full text of this report is available ","type":"text"},{"text":"here","type":"text","marks":[{"type":"link","attrs":{"href":"https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1092630/_CP_728__-_Establishing_a_pro-innovation_approach_to_regulating_AI.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" and the results will be published in a White Paper in late 2022.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500187,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/504bc7c96d/csm_shutterstock_1721499838_a7f5920db5.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"On July 18, 2022, the UK’s Secretary of State for Digital, Culture, Media and Sport released an overview of its plans to establish a pro-innovation approach to regulating Artificial Intelligence (AI.) The plan envisions a regulatory framework with light-touch regulations that provide the clarity and confidence that’s needed to drive innovation. The Secretary hopes to establish the UK as the best place in the world to found and grow an AI business, while protecting the safety of UK citizens and recognizing that AI is a global ecosystem.","publishedAt":"2022-08-23 00:00","readMoreText":"Read more","authorPicture":{"id":8907346,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/db572bc034/simon-roth.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Simon Roth","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"the-uks-innovation-friendly-approach-to-ai-regulation","full_slug":"blog/the-uks-innovation-friendly-approach-to-ai-regulation","sort_by_date":null,"position":-70,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"1db92ae7-43aa-44b6-bf25-0109a84f2939","first_published_at":"2023-05-27T10:20:11.255Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Crypto disputes: Service of legal documents by NFT and cryptocurrency exchanges acting as constructive trustees of misappropriated crypto funds","created_at":"2023-05-27T10:20:44.648Z","published_at":"2023-06-30T08:31:50.007Z","id":314426563,"uuid":"b81a7fcf-8261-41cf-b836-e447ce667f1f","content":{"_uid":"8fc22132-7731-4212-b426-5311e51b6e10","title":"Crypto disputes: Service of legal documents by NFT and cryptocurrency exchanges acting as constructive trustees of misappropriated crypto funds","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"55564543-7d83-4e48-97f0-bafc8a7a1d5b","title":"Crypto disputes: Service of legal documents by NFT and cryptocurrency exchanges acting as constructive trustees of misappropriated crypto funds","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"In a recent judgment (of D’Aloia v. Binance Holdings \u0026 Others, [2022] EWHC 1723 (Ch)), the High Court of England and Wales granted an order for service of court proceedings via transfer of a token on the blockchain. Further, and more significantly, the court held that there is an arguable case of co","ogDescription":""}],"contents":[{"_uid":"27405536-53a8-4e22-879f-a5508612edfa","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"In a recent judgment (of D’Aloia v. Binance Holdings \u0026 Others, [2022] EWHC 1723 (Ch)), the High Court of England and Wales granted an order for service of court proceedings via transfer of a token on the blockchain. Further, and more significantly, the court held that there is an arguable case of constructive trustee liability against the involved crypto exchanges.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"The case arose because of Claimant’s cryptocurrency being misappropriated by “Persons Unknown” operating a fraudulent clone online brokerage. Claimant applied for alternative service by an NFT airdrop to two wallets into which Claimant originally transferred his cryptocurrency that was subsequently stolen.","type":"text"}]},{"type":"paragraph","content":[{"text":"English courts had previously granted such alternative service orders via various online methods under CPR 6.15, including Instagram, Facebook and via a “contact” section of a defendant’s website, but never before by means of Distributed Ledger Technology. To our knowledge, only the Supreme Court of the State of New York had previously granted a similar order (","type":"text"},{"text":"LCX AG, -v- John Does Nos. 1 – 25","type":"text","marks":[{"type":"italic"}]},{"text":".).","type":"text"}]},{"type":"paragraph","content":[{"text":"Nonetheless, the High Court granted permission for the Claimant to serve proceedings by way of NFT airdrop to the two wallets into which the Claimant initially deposited his cryptocurrency, in addition to service by email ","type":"text"}]},{"type":"paragraph","content":[{"text":"Considering that crypto fraud cases are often brought against “persons unknown”, whose contact details are unidentifiable, this court ruling facilitates access to legal remedies for victims of crypto frauds. It also brings with it potential wider application – opening the door to service of other legal proceedings by DLT. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Further, the court recognised that there is an arguable case for finding that the five cryptocurrency exchange defendants hold the Claimant’s identifiable cryptocurrency that had been stolen (by “persons unknown”) as constructive trustees. This means that they are responsible for making sure the funds are not moved on or withdrawn from their exchanges.","type":"text"}]},{"type":"paragraph","content":[{"text":"This ruling has potentially wider implications for future claims. Crypto exchanges must consider the risk of claims against them for breach of trust, where confronted with identifiable cryptocurrency that is the subject of a dispute. For victims of a crypto fraud this means that they should immediately put a crypto exchange on notice if they can identify such assets.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500189,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/e4a0828c24/csm_crypto_ebd0ce0dcb.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"In a recent judgment (of D’Aloia v. Binance Holdings \u0026 Others, [2022] EWHC 1723 (Ch)), the High Court of England and Wales granted an order for service of court proceedings via transfer of a token on the blockchain. Further, and more significantly, the court held that there is an arguable case of constructive trustee liability against the involved crypto exchanges.","publishedAt":"2022-07-18 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"crypto-disputes-service-of-legal-documents-by-nft-and-cryptocurrency-exchanges-acting-as-constructive-trustees-of-misappropriated-crypto-funds","full_slug":"blog/crypto-disputes-service-of-legal-documents-by-nft-and-cryptocurrency-exchanges-acting-as-constructive-trustees-of-misappropriated-crypto-funds","sort_by_date":null,"position":-80,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"02dfc7a1-ba1a-4678-9702-c2617389b918","first_published_at":"2023-05-27T10:23:39.279Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Jurisdiction and applicable in contracts","created_at":"2023-05-27T10:24:09.721Z","published_at":"2023-06-30T09:05:46.044Z","id":314427260,"uuid":"81f689c3-b7b1-4f28-922c-f983d42bfa57","content":{"_uid":"def49147-a981-410a-8216-1514ea417bbd","title":"Jurisdiction and applicable in contracts","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"2ea8d24e-4da1-45e1-93ff-ba44827aaccc","title":"Jurisdiction and applicable in contracts","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"As soon as two contractual partners are not domiciled in the same place and, in particular, not in the same country, the clauses on jurisdiction and applicable law almost inevitably lead to discussions during contract negotiations. There is no easy compromise; no one wants to have long discussions a","ogDescription":""}],"contents":[{"_uid":"5f956b56-6702-4ae8-a7da-10805b5f5903","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"As soon as two contractual partners are not domiciled in the same place and, in particular, not in the same country, the clauses on jurisdiction and applicable law almost inevitably lead to discussions during contract negotiations. There is no easy compromise; no one wants to have long discussions about such \"technicalities\". In this blog post, you will learn how you can position yourself as a company in negotiations on such clauses in order to efficiently find a good solution with your contractual partners.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"The problem: (almost) no compromise and high relevance","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"In the vast majority of cases, the best solution for your company is to have the place of jurisdiction where your company is seated and additionally have choice of law in favor of the respective country’s law. Logically, however, your contractual partner, located in another country, also wants this solution and therefore, no easy solution in form of a compromise salution is at hand.","type":"text"}]},{"type":"paragraph","content":[{"text":"Even if the place of jurisdiction and applicable law may sound like mere formalities and are very abstract for non-lawyers, the relevance of these provisions in a contract should not be underestimated. Of course, you should assume that your company will not have any issues with its contractual partner and that the can stay hidden in your desk drawer and does not have to be “pulled out” anymore.","type":"text"}]},{"type":"paragraph","content":[{"text":"However, as soon as this is necessary - and this can already be the case with minor ambiguities or misunderstandings - it will very quickly become relevant which law and which place of jurisdiction has been agreed on. In practice, there is also the difficulty that - as soon as legal advice on the contract is required - you need to contact a lawyer with the relevant legal background. This is time-consuming (and usually more cost-intensive) if it cannot be done with your usual lawyer in Switzerland.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"The options","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Regarding Jurisdiction","type":"text"}]},{"type":"paragraph","content":[{"text":"With their choice on jurisdiction, contracting parties agree which courts at which place shall have jurisdiction over disputes arising in connection with the contract. Instead of \"place jurisdiction\", the terms \"venue\" or \"court of jurisdiction\" are also frequently used.","type":"text"}]},{"type":"paragraph","content":[{"text":"As a rule, the courts at the registered office of one of the parties are declared competent. More rarely, the place of performance of the contract or an independent, third location is agreed upon. Instead of state courts, the parties may also refer their dispute to an arbitral tribunal (so-called \"arbitration clauses\"), in which case the place of arbitration and the applicable rules of arbitration must be specified in the arbitration clause.","type":"text"}]},{"type":"paragraph","content":[{"text":"Jurisdiction clauses may declare the chosen court to have exclusive jurisdiction, or grant those respective courts alternative jurisdiction to the jurisdictions specified by law.","type":"text"}]},{"type":"paragraph","content":[{"text":"Generally, jurisdiction clauses are permissible. However, there are various restrictions, e.g. in the area of labor law or with regard to consumer contracts, as well as formal requirements.","type":"text"}]},{"type":"paragraph","content":[{"text":"It should also be noted that, despite the existence of an exclusive jurisdiction clause, certain jurisdictions provide that local courts may adjudicate disputes, e.g. regarding provisional measures at the place of the breach of contract. I.e., even if a place of jurisdiction has been agreed upon, it may be that you can be sued in court at another place.","type":"text"}]},{"type":"paragraph","content":[{"text":"Regarding applicable law:","type":"text"}]},{"type":"paragraph","content":[{"text":"By including a choice of law in their contract, the parties determine according to which underlying contract law (in Switzerland the Code of Obligations) the contract will be assessed. Usually, the parties choose the law at one of the party’s domicile. More rarely, the law of an independent third country is chosen.","type":"text"}]},{"type":"paragraph","content":[{"text":"Choice of law clauses are generally permissible. However, as is the case with jurisdiction clauses, there are also restrictions in certain legal systems, e.g. in the absence of a material connection.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"The possibilities of compromise","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Many contracting parties are not aware that there are also certain possibilities for compromise when it comes to the place of jurisdiction and applicable law.","type":"text"}]},{"type":"paragraph","content":[{"text":"For reasons of practicability, it is generally recommended that the place of jurisdiction and the applicable law are chosen from the same country. However, this is not mandatory, i.e. a Swiss court will in principle also review a contract under e.g. German or American law.","type":"text"}]},{"type":"paragraph","content":[{"text":"With regard to the place of jurisdiction, a compromise can also be found through an arbitral tribunal at a neutral location. In many cases, this is a good solution for both parties.","type":"text"}]},{"type":"paragraph","content":[{"text":"Another frequently chosen compromise is to choose the location of the defendant party's registered office as a place of jurisdiction. The party \"who wants something from the other party\" must then go to the other country.","type":"text"}]},{"type":"paragraph","content":[{"text":"A good option for a compromise regarding the applicable law, is the application of a neutral third country law. Often, there are topics that are regularly negotiated under a certain national law and it may be appropriate to orientate oneself on this. For example, as a result of EU research funding, many research collaborations are concluded under Belgian law.","type":"text"}]},{"type":"paragraph","content":[{"text":"Another compromise solution may be to limit the content of a contract, thereby making a certain jurisdiction or applicable law acceptable to one party. Typically, for example, non-disclosure agreements can be limited to a short term. This makes the risk of litigation more manageable and the jurisdiction of a foreign court more acceptable.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"In which situations to remain firm and in which to give in – criteria for your decision.","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The decisions on the applicable law and the place of jurisdiction should not be left to chance or to the negotiating power of the other party.","type":"text"}]},{"type":"paragraph","content":[{"text":"Because both aspects usually only become relevant in the event of a conflict, it is advisable to assess which conflicts may arise on in relation to the specific contract and whether your company is more likely to be the defendant or the plaintiff in such a case.","type":"text"}]},{"type":"paragraph","content":[{"text":"As defendant, it is particularly disadvantageous to stand before a foreign court. As plaintiff (the more active role) it is usually less disadvantageous. Furthermore, time is a relevant factor: the longer the duration of the contract, the higher the risk of disputes and the more desirable is jurisdiction of your home-country.","type":"text"}]},{"type":"paragraph","content":[{"text":"Additionally, you should consider the resources of your company. If you have offices abroad or already have a legal representative in a particular country, this is less of a disadvantage in proceedings abroad.","type":"text"}]},{"type":"paragraph","content":[{"text":"Another factor not to be underestimated is the language. Even if you have to engage a local lawyer anyway, it is much easier (and cheaper) if the proceedings are conducted in a language that the relevant people in your company know.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Practical tip 1 - Set internal rules","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Based on the considerations outlined above, it is advisable to define within your company which contracts must be concluded under your domestic law and domestic jurisdiction, and for which contracts foreign law and foreign courts may be acceptable. The more contracts your company concludes, the more likely it is that such rules will be worthwhile in order to minimize the risks in the event of litigation.","type":"text"}]},{"type":"paragraph","content":[{"text":"For larger companies, it may also make sense to accept certain foreign jurisdictions in principle (e.g. because a branch office with a legal advisor is available, so that these resources can be accessed quickly and easily in a specific case).","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Practical tip 2 - Benefits as a bargaining chip","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Finally, it should be noted that every contractual clause offers room for negotiation. Thus, if there are very important other provisions in a contract, it may be perfectly reasonable to negotiate those provisions in your favor in exchange for accepting a foreign jurisdiction.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500192,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/4ce13a0823/csm_shutterstock_1734485711_827fe1c0d2.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"As soon as two contractual partners are not domiciled in the same place and, in particular, not in the same country, the clauses on jurisdiction and applicable law almost inevitably lead to discussions during contract negotiations. There is no easy compromise; no one wants to have long discussions about such \"technicalities\". In this blog post, you will learn how you can position yourself as a company in negotiations on such clauses in order to efficiently find a good solution with your contractual partners.","publishedAt":"2022-06-20 00:00","readMoreText":"Read more","authorPicture":{"id":8907331,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/10f9500d56/anina-groh.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Anina Groh","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"gerichtsstand-und-anwendbares-recht-in-vertraegen","full_slug":"blog/gerichtsstand-und-anwendbares-recht-in-vertraegen","sort_by_date":null,"position":-90,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"7b8d04f9-00b9-4060-9e07-88cd4a23e6e2","first_published_at":"2023-05-27T10:27:05.918Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Costs budgeting in international arbitration – do we need it?","created_at":"2023-05-27T10:27:32.525Z","published_at":"2023-06-30T08:30:26.399Z","id":314427261,"uuid":"4a30d242-9b81-4ae4-a0a9-fbe58649d604","content":{"_uid":"8e91ed88-f0ae-4b54-bb7e-d5b6cb6a62af","title":"Costs budgeting in international arbitration – do we need it?","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"6fe79fed-7700-483e-8a9e-90313ae7217e","title":"Costs budgeting in international arbitration – do we need it?","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Costs budgeting is a concept originating from English civil procedure. It enables the parties to gain more transparency and upfront control of their costs in a dispute. The present blog post assesses whether this concept might have also a role to play in arbitration.","ogDescription":""}],"contents":[{"_uid":"191f722f-94a7-4815-9fdd-278e29ccc955","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Costs budgeting is a concept originating from English civil procedure. It enables the parties to gain more transparency and upfront control of their costs in a dispute. The present blog post assesses whether this concept might have also a role to play in arbitration.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"The concept of costs budgeting originates from English civil procedure. In the so-called Jackson reform cost budgeting was a key issue and composed of the following elements:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The parties prepare and exchange budgets for the litigation and, if necessary as the case proceeds, amended budgets.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The judge states the extent to which those budgets are approved.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The judge manages the case so that it proceeds within the approved budgets.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Any request to increase the approved budget requires a party to convince the judge why such increase is reasonable and necessary in the circumstances.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"At the end of the litigation, the recoverable costs of the winning party are assessed in accordance with the approved budget.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"In the English Civil Procedure Rules the detailed provisions governing the budgeting process are laid down in ","type":"text"},{"text":"Rules 3.12-3.18","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.justice.gov.uk/courts/procedure-rules/civil/rules/part03#3.12","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" and ","type":"text"},{"text":"Practice Direction 3E","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.justice.gov.uk/courts/procedure-rules/civil/rules/part03/practice-direction-3e-costs-management","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":". The court is provided with wide powers of intervention, such as revise a party’s costs budget or issue a costs capping order.","type":"text"}]},{"type":"paragraph","content":[{"text":"The main advantages of costs budgeting can be summed up as follows:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"It gives parties more transparency regarding costs.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"It limits costs to a level proportionate to the sum in dispute.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"It facilitates settlement negotiations, as the parties are in a better position to assess the financial impact of the litigation.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"It will also serve as an incentive for parties to keep their submissions concise and to the point.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Considering that arbitration is consistently striving to become more cost efficient, it begs the question: Does costs budgeting have a role to play in arbitration?","type":"text"}]},{"type":"paragraph","content":[{"text":"In most jurisdictions, the broad power of a tribunal to determine their own procedure would include the power limit the amount of recoverable costs. ","type":"text"},{"text":"Section 65","type":"text","marks":[{"type":"italic"}]},{"text":" of the ","type":"text"},{"text":"English Arbitration Act 1996","type":"text","marks":[{"type":"italic"}]},{"text":" even specifically empowers the tribunal to limit the recoverable costs of the arbitration to a specified amount. Equally, most arbitral rules leave arbitrators with a wide discretion when it comes to the allocation of costs such as they would be empowered to impose budgets.","type":"text"}]},{"type":"paragraph","content":[{"text":"Although arbitrators have the power to engage in costs budgeting, they tend to be reluctant to impose procedures on costs without the consent of the parties. The ICC Commission Report on Decisions on Costs in International Arbitration has found that arbitrators are unlikely to take the initiative and issue budget orders as part of their general case management powers. Indeed, it appears difficult to consolidate the English-style approach requiring significant intervention from the tribunal with arbitral proceedings that are characterized by party autonomy and procedural flexibility.","type":"text"}]},{"type":"paragraph","content":[{"text":"The arbitrator should rather take the role of a facilitator when it comes to costs budgeting. The arbitrator could draw the parties’ attention to the option of costs budgeting and invite them to consider agreeing on a cap for costs for all or part of the arbitral proceedings. This is, for example, provided for in the rules of the ","type":"text"},{"text":"Belgian","type":"text","marks":[{"type":"italic"}]},{"text":" arbitration centre (","type":"text"},{"text":"CEPANI)","type":"text","marks":[{"type":"italic"}]},{"text":", which expressly invite arbitrators to draw the parties’ attention to the possibility of making an agreement of party costs.","type":"text"}]},{"type":"paragraph","content":[{"text":"Considering the potential advantages of costs budgeting, arbitrators should bring the issue to the parties’ attention when discussing Procedural Order No. 1 or the Terms of Reference. Equally, the parties themselves may take the initiative and ask the arbitrator to uphold an agreed costs budget.","type":"text"}]},{"type":"paragraph","content":[{"text":"Unfortunately, in practice the option of costs budgeting is often overlooked at the outset of an arbitration. Considering the advantages of costs budgeting (transparency and control of costs), this needs to change. The parties as well as the arbitrators should discuss the option of costs budgeting. It is in the interest of both parties to determine whether there is a shared view as to the amount of costs that should be spent on a particular dispute. This will allow the parties to better manage the financial aspects of their dispute.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500195,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/4d420d8da2/csm_shutterstock_566835985_8a69b8f991.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Costs budgeting is a concept originating from English civil procedure. It enables the parties to gain more transparency and upfront control of their costs in a dispute. The present blog post assesses whether this concept might have also a role to play in arbitration.","publishedAt":"2022-06-16 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sieve","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"costs-budgeting-in-international-arbitration-do-we-need-it","full_slug":"blog/costs-budgeting-in-international-arbitration-do-we-need-it","sort_by_date":null,"position":-100,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"77293fa4-0163-440c-b5bf-360db2829240","first_published_at":"2023-05-27T10:29:55.862Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Trans-Atlantic Data Privacy Framework Update","created_at":"2023-05-27T10:30:21.956Z","published_at":"2023-06-30T08:29:27.139Z","id":314427321,"uuid":"346a5518-27d2-4036-8e90-269ce3da2b28","content":{"_uid":"28bad99c-6e57-49fc-817e-751fbea02855","title":"Trans-Atlantic Data Privacy Framework Update","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"6d8becd4-b7d9-41e1-bf33-7dd7d287fce5","title":"Trans-Atlantic Data Privacy Framework Update","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Last month, the United States and the European Union agreed in principle to develop a trans-Atlantic data privacy framework. This effort became necessary after the Schrems II ruling by the Court of Justice of the European Union (CJEU) dismantled the Privacy Shield framework, leaving organizations sc","ogDescription":""}],"contents":[{"_uid":"e0296ba4-6913-4bee-ad5d-330593e9843b","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Last month, the United States and the European Union agreed in principle to develop a trans-Atlantic data privacy framework. This effort became necessary after the Schrems II ruling by the Court of Justice of the European Union (CJEU) dismantled the Privacy Shield framework, leaving organizations scrambling for alternatives. The agreement for this new Trans-Atlantic data privacy framework developed in conjunction with the United States and the European Union’s commitment to working closer.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"Schrems II","type":"text","marks":[{"type":"italic"}]},{"text":" and Its Aftermath","type":"text"}]},{"type":"paragraph","content":[{"text":"The CJEU was concerned over the type and degree of national security surveillance activities by the United States that provided access to personal data that was transferred from the EU. In ","type":"text"},{"text":"Schrems II","type":"text","marks":[{"type":"italic"}]},{"text":", the court held that the potential for government access to EU personal data violated privacy rights protected under EU law. The EU’s General Data Protection Regulation (GDPR) provides strong protection for privacy that the court felt conflicted with the US Foreign Intelligence Surveillance Act (FISA) and Executive Order 12333, arguing that these US laws allowed privacy intrusions without enough oversight and opportunity for individual redress. The ","type":"text"},{"text":"Schrems II ","type":"text","marks":[{"type":"italic"}]},{"text":"decision was followed by a series of complaints by data subjects solidifying concerns about permitting data to be transferred to the United States.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Renewed Commitment To Working Together","type":"text"}]},{"type":"paragraph","content":[{"text":"The major stumbling block for solidifying this new trans-atlantic data privacy framework might be subject to “","type":"text"},{"text":"Schrems III","type":"text","marks":[{"type":"italic"}]},{"text":"” because the United States laws that the court found objectionable are unlikely to change dramatically any time soon. President Biden addressed this concern with a commitment to formalizing the commitments of the United States in an Executive Order (EO) which will bind the United States to increased privacy protections. This EO, combined with a Department of Justice (DOJ) regulation, will provide a mechanism of redress that will substantially modify United States law in response to EU privacy laws. Additional protections discussed include an independent non-governmental Data Protection Review Court and a US promise to implement new safeguards to ensure that national security objectives are narrow and proportionate. The language of these commitments shows that the United States is moving closer to the EU’s position that privacy is a fundamental right.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Is the Issue Resolved?","type":"text"}]},{"type":"paragraph","content":[{"text":"It’s not surprising that the reaction from the business community was overwhelmingly positive as the deal will allow the continued flow of data that underpins over $1 trillion in commerce. Critics of the “Framework” are concerned that it relies on Executive Orders and regulations without a solid statutory framework and would have been more comfortable with a codified “no spy” commitment. As a practical matter, the Congress in the United States passing legislation during a midterm election year is so unlikely that the “Framework” is considered the only viable solution by most stakeholders.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500200,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/c74a605296/csm_shutterstock_2112385877_df305de233.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Last month, the United States and the European Union agreed in principle to develop a trans-Atlantic data privacy framework. This effort became necessary after the Schrems II ruling by the Court of Justice of the European Union (CJEU) dismantled the Privacy Shield framework, leaving organizations scrambling for alternatives. The agreement for this new Trans-Atlantic data privacy framework developed in conjunction with the United States and the European Union’s commitment to working closer.","publishedAt":"2022-06-14 00:00","readMoreText":"Read more","authorPicture":{"id":8907346,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/db572bc034/simon-roth.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Simon Roth","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"trans-atlantic-data-privacy-framework-update","full_slug":"blog/trans-atlantic-data-privacy-framework-update","sort_by_date":null,"position":-110,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"0362f83b-dcb9-478e-921a-a3b52f148656","first_published_at":"2023-05-27T10:33:05.982Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Verträge (digital) richtig unterzeichnen","created_at":"2023-06-28T19:40:40.444Z","published_at":"2023-07-11T08:01:08.407Z","id":332976753,"uuid":"a946e903-e7dc-4ffb-a6d5-010cd2549a73","content":{"_uid":"9b828495-24d9-4e3f-acb9-388bb02d5eeb","title":"Verträge (digital) richtig unterzeichnen","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"c86f39fd-4405-4ad7-8013-4aaa8fa11ab8","title":"Verträge (digital) richtig unterzeichnen","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Verträge zu unterzeichnen ist ein wichtiger Bestandteil des Unternehmensalltags. Faktoren wie Zeitdruck und geografische Distanz führen unter vielen Vertragsparteien zur Frage, wie sie einerseits Ihrem Wunsch nach einem rechtlich korrekten Vertragsabschluss und andererseits auch Praktikabilität und ","ogDescription":""}],"contents":[{"_uid":"989e9a4f-83ee-4916-83f5-3f351c48a31e","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"In der Praxis zeigt sich, dass Unternehmen oftmals entweder komplizierte Signaturverfahren durchlaufen (z.B. postalische Versendung von Dokumenten zur gegenseitigen Unterzeichnung), was mit einem hohen administrativen Aufwand und Zeitverlust verbunden ist; oder dass Verträge gar nicht oder z.B. «nur» als PDF-Scans unterzeichnet und per E-Mail ausgetauscht werden, wobei die Parteien teilweise nicht wissen, ob damit der Vertrag überhaupt rechtsgültig unterzeichnet wurde.","type":"text"}]},{"type":"paragraph","content":[{"text":"Lex Futura zeigt in diesem Beitrag verschiedene Möglichkeiten Verträge der jeweiligen Situation angepasst und rechtlich korrekt zu unterzeichnen und gibt dafür insb. auch einen Überblick über die verschiedenen digitalen Unterzeichnungsmöglichkeiten. Wir präsentieren ein hilfreiches ","type":"text"},{"text":"Entscheidungstool","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/1e3cdd03da/2022_05_19-entscheidungshilfe-eine-seite.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]},{"text":", damit die «richtige» Unterzeichnungsart für den jeweiligen Vertrag gefunden wird und wir stellen ein ","type":"text"},{"text":"Vorlagenset ","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/c603ab8ba8/2022_05_19-vorlagenset.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]},{"text":"von Vertragsklauseln zur Form der Unterzeichnung von Verträgen zur Verfügung.","type":"text"}]},{"type":"paragraph","content":[{"text":"Oftmals sind sich Parteien nicht bewusst darüber, wie Verträge unterzeichnet werden müssen und was die häufig in Verträgen verlangte Form «schriftlich unterzeichnen» (resp. «Schriftlichkeit») bedeutet. Wir stellen nachfolgend daher das Konzept des Vertragsabschlusses und der Schriftlichkeit nach Schweizer Recht kurz vor (Kapitel 1 bis 3) und zeigen anschliessend in Kapitel 4, wie Verträge in einem modernen Unternehmen zuverlässig unterzeichnet werden können.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"1. Verträge unterzeichnen im Allgemeinen","type":"text"}]},{"type":"paragraph","content":[{"text":"Im schweizerischen Vertragsrecht gilt grundsätzlich Formfreiheit beim Vertragsabschluss, d.h. Verträge können ohne Einhaltung einer besonderen Form abgeschlossen werden, z.B. stillschweigend, mündlich, in irgendeiner elektronischen Form oder schriftlich. Eine Konversation per E-Mail oder WhatsApp kann daher durchaus einen Vertragsschluss darstellen, wenn hervorgeht, dass sich die Parteien über etwas geeinigt haben.","type":"text"}]},{"type":"paragraph","content":[{"text":"Nur ganz bestimmte Verträge unterliegen gesetzlichen Formvorschriften. Dabei stellt die sogenannte «","type":"text"},{"text":"einfache Schriftlichkeit","type":"text","marks":[{"type":"bold"}]},{"text":"» die schwächste gesetzliche Formvorschrift dar. Für diese wird verlangt, dass eine Erklärung in Schriftform sowie deren handschriftliche Unterzeichnung stattfindet (d.h. ganz konkret, dass der Vertrag ausgedruckt werden und von Hand unterschrieben werden muss).","type":"text"}]},{"type":"paragraph","content":[{"text":"Für den Unternehmensalltag ist jedoch wichtig zu erkennen, dass Verträge – auch wenn keine gesetzlich keine Formvorschrift vorgesehen ist - aus Beweisgründen dennoch in einer nachvollziehbaren Form, die aufbewahrt werden kann, abgeschlossen werden sollten. Um dies sicherzustellen, kann im Vertrag eine sog. Schriftlichkeitsklausel eingefügt werden (dazu mehr in Kapitel 4 Schritt 3).","type":"text"}]},{"type":"paragraph","content":[{"text":"In diesem Blogbeitrag konzentrieren wir uns auf Situationen, in welchen keine Formerfordernisse bestehen. Dies ist bei den meisten Unternehmen für fast alle Verträge der Fall. Trotz der grundsätzlichen Formfreiheit ist es - abhängig von verschiedenen Faktoren - für ein Unternehmen aber sehr wichtig, die passende Art der Vertragsunterzeichnung zu wählen.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"2. Verträge ","type":"text"},{"text":"digital","type":"text","marks":[{"type":"italic"}]},{"text":" unterzeichnen","type":"text"}]},{"type":"paragraph","content":[{"text":"Für Verträge, die keinem gesetzlich vorgeschriebenen Schriftformerfordernis genügen müssen, gibt es auch im digitalen Bereich keine gesetzlichen Vorgaben, die erfüllt werden müssen. Es genügt daher z.B. der Austausch von PDF-Dateien, Bestätigungen per E-Mail und alle anderen denkbaren Formen digitaler Unterzeichnung. Es obliegt hier den entsprechenden Vertragsparteien, Regelungen miteinander zu vereinbaren, um zu definieren, wie ein Vertrag unterzeichnet werden soll.","type":"text"}]},{"type":"paragraph","content":[{"text":"Wenn das Gesetz einfache Schriftlichkeit verlangt, muss die Unterzeichnung – wenn er digital unterzeichnet wird – besonderen Anforderungen genügen (dazu nachstehend sog. Qualifizierte elektronische Signatur «QES»).","type":"text"}]},{"type":"paragraph","content":[{"text":"Die verschiedenen Möglichkeiten Verträge digital zu unterzeichnen, unterscheiden sich vor allem dadurch, dass eine unterschiedliche hohe Beweiskraft (und damit Rechtssicherheit) geschaffen werden kann und dass der Unterzeichnungsprozess unterschiedlich aufwändig ist. Im Vorlagenset haben wir die gängigsten Möglichkeiten Verträge (digital) zu unterzeichnen nach der Intensität der Beweiskraft aufgelistet (dazu Kapitel 4 Schritt 3).","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"3. Rechtliche Rahmenbedingungen zur digitalen Signatur","type":"text"}]},{"type":"paragraph","content":[{"text":"Wie erwähnt gibt es keine rechtlichen Rahmenbedingungen zur digitalen Unterzeichnung zu beachten, soweit keine gesetzliche Formvorschrift zum Vertragsabschluss besteht.","type":"text"}]},{"type":"paragraph","content":[{"text":"Mit Art. 14 Abs. 2bis OR hat der Gesetzgeber dafür eine Grundlage geschaffen, eine digitale Signatur der gesetzlich normierten einfachen Schriftlichkeit gleichzustellen. Hiermit anerkennt der Gesetzgeber die rechtliche Gleichwertigkeit einer handschriftlichen Signatur (einfache Schriftlichkeit) mit einer sog. Qualifizierten Elektronischen Signatur (","type":"text"},{"text":"QES","type":"text","marks":[{"type":"bold"}]},{"text":"). Die QES erfüllt somit das Formerfordernis der einfachen Schriftlichkeit.","type":"text"}]},{"type":"paragraph","content":[{"text":"Die Definition einer QES ist im Bundesgesetz über die elektronische Signatur (ZertES) geregelt. Sie muss von einer anerkannten Anbieterin von Zertifizierungsdiensten ausgestellt worden sein. Derzeit sind vier Anbieterinnen von Zertifizierungsdiensten anerkannt: Swisscom (Schweiz) AG, QuoVadis Trustlink Schweiz AG, SwissSign AG, Bundesamt für Informatik und Telekommunikation BIT (weitere Informationen sowie die Liste anerkannter Anbieterinnen findet sich ","type":"text"},{"text":"hier","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.sas.admin.ch/sas/de/home/akkreditiertestellen/akkrstellensuchesas/pki1.html","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":").","type":"text"}]},{"type":"paragraph","content":[{"text":"Von den Anbietern elektronischer Signaturen wird hierbei ein Zertifikat ausgestellt, welches bestätigt, ob der bei einer Signatur verwendete Schlüssel einer bestimmten (bzw. der behaupteten) Person zugeordnet werden kann und, ob das Dokument seit der elektronischen Signatur verändert worden ist.","type":"text"}]},{"type":"paragraph","content":[{"text":"Darüber hinaus ist auch die fortgeschrittene elektronische Signatur (","type":"text"},{"text":"FES","type":"text","marks":[{"type":"bold"}]},{"text":") gesetzlich im ZertES geregelt. Es wird eine Software zur Verschlüsselung benötigt – es genügt nicht, die Unterschrift einfach durch Unterzeichnen eines PDFs zu setzen. Die FES ist sicherer als letzteres, weil mit ihr Herkunft und Echtheit der Unterschrift überprüft wird (durch Einsatz von digitalen Sicherheitsschlüsseln und Sicherheitszertifikaten). Sie hat jedoch ein geringeres Sicherheitslevel als die QES. ","type":"text"},{"text":"Nur die QES ist gesetzlich der handschriftlichen Signatur und somit dem Formerfordernis der einfachen Schriftlichkeit gleichgestellt","type":"text","marks":[{"type":"bold"}]},{"text":".","type":"text"}]},{"type":"paragraph","content":[{"text":"Zudem gibt es auch die geregelte elektronische Signatur (für natürliche Personen) bzw. das geregelte elektronische Siegel (für juristische Personen). Es handelt sich hierbei um fortgeschrittene elektronische Signaturen, die mit weitergehenden Identifikationsmöglichkeiten erstellt wurden. Diese steht im Gegensatz zur QES nicht nur natürlichen Personen, sondern auch juristischen Personen und Behörden zur Verfügung. Sie sind nicht der Schriftlichkeit im Sinne von Art. 14 OR gleichgestellt. Parteien können aber die Gültigkeit von einer solchen abhängig machen.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"4. Richtig (digital) unterzeichnen – eine Anleitung","type":"text"}]},{"type":"paragraph","content":[{"text":"1.) Die richtige Art der Unterzeichnung auswählen","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Es ist wichtig sich als Unternehmen die Frage zu stellen, in welcher Form ein Vertrag unterzeichnet werden soll und die entsprechende Vertragsklausel richtig zu wählen – unabhängig davon, ob die Vertragsunterzeichnung physisch oder digital geschehen soll.","type":"text"}]},{"type":"paragraph","content":[{"text":"Folgende Entscheidungskriterien sollten bei der Wahl der Form des Vertragsabschlusses bzw. der Ausgestaltung derer Intensität in Betracht gezogen werden:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Wo befinden sich die Parteien?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Befinden sich die unterzeichnenden Personen im gleichen Gebäude oder ist ohnehin – z.B. aus zeremoniellen Gründen – eine physische Zusammenkunft der Vertragsparteien vorgesehen, ist ein physischer Unterzeichnungsprozess kein übermässiger zusätzlicher Aufwand und eine digitale Unterzeichnung nicht unbedingt angezeigt.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Je geografisch entfernter sich die Parteien voneinander befinden, desto komplizierter sind administrativ aufwändige Verfahren, wie bspw. Postversand. Die Vereinbarung einer digitalen Unterzeichnung ergibt in solchen Situationen mehr Sinn.","type":"text"}]}]}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Wie ist die Beziehung / das Vertrauen der Parteien zueinander?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Bei einem stärkeren Machtgefälle und weniger engem Verhältnis der Parteien sind strengere Schriftlichkeitsvorschriften oft von Vorteil, da das Risiko einer potenziellen Streitigkeit hier erhöht ist. Eine strengere Vorschrift dient dem Schutz beider Parteien.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Besteht ein gutes Verhältnis bzw. eine stärkere Vertrauensbasis zwischen den Parteien, reichen einfachere Formen der Schriftlichkeit in den meisten Fällen aus.","type":"text"}]}]}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Wie komplex / riskant ist die vertragliche Angelegenheit?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Je komplexer ein Vertragsverhältnis und je risikobehafteter die vertragliche Angelegenheit ist, desto eher sollten formellere Anforderungen an die Schriftlichkeit und der hiermit verbundenen Verfahren bestehen.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Weist ein Rechtsgeschäft eine geringe Komplexität aufweist und das finanzielle Risiko gering ist, reichen einfache Unterzeichnungsformen aus. ","type":"text"}]}]}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Was ist die Laufdauer des Vertrags?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Ist ein Vertrag auf eine lange Zeit angesetzt, empfiehlt es sich, strengere Formvorschriften zu wählen, da eine lange Vertragsdauer mit einer schlechten Vorhersehbarkeit der Verhältnisveränderungen einhergeht und potenzielle Konflikte schlecht vorhersehbar sind.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Bei Verträgen mit einer kurzen Vertragsdauer, sind auch die Verhältnisse und Möglichkeiten von Veränderungen vorhersehbar. Aus diesem Grund ist es hier auch in Ordnung schwächere Vorschriften zu wählen.","type":"text"}]}]}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Wie viel Zeitdruck besteht?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Eilt der Vertragsschluss nicht und haben die Parteien Zeit, alles in Ruhe zu unterzeichnen, desto mehr eignen sich auch formal aufwändigere, aber somit auch mit mehr Sicherheit einhergehende Verfahren.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Je mehr Zeitdruck zwischen den Parteien besteht, desto weniger bieten sich administrativ aufwändige Verfahren an. Es ist in einem solchen Fall eher im Interesse der Parteien eine einfache, digitale Lösung zu finden.","type":"text"}]}]}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Soll die vereinbarte Schriftform nur für den Vertragsabschluss selbst gelten oder gleichzeitig auch für alle Änderungen des Vertrags sowie Mitteilungen unter den Parteien?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Es ist möglich für verschiedene Kommunikationsformen auch verschiedenen Anforderungen zu unterstellen. Bspw. Unterzeichnung und Abänderung des Vertrags nur handschriftlich oder mit QES unterzeichnet zulässig, aber vertragliche Mitteilungen per E-Mail sind in Ordnung. Sollte die vereinbarte Form nur für den Vertragsschluss gelten, kann auch eine anspruchsvollere Variante gewählt werden.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Soll eine einheitliche Variante für jegliche schriftliche Kommunikation zwischen den Parteien gewählt werden, sollte eine einfach und schnell zu erfüllende Variante sein. Ansonsten können sich Mitteilungen und Änderungen als äusserst kompliziert und langwierig gestalten.","type":"text"}]}]}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Wie ist der Umfang des Vertrags?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Ist ein Vertrag wenig umfangreich, hat wenige oder keine Beilagen, die noch unterzeichnet werden müssen, so bietet sich eine physische Unterzeichnung an.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Möchten die Parteien einen umfangreichen Vertrag unterzeichnen, der zahlreiche Beilagen enthält, die auch noch signiert werden sollen, kann eine digitale, einfache Unterzeichnung für die Parteien bequemer sein.","type":"text"}]}]}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Sind unternehmensinterne Regeln und Vorgaben vorhanden?","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Gelten unternehmensintern strenge Vorgaben, sei es bei einer Vertragspartei oder beiden, empfiehlt es sich, diese entsprechend auf jeden Fall einzuhalten. Eine Vertragsdurchsetzung und -akzeptanz beiderseits ist somit sichergestellt.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Hat keine Vertragspartei unternehmensinterne Vorgaben zu beachten, so können sich die Parteien auch frei auf eine digitale, einfache Unterzeichnung einigen","type":"text"}]}]}]}]}]},{"type":"paragraph","content":[{"text":"Unter diesem Link finden Sie ein Tool, welches die Suche nach der richtigen Art der Vertragsunterzeichnung vereinfacht: ","type":"text"},{"text":"Entscheidungshilfe","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/1e3cdd03da/2022_05_19-entscheidungshilfe-eine-seite.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]},{"text":".","type":"text"}]},{"type":"paragraph","content":[{"text":"2.) Das richtige Tool auswählen","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Sofern unter dem ersten Schritt oben die digitale Unterzeichnung mittels eines Tools als die richtige Unterzeichnungsart eruiert wurde, muss das entsprechende Tool ausgewählt werden.","type":"text"}]},{"type":"paragraph","content":[{"text":"Relevante Aspekte bei der Auswahl des richtigen Tools können sein:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Preis (auch: monatlich, jährliche Abrechnung)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Verfügbarkeit in den entsprechenden Ländern","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Tools, über welche eine oder beide Vertragsparteien bereits verfügen","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Ob beide Seiten über das Tool verfügen müssen","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Ort des Hostings (es kann sein, dass ein Unternehmen darauf beharrt, dass das Hosting in der Schweiz oder EU sein muss)","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"Weitere Kriterien entnehmen Sie unserer Toolübersicht: Lex Futura hat eine Übersicht der derzeit in der Schweiz bekanntesten digitalen Unterzeichnungs-Tools zusammengestellt, welche unter folgendem Link abrufbar ist: ","type":"text"},{"text":"Toolübersicht","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/4576ebb024/2022_05_19-toolubersicht.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]}]},{"type":"paragraph","content":[{"text":"3.) Die richtigen Klauseln für den Vertrag auswählen","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Unter diesem Link findet sich ein Set von Vorlagen zu Formvorschriften und insb. zur Form zur Vertragsunterzeichnung: ","type":"text"},{"text":"Vorlagenset","type":"text","marks":[{"type":"link","attrs":{"href":"https://a.storyblok.com/f/198842/x/c603ab8ba8/2022_05_19-vorlagenset.pdf","uuid":null,"anchor":null,"target":"_self","linktype":"asset"}}]}]},{"type":"paragraph","content":[{"text":"Das Vorlagenset setzt sich aus drei Ebenen zusammen: einerseits eine generelle Formulierung einer Schriftlichkeitsanforderung (Step A) und andererseits einer Definition der Schriftlichkeit (Step B). Weitere Details zur Individualisierung können durch unsere «Add-ons» eingefügt werden (Step C).","type":"text"}]},{"type":"paragraph","content":[{"text":"Zunächst sucht man bei Step A eine generelle Formulierung für eine Schriftlichkeitsformel aus, je nachdem für was diese benötigt wird. Danach sucht man eine Definition der gewünschten Schriftlichkeit in Step B heraus, je nachdem welche Intensität sinnvoll ist. Unsere Entscheidungshilfe gemäss Schritt 1 oben kann dabei unterstützen, die richtige Intensität der Schriftlichkeit für die jeweilige Situation zu finden. Als letztes können unter Step C noch weitere Besonderheiten hinzugefügt werden (z.B. wenn der Postversand per Einschreiben erfolgen soll).","type":"text"}]},{"type":"paragraph","content":[{"text":"4.) (Digital) unterzeichnen","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Als letzten Schritt müssen die Vertragsparteien nun natürlich den Vertrag auch noch gemäss der gewählten Form unterzeichnen.","type":"text"}]},{"type":"paragraph","content":[{"text":"Mit den obigen Übersichten und Tools steht einem modernen Unternehmen somit nun nichts mehr im Weg erfolgreich und sicher über die Ziellinie am Vertragsende zu gelangen.","type":"text"}]},{"type":"paragraph","content":[{"text":"Hinweis zur Toolübersicht: Die Toolübersicht entspricht der am Datum des Blogbeitrags geltenden Situation. Da sich die Angebote und die Anbieter in diesem Bereich ändern können, sind die aktuellen Angebote regelmässig zu prüfen.","type":"text","marks":[{"type":"italic"},{"type":"subscript"}]}]},{"type":"paragraph","content":[{"text":"Hinweis zur Form des Vertragsabschlusses: Wie erwähnt bezieht sich der vorliegende Blogbeitrag auf Situationen, in denen Schriftlichkeit nicht von Gesetzes wegen notwendig ist. Dies ist im Unternehmensalltag häufig der Fall. Die wichtigsten Ausnahmen, bei denen Formerfordernisse zu erfüllen sind, sind die Übertragung von Immaterialgüterrechten, Zession von Forderungen, Bürgschaften und Grundstückkäufe. Wir empfehlen jedem Unternehmen regelmässig zu prüfen, ob und wenn ja, in welchen Konstellationen in ihrem Unternehmensalltag Formerfordernisse für Vertragsabschlüsse zu erfüllen sind.","type":"text","marks":[{"type":"italic"},{"type":"subscript"}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":10050220,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1200x802/9ca6373302/csm_shutterstock_1291369006_ee815c4d94.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Verträge zu unterzeichnen ist ein wichtiger Bestandteil des Unternehmensalltags. Faktoren wie Zeitdruck und geografische Distanz führen unter vielen Vertragsparteien zur Frage, wie sie einerseits Ihrem Wunsch nach einem rechtlich korrekten Vertragsabschluss und andererseits auch Praktikabilität und Flexibilität gerecht werden können. In diesem Blogbeitrag zeigen wir, wie Verträge im Unternehmensalltag rechtlich korrekt unter Nutzung der digitalen Möglichkeiten unterzeichnet werden können.","publishedAt":"2022-06-02 00:00","readMoreText":"Read more","authorPicture":{"id":8907331,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/10f9500d56/anina-groh.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Anina Groh","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"vertraege-digital-richtig-unterzeichnen","full_slug":"blog/vertraege-digital-richtig-unterzeichnen","sort_by_date":null,"position":-340,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"cca35756-1a58-479b-8869-e883be8fd777","first_published_at":"2023-06-28T19:42:54.082Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Crypto Disputes: Lack of action against “person unknown” in Swiss law – legislative changes needed?","created_at":"2023-05-27T10:46:59.112Z","published_at":"2023-06-30T08:28:33.141Z","id":314427667,"uuid":"ddf01c5a-e325-4cca-9256-01df6e5b890f","content":{"_uid":"772c655b-005e-4528-98de-a43c33bfa8d2","title":"Crypto Disputes: Lack of action against “person unknown” in Swiss law – legislative changes needed?","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"9d8103f2-9398-4437-8533-0df170819e0f","title":"Crypto Disputes: Lack of action against “person unknown” in Swiss law – legislative changes needed?","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"In crypto fraud cases, the perpetrator can often only be identified by his wallet address, but not his real name. This has recently been demonstrated once again by a decision of the BVI Commercial Court. This anonymity of the perpetrator poses an issue for victims of crypto frauds who want to pursue","ogDescription":""}],"contents":[{"_uid":"1bcd1881-b21d-4f44-b07a-f91f1f40d7d3","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"In crypto fraud cases, the perpetrator can often only be identified by his wallet address, but not his real name. This has recently been demonstrated once again by a decision of the BVI Commercial Court. This anonymity of the perpetrator poses an issue for victims of crypto frauds who want to pursue a civil action in Switzerland. Legislative changes are needed.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"Recently, the BVI Commercial Court rendered a judgment in a case, where unidentified crypto hackers made off with millions of USD stablecoins (","type":"text"},{"text":"Link","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.eccourts.org/chainswap-limited-v-the-owner-of-digital-wallet-et-al/","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":"). The court ordered a worldwide freezing injunction against the unidentified hackers and permitted service via a centralised crypto exchange. The court listed the defendants not by name (as their names were unknown), but rather by a description of certain details of the fraudsters that were known (e.g. owner of the digital wallet with the number […] or of the e-mail address […]).","type":"text"}]},{"type":"paragraph","content":[{"text":"This pragmatic approach of the court is just what is needed to provide victims of crypto frauds with access to civil remedies. It enables them to seek a freezing injunction and pursue a civil claim for recovery of the frozen assets. This can be an effective tool if the fraudster moves the tokens to a wallet held with a crypto exchange. In such scenario, the exchange can be caught by the freezing order and forced to disclose what it knows about the owner of the wallet.","type":"text"}]},{"type":"paragraph","content":[{"text":"Unfortunately, Swiss civil courts do currently not entertain actions against “persons unknown”. They require a claimant to identify the respondent by name and provide the respondent’s address. Naturally, this is impossible for most crypto fraud cases. A victim of crypto fraud is therefore factually barred from requesting a freezing order from civil courts. The only legal remedy available is filing a criminal complaint (which may be made against “person unknown”) and request the prosecutor’s office to freeze the fraudster’s assets.","type":"text"}]},{"type":"paragraph","content":[{"text":"But is this limitation of remedies really necessary? Would the current provisions of the Swiss Code on Civil Procedure not leave room for the courts to entertain an action against “persons unknown”? At least the wording of the relevant statutory provision (art. 221) only requires the “designation” of the respondent. The code is silent on the exact level of detail required. This would leave room to argue that a description as accepted by the BVI court (e.g. owner of a certain digital wallet) is sufficient. Yet, it is unlikely that the courts will depart from their current ban on actions against “persons unknown”. The reasoning behind this ban is that a court must be given the possibility to examine the respondent’s capacity to be a party (art. 66; i.e. is the respondent subject to legal capacity and has it the capacity to act?), which it can only do if the respondent’s identity is revealed to it.","type":"text"}]},{"type":"paragraph","content":[{"text":"Nonetheless, there are arguments for the courts to change their approach when it comes to crypto frauds. In such cases, it is typical that the perpetrator is only identifiable by the number of his digital wallet. By requiring the claimant to designate the respondent by name, the courts essentially strip crypto fraud victims of their civil remedies. This stands in contradiction to their fundamental right to have access to a court. Accordingly, courts should give a more liberal interpretation to art. 221 of the Swiss Code on Civil Procedure and allow an action against “person unknown” where the circumstances make it impossible for the claimant to provide the name of the respondent. To my knowledge, no Swiss court had so far to deal with this issue in the context of a crypto fraud.","type":"text"}]},{"type":"paragraph","content":[{"text":"It is, however, unlikely that the courts will themselves change their practice. Thus, there is need for legislative change. New provisions should be included in the Swiss Code on Civil Procedure, which explicitly allow for actions against “persons unknown” if the claimant demonstrates that it cannot be reasonably expected to provide the name and address of the respondent. While an action against “person unknown” certainly brings about some issues (e.g. determination of jurisdiction), complete rejection of such claim strips the victims of crypto frauds of their civil remedies.","type":"text"}]},{"type":"paragraph","content":[{"text":"Until such legislative change has come about, victims should try to find a connection of their case to a common law jurisdiction, where civil remedies are more readily available to them.","type":"text"}]},{"type":"paragraph"},{"type":"paragraph"}]},"component":"richTextBlok"}],"cardImage":{"id":9500244,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/a4a19e2652/csm_screenshot_2022-05-19_100759_e8a0fd552d.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"In crypto fraud cases, the perpetrator can often only be identified by his wallet address, but not his real name. This has recently been demonstrated once again by a decision of the BVI Commercial Court. This anonymity of the perpetrator poses an issue for victims of crypto frauds who want to pursue a civil action in Switzerland. Legislative changes are needed.","publishedAt":"2022-05-19 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"crypto-disputes-lack-of-action-against-person-unknown-in-swiss-law-legislative-changes-needed","full_slug":"blog/crypto-disputes-lack-of-action-against-person-unknown-in-swiss-law-legislative-changes-needed","sort_by_date":null,"position":-120,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"923fdc9c-a15c-4fa6-a59b-5fb5cc0e72e3","first_published_at":"2023-05-27T10:50:13.993Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"The General meeting of shareholders of Swiss Stock Corporations as of 2023","created_at":"2023-05-27T10:57:44.583Z","published_at":"2023-06-30T08:27:30.275Z","id":314427716,"uuid":"a9b0678d-2fc0-4f44-95d6-5a9c78e8560f","content":{"_uid":"5d3ba9d2-5f22-4027-b5e2-3ecd33863f06","title":"The General meeting of shareholders of Swiss Stock Corporations as of 2023","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"92383f64-9bb5-4247-a2f7-55bcd6060a86","title":"The General meeting of shareholders of Swiss Stock Corporations as of 2023","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"The revised Swiss Corporation Law which comes into force on January 1, 2023, increases the flexibility of the board of directors with regard to organizing general meetings of shareholders. The general meeting does no longer have to be held in person – instead, general meeting of shareholders with di","ogDescription":""}],"contents":[{"_uid":"4cc4d3b1-e5d6-4643-b906-9bcfb59602df","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"The revised Swiss Corporation Law which comes into force on January 1, 2023, increases the flexibility of the board of directors with regard to organizing general meetings of shareholders. The general meeting does no longer have to be held in person – instead, general meeting of shareholders with different venues, hybrid general meetings, purely written general meetings or even completely virtual meetings are finally (and irrespective of COVID) permitted.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]},{"type":"hard_break"},{"text":"The following article sets out the essential aspects of the various implementation options and points out unique features.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"I. General meeting of shareholders with written voting (art. 701 para. 3 nCO)","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"As of 2023, a general meeting of shareholders may be held without complying with the rules on convening meetings if (i) the resolutions are passed in writing on paper or in electronic form and (ii) no shareholder requests oral deliberation.","type":"text"}]},{"type":"paragraph","content":[{"text":"The following options are available:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Ballot:","type":"text","marks":[{"type":"bold"}]},{"text":" In the case of a ballot, the shareholders receive pre-printed voting forms. They hand in the completed ballot papers within the deadline to a central office, or the send them to another address where they are counted and recorded.","type":"text"},{"type":"hard_break"},{"text":" ","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Circular resolution:","type":"text","marks":[{"type":"bold"}]},{"text":" In the case of a circular resolution, the parties involved send the proposed result to the other shareholders with pre-prepared minutes. In contrast to the ballot, the shareholders cannot choose between several options in this procedure but may only accept the proposed result. ","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"In case of a general meeting of shareholders held in writing, it is not necessary for all shareholders to participate contrast to a universal meeting). The requirements for the written resolution are therefore less strict than for a universal meeting.","type":"text"}]},{"type":"paragraph","content":[{"text":"Finally, according to the prevailing doctrine, written means that the vote is also valid if it is sent by e-mail.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"II. General meeting of shareholders at different venues (art. 701a para. 3 nCO)","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Although so-called multi-local general meetings of shareholders were considered permissible under the current law, art. Art. 701a para. 3 nCO now expressly provides that a general meeting of shareholders may be held at different locations at the same time. In this case, the votes of the participants must be transmitted directly in picture and sound to all meeting locations.","type":"text"}]},{"type":"paragraph","content":[{"text":"This means that a general meeting of shareholders may be held at two or more venues. If the meeting venue is exclusively abroad, the articles of association must expressly provide that a general meeting of shareholders abroad is permissible (see Section III.).","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"III. General meeting of shareholders abroad (art. 701b para. 3 nCO)","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"A general meeting of shareholders which is only held abroad is permissible if the articles of association provide for it and the board of directors designates an independent proxy.","type":"text"}]},{"type":"paragraph","content":[{"text":"If a company’s shares are not listed on a stock exchange, the board of directors may abstain from appointing an independent proxy, provided that all shareholders agree to this. If the modalities for obtaining consent are not determined by the articles of association, they shall be determined by the board of directors.","type":"text"}]},{"type":"paragraph","content":[{"text":"The general meeting of shareholders may also be held at several meeting locations abroad or at several meeting locations in Switzerland and abroad. If the general meeting of shareholders is also held in Switzerland, it is not a general meeting of shareholders abroad pursuant to art. 701b para. 3 nCO and a statutory basis is not necessary.","type":"text"}]},{"type":"paragraph","content":[{"text":"The introduction of a statutory basis for holding a general meeting of shareholders abroad requires a qualified double quorum of two thirds of the votes represented and an absolute majority of the par value of the shares represented (art. 704 para. 1 item 1 nCO). The articles of association may either specify the foreign venue or authorize the board of directors to designate it.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"IV. The hybrid General meeting of shareholders (art. 701c nCO)","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"A hybrid general meeting of shareholders is a mixture of a face-to-face and virtual meeting, i.e., a general meeting of shareholders with a physical venue takes place and shareholders can choose to participate either remotely or physically on-site. The meeting location can be in Switzerland or abroad. Shareholders who are not present at a meeting location can exercise their rights electronically.","type":"text"}]},{"type":"paragraph","content":[{"text":"In the latter case, the members join either by telephone or otherwise and exercise their membership rights in this manner. If all participants decide to participate electronically, the meeting is basically a virtual general meeting of shareholders.","type":"text"}]},{"type":"paragraph","content":[{"text":"However, as long as physical participation is possible, the general meeting of shareholders falls under Art. 701c nCO and not under Art. 701d nCO, which governs the \"actual\" virtual general meeting of shareholders.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"V. The virtual General meeting of shareholders (art. 701d nCO)","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"A purely virtual general meeting of shareholders is held entirely in digital space without a physical venue. It is permissible if the articles of association provide for it and the Board of Directors designates an independent proxy. If the company’s shares are not listed on a stock exchange, the articles of association may provide that the appointment of an independent proxy may be waived. ","type":"text"}]},{"type":"paragraph","content":[{"text":"To allow a company to conduct virtual general meetings of shareholders, the respective resolution must be passed with a simple majority of the share votes represented. Non-listed companies do not need to appoint an independent proxy if there is a respective article in the article of association which can be passed with a qualified double quorum of two-thirds of the votes represented and a majority of the par value of the shares represented. ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"VI. Convening the General meeting of shareholders","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"In general, an invitation to a general meeting of shareholders should be sent in the form as provided for in the articles of association. The company can choose freely how the invitation should be communicated to the shareholders. It may also be purely digital.","type":"text"}]},{"type":"paragraph","content":[{"text":"Further, the board of directors may only summarize the agenda items in the invitation to the general meeting of shareholders if it makes further information available to the shareholders \"by other means\" (art. 700 para. 4 nCO). In addition, art. 699a nCO states that the annual report and the auditors' reports must be made available to shareholders at least 20 days before the general meeting of shareholders of shareholders. Within the framework of the articles of association, the board of directors is also free to decide in what form it makes the annual report and the audit reports available to shareholders. If the documents are not accessible electronically, each shareholder may request that they be sent to him. However, there is no legal entitlement to delivery of written documents, provided that electronic access is guaranteed.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"VII. What is there to do?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"When it comes to organizing general meetings of shareholders in the future, the existing articles of association should be examined in detail, particularly with regard to the following: ","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Amendment of the provision of the articles of association governing the form of convening a general meeting of shareholders (art. 626 para. 1 item 7 in conjunction with art. 700 CO)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Introduction of a provision in the articles of association allowing to hold a general meeting of shareholders abroad and ruling whether an independent proxy must be appointed (Art. 701b CO)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Introduction of a provision in the articles of association providing for a virtual general meeting of shareholders without a meeting place and regulating the question of whether an independent proxy must be appointed (art. 701d CO)","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"One last note. If someone cannot wait until 2023, the amendments to the articles of association are already possible in 2022. One just has to adhere to the ","type":"text"},{"text":"publication","type":"text","marks":[{"type":"link","attrs":{"href":"https://ehra.fenceit.ch/wp-content/uploads/sites/54/Praxismitteilung-EHRA-1_2022-DE-1.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" of the Federal commercial registry.","type":"text"}]},{"type":"paragraph","content":[{"text":"So-called scheduled amendments to the articles of association are to be used in accordance with the instructions in Practice Note EHRA 1/22 of January 17, 2022. ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9500285,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/79e73b3a3c/csm_shutterstock_1520064782_248b1b7f45.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"The revised Swiss Corporation Law which comes into force on January 1, 2023, increases the flexibility of the board of directors with regard to organizing general meetings of shareholders. The general meeting does no longer have to be held in person – instead, general meeting of shareholders with different venues, hybrid general meetings, purely written general meetings or even completely virtual meetings are finally (and irrespective of COVID) permitted.\nThe following article sets out the essential aspects of the various implementation options and points out unique features.","publishedAt":"2022-05-16 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"die-generalversammlung-einer-schweizer-aktiengesellschaft-ab-dem-jahr-2023","full_slug":"blog/die-generalversammlung-einer-schweizer-aktiengesellschaft-ab-dem-jahr-2023","sort_by_date":null,"position":-130,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"86d14afe-61ae-49ef-8d1a-7d5f3573e4a2","first_published_at":"2023-05-27T11:14:23.759Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Crypto Disputes: Delaware court rules on damages calculation for breach of a contract denominated in crypto assets","created_at":"2023-05-29T18:59:48.288Z","published_at":"2023-06-30T08:26:08.052Z","id":315404283,"uuid":"58c55720-728a-43de-a8da-4ed52e9d0741","content":{"_uid":"48dbd6ca-4f70-4815-9d1e-51697dffef63","title":"Crypto Disputes: Delaware court rules on damages calculation for breach of a contract denominated in crypto assets","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"2f4bc94c-5aeb-4b5d-bab5-a64bf8e8c14a","title":"Crypto Disputes: Delaware court rules on damages calculation for breach of a contract denominated in crypto assets","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"In a recent case, a Delaware court had to deal with the question of how damages are to be calculated if the contract is denominated in crypto assets.","ogDescription":""}],"contents":[{"_uid":"a6d49f63-5a78-45b0-ae94-d07e0d6bd900","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"In a recent case, a Delaware court had to deal with the question of how damages are to be calculated if the contract is denominated in crypto assets.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"The ","type":"text"},{"text":"case ","type":"text","marks":[{"type":"link","attrs":{"href":"https://business.cch.com/srd/DiamondFortressTechInc-v-EverIdInc.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":"concerned a service contract. The claimant was to be compensated in “ID Tokens” – a token developed by the respondent. Compensation was to be paid out after the ICO and certain “Token Distrubtion Events” (TDEs) had taken place. Although the ICO and TDEs occurred, the respondent failed to transfer any ID Tokens to the claimant. The question of breach of contract was not in dispute before the Delaware court. It only had to rule on the amount of damages.","type":"text"}]},{"type":"paragraph","content":[{"text":"The court applied the Howey test and concluded that ID Tokens qualify as securities. In this context, the court also put some weight on the fact that the parties stipulated in their agreements that token distributions would be subject to Securities Act Rule 144.","type":"text"}]},{"type":"paragraph","content":[{"text":"In order to measure the damages due to the non-delivery of ID Tokens, the court relied on the highest market price of the security within a reasonable time of the claimant’s discovery of the breach. The court ruled that a three-month time period after discovery of the breach was reasonable. Referring to CoinMarketCap as a reliable source for the tokens’ value during this period (page 31 et seq.: “","type":"text"},{"text":"Against this backdrop, the Court is satisfied CoinMarketCap is a reliable cryptocurrency valuation tool. As such, the Court will rely on historical pricing data published by CoinMarketCap to determine the proper USD value of ID Tokens in calculating the Plaintiffs’ forthcoming judgment.","type":"text","marks":[{"type":"italic"}]},{"text":"”). Tthe court determined that the highest price for the tokens was USD 2.01.","type":"text"}]},{"type":"paragraph","content":[{"text":"As the claimant had been promised 12.5 million of ID Tokens, the court awarded USD 25,125,000 in damages, plus interest.","type":"text"}]},{"type":"paragraph","content":[{"text":"While the damages calculation is somewhat different under US law compared to Swiss law, the way in which the price of the tokens was established is nonetheless transferable. The reference to CoinMarketCap as a reliable source can also be used in Swiss court litigation for proving the price of a certain digital asset.","type":"text"}]},{"type":"paragraph","content":[{"text":"Back to overview","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/en/whats-keeping-us-busy/","uuid":null,"anchor":null,"target":null,"linktype":"url"}},{"type":"bold"}]},{"text":"P","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph"},{"type":"paragraph"}]},"component":"richTextBlok"}],"cardImage":{"id":9516121,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/1b588678d2/csm_shutterstock_2005363373_502d58fada.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"In a recent case, a Delaware court had to deal with the question of how damages are to be calculated if the contract is denominated in crypto assets.","publishedAt":"2022-05-05 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"crypto-disputes-delaware-court-rules-on-damages-calculation-for-breach-of-a-contract-denominated-in-crypto-assets","full_slug":"blog/crypto-disputes-delaware-court-rules-on-damages-calculation-for-breach-of-a-contract-denominated-in-crypto-assets","sort_by_date":null,"position":-140,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"bae0d270-9b86-4ac3-a0e6-e83717c28090","first_published_at":"2023-05-29T19:03:03.373Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Crypto Disputes: ELI Principles on the Use of Digital Assets as Security published","created_at":"2023-05-29T19:03:30.562Z","published_at":"2023-06-30T08:25:25.055Z","id":315404290,"uuid":"f16a7d8c-2d99-4035-bbc5-21c4e41dbcfd","content":{"_uid":"2b8b043a-342b-42f4-8df8-aafe96ac9a6f","title":"Crypto Disputes: ELI Principles on the Use of Digital Assets as Security published","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"fdbfe429-1b8a-4a4a-bb40-88dcd69b90bc","title":"Crypto Disputes: ELI Principles on the Use of Digital Assets as Security published","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Recently, the ELI Principles on the Use of Digital Assets as Security have been published. While the principles are non-binding, they provide useful guidance for disputes involving such securities. They can be of particular use to commercial arbitrators faced with issues relating to access to digita","ogDescription":""}],"contents":[{"_uid":"75e893b1-3530-46e3-87d3-2aff7ea5d0ff","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Recently, the ELI Principles on the Use of Digital Assets as Security have been published. While the principles are non-binding, they provide useful guidance for disputes involving such securities. They can be of particular use to commercial arbitrators faced with issues relating to access to digital assets.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"The ","type":"text"},{"text":"Principles address","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.europeanlawinstitute.eu/fileadmin/user_upload/p_eli/Publications/ELI_Principles_on_the_Use_of_Digital_Assets_as_Security.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":" the use, by private parties, whether natural or legal persons, of digital assets as security for credit. In particular, the Principles focus on situations where security providers secure the performance of their obligations vis-à-vis security takers by using digital assets as collateral under the terms of a security agreement.","type":"text"}]},{"type":"paragraph","content":[{"text":"The Principles treat the creation of a security interest in a digital asset as the creation, by contract, of a limited right in that asset, entitling the secured creditor to satisfaction of its claims vis-à-vis the security provider or another debtor. The right so created is to be construed as a right in rem or a functionally equivalent right, insofar as it entitles the secured creditor to enjoy priority over the security provider’s other creditors.","type":"text"}]},{"type":"paragraph","content":[{"text":"Further, the Principles propose ways to identify the law applicable to the creation of security interests in digital assets, and address issues of relevance to the effectiveness of security interests in digital assets against third parties, as well as the enforcement and extinction of security interests in digital assets. In those cases where a clear, readily identifiable connection exists between the digital asset under consideration and one particular jurisdiction, on account of the characteristics of that asset and the environment of its creation and holding, the Principles propose that the law governing the creation of a valid security interest in that digital asset should be the law of that jurisdiction, ie, the law of the digital asset itself.","type":"text"}]},{"type":"paragraph","content":[{"text":"Overall, the Principles provide a source of inspiration and guidance for the further development of case law, legislation and soft law instruments in the field of digital assets by courts, national legislatures and international organisations. The Principles can be of particular use to commercial arbitrators faced with issues relating to access to digital assets.","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]},{"type":"paragraph"},{"type":"paragraph"}]},"component":"richTextBlok"}],"cardImage":{"id":9516124,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/f4abe7be03/csm_shutterstock_1190402140_e0d540be53.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Recently, the ELI Principles on the Use of Digital Assets as Security have been published. While the principles are non-binding, they provide useful guidance for disputes involving such securities. They can be of particular use to commercial arbitrators faced with issues relating to access to digital assets.","publishedAt":"2022-05-03 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"crypto-disputes-eli-principles-on-the-use-of-digital-assets-as-security-published","full_slug":"blog/crypto-disputes-eli-principles-on-the-use-of-digital-assets-as-security-published","sort_by_date":null,"position":-150,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"e0dc1676-dae9-4b42-b50e-4aa3ba048292","first_published_at":"2023-05-29T19:06:08.685Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"BILANZ ranking: Lex Futura ranked top law firm 2022 in five categories incl. a new top ranking in the area of Dispute Resolution","created_at":"2023-05-29T19:06:35.865Z","published_at":"2023-06-30T08:24:07.281Z","id":315404299,"uuid":"1a4dd673-ca4b-4b7a-89cb-241829db7182","content":{"_uid":"ef42d3c1-9885-48e7-ba94-abbc706cf837","title":"BILANZ ranking: Lex Futura ranked top law firm 2022 in five categories incl. a new top ranking in the area of Dispute Resolution","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"e687a292-76aa-4d6c-b7f5-8315d396bc09","title":"BILANZ ranking: Lex Futura ranked top law firm 2022 in five categories incl. a new top ranking in the area of Dispute Resolution","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"We are happy to announce that were able to achieve another award in the BILANZ Law Firm Ranking 2022. We are now also listed with the highest rating in the area of dispute resolution. In addition, our clients and colleagues confirmed the rankings from previous years in the areas of \"international la","ogDescription":""}],"contents":[{"_uid":"4cfd0bc9-a727-4466-aa5f-902113ccb088","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"We are happy to announce that were able to achieve another award in the BILANZ Law Firm Ranking 2022. We are now also listed with the highest rating in the area of dispute resolution. In addition, our clients and colleagues confirmed the rankings from previous years in the areas of \"international law\", \"technology and telecommunications law\" and \"private equity and venture capital\".","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"The renowned business magazine BILANZ has published its ranking of the best law firms in 2022. After Lex Futura has received the highest ratings in the areas of \"international law\", \"technology and telecommunication law\" and \"private equity and venture capital\" for the past three years, it now adds the best rating in the area of \"Dispute Resolution.","type":"text"}]},{"type":"paragraph","content":[{"text":"The awards in five categories (four of them with the highest score) reflect Lex Futura's steady growth and successes that we are able to celebrate together with our exciting and innovative corporate clients. We would like to thank our clients as well as our colleagues for their recommendations and we look forward to further collaborations.","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9516129,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/3dea3df6c3/csm_alle_drei_logos_de_718ab66d56.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"We are happy to announce that were able to achieve another award in the BILANZ Law Firm Ranking 2022. We are now also listed with the highest rating in the area of dispute resolution. In addition, our clients and colleagues confirmed the rankings from previous years in the areas of \"international law\", \"technology and telecommunications law\" and \"private equity and venture capital\".","publishedAt":"2022-04-26 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"bilanz-ranking-lex-futura-ranked-top-law-firm-2022-in-five-categories-incl-new-top-ranking-in-the-area-of-procedural-law-and-litigation","full_slug":"blog/bilanz-ranking-lex-futura-ranked-top-law-firm-2022-in-five-categories-incl-new-top-ranking-in-the-area-of-procedural-law-and-litigation","sort_by_date":null,"position":-160,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"c7bdc091-75de-4ba3-b4ca-0637d097d6d5","first_published_at":"2023-05-29T19:09:07.705Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Crypto disputes: New High Court judgment on crypto developers (lack of) fiduciary duty to crypto owners","created_at":"2023-05-29T19:09:39.822Z","published_at":"2023-06-22T14:48:31.224Z","id":315404304,"uuid":"a95352a0-c75a-470d-9092-cf32c1e3f6b9","content":{"_uid":"187c964d-49e9-4a43-9ebe-0b9e6879d664","title":"Crypto disputes: New High Court judgment on crypto developers (lack of) fiduciary duty to crypto owners","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"5d235f10-bf8f-4262-873c-ded7f1c2fb6c","title":"Crypto disputes: New High Court judgment on crypto developers (lack of) fiduciary duty to crypto owners","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Do crypto developers have fiduciary duties towards crypto owners? A group of claimants tried to argue this before the High Court in London. The main argument can be summarized as follows: if you lose your crypto assets because the private keys on your computer get hacked, the crypto assets core deve","ogDescription":""}],"contents":[{"_uid":"57e46833-bb9f-4a79-a396-09107765210f","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Do crypto developers have fiduciary duties towards crypto owners? A group of claimants tried to argue this before the High Court in London. The main argument can be summarized as follows: if you lose your crypto assets because the private keys on your computer get hacked, the crypto assets core developers have an obligation to develop a patch to fork the network to give you the lost bitcoins back. The court rejected this argument.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"In a recent ","type":"text"},{"text":"judgment","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.bailii.org/ew/cases/EWHC/Ch/2022/667.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":", the High Court ruled on fiduciary duties of Bitcoin developers. The ruling concerned the granting of permission to serve a claim form out of the jurisdiction, for which a claimant must establish a serious issue to be tried on the merits.","type":"text"}]},{"type":"paragraph","content":[{"text":"The case concerned a claim against the developers of four relevant digital asset networks (Bitcoin Satoshi Vision network, Bitcoin Core network, Bitcoin Cash network and Bitcoin Cash ABC network). The claimants were the victims of a hacking attack by which it lost control of digital currency assets that TTL claims to own but is currently unable to control over “a very substantial amount of digital currency assets “. In a nutshell, the claimants argued that the defendants owe them fiduciary and/or tortious duties which have the effect that they should assist them in regaining control and use of their assets.","type":"text"}]},{"type":"paragraph","content":[{"text":"The defendants contested that they were in a position to provide such technical assistance. In particular, in relation to Bitcoins they explained that “they are part of a very large, and shifting, group of contributors without an organisation or structure. Further, any change that they were able to propose to address TTL’s complaint would be ineffective, because miners would refuse to run it and instead would continue to run earlier versions of the software.” The issue of feasibility had not to be decided by the judge, as she rules out any duty of care due to other reasons.","type":"text"}]},{"type":"paragraph","content":[{"text":"The judge was quick to rule out that developers have fiduciary duty towards crypto owners (“I do not think that bitcoin owners can realistically be described as entrusting their property to a fluctuating, and unidentified, body of developers of the software, at least in the sense and to the extent claimed by TTL”). Accordingly, she concluded that there was no serious issue to be tried on the merits and to set aside permission to serve the claim form out of the jurisdiction.","type":"text"}]},{"type":"paragraph","content":[{"text":"Nonetheless, she noted that other circumstances could in theory give rise to duties of developers. In particular, a duty may arise where the developer has acted in its own, and against the interest of the owners. The judge gave the following example:","type":"text"}]},{"type":"paragraph","content":[{"text":"“This is not a case where it is alleged that, in making an update to the software, the Defendants acted in their own interests and contrary to the interests of owners, ","type":"text"},{"text":"for example in introducing for their own advantage a bug or feature that compromised owners’ security but served their own purposes","type":"text","marks":[{"type":"bold"}]},{"text":". I can see that it is conceivable that some form of duty could be engaged in that situation, although whether it would properly be characterised as a fiduciary duty is another matter. At least it could be said that in that situation the developers making the update had arguably assumed some responsibility by performing that function, although I think it is much more doubtful whether that would amount to a relationship requiring single-minded loyalty.”","type":"text"}]},{"type":"paragraph","content":[{"text":"The judge further observed that “developers are a fluctuating body of individuals”. As such, they are not required to remain as developers. There is no duty of continuity owned to Bitcoin owners.","type":"text"}]},{"type":"paragraph","content":[{"text":"Finally, the judge also assessed the disclaimer of liability in the terms of the generic MIT Licence under which Bitcoin Core code is released. While the issue was not decisive for the case, the judge leaned against a broad interpretation of the disclaimer: “It is true that the disclaimer is in broad terms, but it is not clear to me that it would reasonably be understood to mean that controllers of the BTC Network assume no responsibility for any aspect of its operation”.","type":"text"}]},{"type":"paragraph","content":[{"text":"In conclusion, under English law it seems highly unlikely that a claim against crypto developers can be argued successfully, unless the developers have clearly acted in their own interest to the detriment of the owners. A court ruling under Swiss law is likely to reach the same conclusion. ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9516133,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/38496df3e5/csm_crypto_ebd0ce0dcb-1.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Do crypto developers have fiduciary duties towards crypto owners? A group of claimants tried to argue this before the High Court in London. The main argument can be summarized as follows: if you lose your crypto assets because the private keys on your computer get hacked, the crypto assets core developers have an obligation to develop a patch to fork the network to give you the lost bitcoins back. The court rejected this argument.","publishedAt":"2022-04-07 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"crypto-disputes-new-high-court-judgment-on-crypto-developers-lack-of-fiduciary-duty-to-crypto-owners","full_slug":"blog/crypto-disputes-new-high-court-judgment-on-crypto-developers-lack-of-fiduciary-duty-to-crypto-owners","sort_by_date":null,"position":-170,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"8798b2a7-59d1-4ca7-b054-642300603248","first_published_at":"2023-05-29T19:11:39.074Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Switzerland plans to join the Hague Convention on Choice of Court Agreements","created_at":"2023-05-29T19:12:01.757Z","published_at":"2023-06-22T14:48:30.891Z","id":315404330,"uuid":"303bfe2f-5b17-40c2-883f-4333a0c1f554","content":{"_uid":"88337fd9-4b43-4ca0-ad55-2953e4710844","title":"Switzerland plans to join the Hague Convention on Choice of Court Agreements","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"73585716-474c-4a77-a51e-47843621b274","title":"Switzerland plans to join the Hague Convention on Choice of Court Agreements","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"The Federal Council wants to join the Hague Convention on Choice of Court Agreements. This regulates the jurisdiction of courts in international commercial disputes and the cross-border recognition of judgments. In doing so, the Federal Council wants to create legal certainty and strengthen Switzerl","ogDescription":""}],"contents":[{"_uid":"fb9c3c8b-aef5-485f-bf42-bcfe48a65135","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"The Federal Council wants to join the Hague Convention on Choice of Court Agreements. This regulates the jurisdiction of courts in international commercial disputes and the cross-border recognition of judgments. In doing so, the Federal Council wants to create legal certainty and strengthen Switzerland as a business location. At its meeting on March 30, 2022, it opened the consultation process on the corresponding federal decree. Accession would also facilitate the enforcement of British judgments in Switzerland, which has become a little more complicated following Brexit.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"The Hague Convention on Choice of Court Agreements governs the international jurisdiction of courts in civil and commercial matters as well as the cross-border recognition and enforcement of judgments. The scope of application is limited to commercial disputes and concerns only disputes in which the parties have agreed in advance on the jurisdiction of a specific court (exclusive choice of court agreement).","type":"text"}]},{"type":"paragraph","content":[{"text":"The agreement contains the following three basic rules:","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The court of a Contracting State designated in an exclusive choice of court agreement must accept jurisdiction (Art. 5).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"A court of a contracting state which is not the state of the agreed court shall stay proceedings to which an exclusive choice of court agreement applies or dismiss the action as inadmissible (Art. 6).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"A decision of a court of a Contracting State designated in an exclusive choice of court agreement is recognized and enforced in the other Contracting States (Art. 10).","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"The Convention is currently in force in the EU, Mexico, Singapore, Montenegro and the United Kingdom. Now Switzerland is also considering joining. At its meeting on March 30, 2022, the Federal Council opened the consultation on the corresponding federal decree. This will last until July 7, 2022.","type":"text"}]},{"type":"paragraph","content":[{"text":"Accession to the Hague Jurisdiction on Choice of Court Agreements makes cross-border legal disputes more predictable and is therefore of great interest for Switzerland as a business location. In addition, the Convention is of interest to states that, like Switzerland, position themselves internationally as a place of jurisdiction. This is important not least against the background of the ongoing efforts to establish international commercial courts.","type":"text"}]},{"type":"paragraph","content":[{"text":"Furthermore, accession would also mitigate the uncertainties in British-Swiss legal relations that have arisen as a result of Brexit. However, due to the transitional provisions of the Hague Convention on Jurisdiction (Art. 16), this measure will only improve the enforcement of Swiss judgments in the UK for those contracts that were concluded after the Convention came into force for Switzerland. Swiss companies can avoid this problem by renewing their contracts with their UK counterparts.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9516135,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/5ba3fe1da2/csm_shutterstock_653613691_d66c648669.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"The Federal Council wants to join the Hague Convention on Choice of Court Agreements. This regulates the jurisdiction of courts in international commercial disputes and the cross-border recognition of judgments. In doing so, the Federal Council wants to create legal certainty and strengthen Switzerland as a business location. At its meeting on March 30, 2022, it opened the consultation process on the corresponding federal decree. Accession would also facilitate the enforcement of British judgments in Switzerland, which has become a little more complicated following Brexit.","publishedAt":"2022-04-05 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"switzerland-plans-to-join-the-hague-convention-on-choice-of-court-agreements","full_slug":"blog/switzerland-plans-to-join-the-hague-convention-on-choice-of-court-agreements","sort_by_date":null,"position":-180,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"e7810810-4556-49bc-8ffc-b283ae4f0718","first_published_at":"2023-05-29T19:14:04.301Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Conflict resolution mechanisms for 50/50 Joint Ventures","created_at":"2023-06-28T19:50:08.909Z","published_at":"2023-06-30T08:13:53.489Z","id":332976811,"uuid":"e068a182-193f-4c0c-9ab7-4ab5423053ef","content":{"_uid":"258da209-b0a3-41b5-ad23-fca1ddbfbb12","title":"Conflict resolution mechanisms for 50/50 Joint Ventures","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"3040c278-6965-49d1-ad70-5f43c9914b36","title":"Conflict resolution mechanisms for 50/50 Joint Ventures","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"When two people found a company and each of them owns 50% of it and both are the only members of the board of directors, differences of opinion can quickly lead to a so-called deadlock. The company can no longer pass resolutions and becomes incapable of acting. A real problem.\n\nThe following article","ogDescription":""}],"contents":[{"_uid":"81446800-a59a-4a6b-b03e-e222269bb288","content":{"type":"doc","content":[{"type":"heading","attrs":{"level":3},"content":[{"text":"I. What is the problem in the first place?","type":"text"}]},{"type":"paragraph","content":[{"text":"In stock corporations, decisions are made at the general meeting by an absolute majority of the share votes represented, unless the law or the articles of association provide otherwise. In the board of directors, decisions are made by a majority of the votes cast, i.e., each member of the board has a vote.","type":"text"}]},{"type":"paragraph","content":[{"text":"In the case of a 50/50 joint venture, there is a risk that no positive resolution can be passed because the two shareholders and board members have a different opinion on the matter. If no resolution can be passed, the status quo remains and the company might become incapable to act.","type":"text"}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"II. What instruments are there to prevent deadlocks? ","type":"text"}]},{"type":"paragraph","content":[{"text":"In 50/50 joint ventures, the possibility of a deadlock is structurally inherent, which is why precautions must already be taken when the company is being established. These can be implemented at the level of Swiss company law or by concluding contractual agreements.","type":"text"}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"A) Possible solutions at the level of Swiss Company Law","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"a) ","type":"text"},{"text":"Decision by a casting vote of the chairperson of the board of directors","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Deadlocks in the board of directors can be prevented by appointing an uneven number of board members.","type":"text"}]},{"type":"paragraph","content":[{"text":"If an even number of board members is appointed, the law provides a possible solution: According to art. 713 para. 1 CO, the chairperson of the board of directors has the casting vote, unless the articles of association provide otherwise. If the chairperson should not have a casting vote, it must be explicitly excluded in the articles of association.","type":"text"}]},{"type":"paragraph","content":[{"text":"In 50/50 companies, the casting vote of the chairperson is often excluded in order to prevent one shareholder from outvoting the other on the board of directors. ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"b) Granting a casting vote to a third party","type":"text"}]},{"type":"paragraph","content":[{"text":"An alternative to granting a casting vote to the chairperson of the board of directors is to grant a casting vote to a third party at the general meeting. For example, each 50 %-shareholder can transfer one share vote to a neutral third party, who then makes the casting vote as an additional shareholder.","type":"text"}]},{"type":"paragraph","content":[{"text":"Furthermore, it is of course also possible to elect an independent and neutral member of the board of directors, who then – due to the uneven number of board members - has the casting vote. ","type":"text"}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"B) Possible solutions at the contractual level","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"a) Alternating the chairperson","type":"text"}]},{"type":"paragraph","content":[{"text":"In connection with the casting vote, it can be agreed upon in a shareholders' agreement that the shareholders will share the position of the chairperson, i.e. the chairperson (and thus the casting vote) will be changed periodically. The alternation of the final decision-making power also has a preventive effect: the knowledge of the change of the chairperson tends to protect against its abuse.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"b) Modification of the casting vote","type":"text"}]},{"type":"paragraph","content":[{"text":"The parties can also contractually modify the statutory casting vote. For example, it can be limited to certain contractually defined fundamental issues. The casting vote can also be assigned to an external expert. Such an arrangement can be useful if the final decision is to be made purely from a technical perspective, detached from the persons involved.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"c) Use of Joker Cards","type":"text"}]},{"type":"paragraph","content":[{"text":"Sometimes it is also agreed that each party has an annual \"joker\". The \"joker\" allows a shareholder to veto a resolution. If the veto is used, the other party has the choice of accepting the veto or using its own \"joker card\". In the latter case, a deadlock occurs, which must be resolved by another mechanism.","type":"text"}]},{"type":"paragraph","content":[{"text":"An important element in the use of joker cards is that the party causing the dispute, i.e. the party using its joker card, loses its right to use its joker card in the following year. This \"blocking\" usually has a deterrent effect and is intended to increase the pressure on the parties to find a compromise.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"d) Drawing lots (principle of chance)","type":"text"}]},{"type":"paragraph","content":[{"text":"Another way of resolving deadlocks is agreeing on the principle of chance.","type":"text"}]},{"type":"paragraph","content":[{"text":"Reaching a decision by a random drawing lot is particularly useful for elections or contingent motions where there are several possible options. In this case, the decision is not made by the majority or by a casting vote, but by chance. The Swiss Federal Supreme Court has confirmed that using the principle of chance is a valid instrument for resolving conflicts in the event of a tied vote, even in the general meeting. The mechanism of drawing lots, however, must be stipulated in the articles of association (subject to agreements under the law of obligations in the shareholders’ agreement).","type":"text"}]},{"type":"paragraph","content":[{"text":"A decision reached by a random drawing lot is also permissible in the board of directors.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"e) Involvement of a third party","type":"text"}]},{"type":"paragraph","content":[{"text":"A very good, and in practice often used, method of resolving conflicts is the agreement that the parties, in the event of a dispute, will involve an external third party to resolve the conflict (e.g. in the context of mediation or arbitration proceedings, by appointing an arbitrator). Various possible arrangements are being used in practice.","type":"text"}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"C) What happens if no solution is foreseeable?","type":"text"}]},{"type":"paragraph","content":[{"text":"If the parties fail to find a long-term solution, each party must have the option to \"escalate\" the matter. Here, each party is typically granted the right - after a failed conflict resolution process - to initiate a contractually defined buy-out mechanism. The aim of this procedure is to clarify which party will continue to operate the joint business and which party will leave. ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"a) What does the buy-out mechanism look like?","type":"text"}]},{"type":"paragraph","content":[{"text":"In a buy-out, the discussions are no longer about reaching a consensus, but about clarifying whether the business has to be liquidated or whether it will be continued by one party on its own. If the company is to be continued, the withdrawing party is required to buy out the other at a fair price.","type":"text"}]},{"type":"paragraph","content":[{"text":"The focus is thus on finding a mechanism that ensures a fair price for the exiting party. Possible options are","type":"text"}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"External valuation of the company","type":"text","marks":[{"type":"bold"}]},{"text":": A first approach is to have an external valuation of the company by an independent arbitrator accepted by all parties (or determined by an independent institution).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Internal auction process:","type":"text","marks":[{"type":"bold"}]},{"text":" A widely used alternative to the external valuation is to conduct an internal auction procedure. In this process, the company shares will be transferred to the shareholder who purchases the shares at the highest price.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"There are different options in the contractual design of the internal auction procedure. The most popular are the so-called \"Russian Roulette\" and the \"Texas Shoot-Out\".","type":"text"}]},{"type":"paragraph","content":[{"text":"Russian Roulette","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"In the so-called Russian roulette, the buy-out process is initiated by the terminating party A with the submission of a purchase price offer for the acquisition of half of the company. Because it is unclear after this step whether A will ultimately sell or acquire the company, the terminating party A is forced to offer the fairest possible price. The other party B can then decide whether to acquire A's shares in the company at the offered price or to sell its own shares at the offered purchase price.","type":"text"}]},{"type":"paragraph","content":[{"text":"Texas Shoot-Out","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"If a so-called \"Texas Shoot-Out\" is agreed upon, the terminating party A also makes an initial offer for the acquisition of the company.","type":"text"}]},{"type":"paragraph","content":[{"text":"Party B then has the option to either (i) sell its own shares at the offered purchase price or (ii) offer a higher purchase price for the acquisition of the other party's share.","type":"text"}]},{"type":"paragraph","content":[{"text":"If a higher purchase price is offered, an internal auction procedure follows. The parties are free to design this procedure as they wish. The aim is always to award the company to the party that attaches the highest value to and offers the highest price for it. In practice, the financially stronger party will typically prevail.","type":"text"}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"Concluding remarks","type":"text"}]},{"type":"paragraph","content":[{"text":"The agreement of dispute resolution mechanisms is of great practical importance not only, but especially, in 50/50 joint ventures. Experience shows that once disputes have arisen, it is difficult to find a constructive solution. Accordingly, appropriate mechanisms should be discussed and agreed at the time of the company formation.","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":10050226,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/1200x841/f86f0dc6c3/csm_shutterstock_1947733417__1__77a42fc87a.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"When two people found a company and each of them owns 50% of it and both are the only members of the board of directors, differences of opinion can quickly lead to a so-called deadlock. The company can no longer pass resolutions and becomes incapable of acting. A real problem.\n\nThe following article explains which instruments can be used to prevent or resolve such deadlock situations.","publishedAt":"2022-03-31 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"conflict-resolution-mechanisms-for-50-50-joint-ventures","full_slug":"blog/conflict-resolution-mechanisms-for-50-50-joint-ventures","sort_by_date":null,"position":-360,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"bf99e831-d038-49ac-9ce2-826ec226064e","first_published_at":"2023-06-28T19:52:02.532Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Setting up a subsidiary in Switzerland – options, advantages, and issues","created_at":"2023-05-29T19:14:45.101Z","published_at":"2023-06-30T08:21:04.345Z","id":315404332,"uuid":"a3a5d76f-8130-475d-be0e-9b04c77ae75a","content":{"_uid":"bce06db8-9401-4de6-852d-37c075025297","title":"Setting up a subsidiary in Switzerland – options, advantages, and issues","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"5320691b-fd26-4a45-b704-253f876ba5e3","title":"Setting up a subsidiary in Switzerland – options, advantages, and issues","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"In this blog article you get an overview of different options and issues when setting up a subsidiary in Switzerland. This helps you to face all potential risks early on in the establishing-process and to avoid unnecessary costs and delays.","ogDescription":""}],"contents":[{"_uid":"622de710-7cae-4c4f-b82a-680aa0fafa5c","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"In this blog article you get an overview of different options and issues when setting up a subsidiary in Switzerland. This helps you to face all potential risks early on in the establishing-process and to avoid unnecessary costs and delays.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"Subsidiaries are, in contrast to branch offices, ","type":"text"},{"text":"separate legal entities established and governed by Swiss law","type":"text","marks":[{"type":"bold"}]},{"text":". Since the subsidiary is considered a 100% local Swiss company and is thus, completely independent from its parent company, the parent company must adhere to the same rules and issue the same documents needed to set up a regular company in Switzerland. All or a majority of the shares are typically held by the foreign parent company. The parent company is not directly liable for the subsidiary’s debts and undertakings.","type":"text"}]},{"type":"paragraph","content":[{"text":"There are no restrictions on foreign ownership of the shares of a company in Switzerland, but at least ","type":"text"},{"text":"one member of the Board of Directors must reside in Switzerland","type":"text","marks":[{"type":"bold"}]},{"text":" (or a Director with single signatory power or two board members with joint signatory power). There is no need to have Swiss citizenship.","type":"text"}]},{"type":"paragraph","content":[{"text":"The two main forms of corporations in Switzerland are the so called “Aktiengesellschaft” (“","type":"text"},{"text":"AG","type":"text","marks":[{"type":"bold"}]},{"text":"”, a Company Limited by Shares; Ltd.) and “Gesellschaft mit beschränkter Haftung” (“","type":"text"},{"text":"GmbH","type":"text","marks":[{"type":"bold"}]},{"text":"”, a Limited Liability Company; LLC). Both forms are incorporated with a separate legal personality and an ownership primarily based on capital contributions. Both companies have sole liability for their own debts.","type":"text"}]},{"type":"heading","attrs":{"level":2},"content":[{"text":"The business vehicles: GmbH vs. AG","type":"text","marks":[{"type":"bold"}]}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"GmbH – the Limited Liability Company","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The formation of a GmbH requires a minimum ","type":"text"},{"text":"nominal capital of CHF 20’000","type":"text","marks":[{"type":"bold"}]},{"text":". All company members (holders of the capital contributions; equivalent to shareholders) must be ","type":"text"},{"text":"published","type":"text","marks":[{"type":"bold"}]},{"text":" in the commercial registry as well as all directors and people with signatory powers. The capital contributions cannot be transferred without the permission of the members’ general meeting. The nominal value of the capital contribution (the equivalent to shares) must be at least CHF 100.00.","type":"text"}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"AG – the Company Limited by Shares","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The formation of an AG requires a ","type":"text"},{"text":"minimum share capital of CHF 100’000","type":"text","marks":[{"type":"bold"}]},{"text":". Only board members, directors, and people with signatory power must be published in the commercial registry. Shareholders thus stay ","type":"text"},{"text":"anonymous","type":"text","marks":[{"type":"bold"}]},{"text":" to the outside. Unless the Articles of Association provide otherwise, ","type":"text"},{"text":"shares may be transferred without prior approval","type":"text","marks":[{"type":"bold"}]},{"text":".","type":"text"}]},{"type":"paragraph","content":[{"text":"It is possible to only pay-in a capital contribution of CHF 50’000. However, this will be published in the commercial registry as well as in the articles of the company.","type":"text"}]},{"type":"paragraph","content":[{"text":"In addition, the AG can “go public” by listing its shares on a stock exchange.","type":"text"}]},{"type":"heading","attrs":{"level":2},"content":[{"text":"AG or GmbH – what should you choose?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The decision on whether you want to set up your subsidiary as a GmbH or an AG should be based on several factors. One of the main differences is the capital needed to set up the company (GmbH: CHF 20’000, AG: 100’000). In both cases, the capital contribution can be made in cash, in kind, or by set-off. Another difference that makes founders more often opt for an AG is the anonymity of the shareholders: the commercial registry entry must contain all company members, directors and people with signatory power in case of a GmbH, while an AG entry does not contain any information about the shareholders. Additionally, capital increases and the transfer of shares is easier in case of an AG and thus, leads to higher flexibility.","type":"text"}]},{"type":"paragraph","content":[{"text":"The AG therefore offers a broader flexibility in general, but specifically with regard to the shareholding structure as well as anonymity. While the use of a GmbH is not limited to small businesses, in practice most medium sized and larger companies will rather choose an AG for the above reasons. A GmbH makes a lot of sense for companies that have a small number of shareholders and do not aim at transferring or splitting shares. These are mostly companies with a more personalized or even family structure. Changing the structure of the company is specifically more complicated in case of a GmbH because (i) the transfer of capital contributions needs to be approved by the general meeting and (ii) the splitting of capital contributions is less flexible due to a minimum value of CHF 100.00 per capital contribution. Particularly in situations where the shareholding structure is a bit more complex and involves more people (or it is planned to involve more people due to upcoming investment rounds), the disadvantages of the GmbH outweigh its advantages.","type":"text"}]},{"type":"heading","attrs":{"level":2},"content":[{"text":"Other issues to keep in mind","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Apart from the legal process of establishing the company, there are other issues to be thought about when establishing a subsidiary in Switzerland. Such are, for example, insurances, residence permits, applying for any licenses (in case such are required), and registration with the federal tax administration. Most business activities do not need a license, however, many activities in the financial services sector are regulated and thus subject to license requirements. Other sectors where new businesses may require a license or concession include education, employment agencies, energy, gambling, health care, public transport etc.","type":"text"}]},{"type":"heading","attrs":{"level":2},"content":[{"text":"Establishing your subsidiary – step-by-step","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"These are the ","type":"text"},{"text":"steps needed to be followed","type":"text","marks":[{"type":"bold"}]},{"text":" in order to set up your subsidiary (in a general situation):","type":"text"}]},{"type":"ordered_list","attrs":{"order":{"order":1}},"content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Budget the costs of the establishment.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Choose the legal form of your company: GmbH or AG.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Choose and check the trade name under which your company will be registered in the commercial register. The company name can be freely chosen but it must be sufficiently distinguishable from other company names formerly registered. The company name must contain the legal form of the company (AG or GmbH).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Search for board members, auditors (if applicable) and a domicile (local address).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Open a capital contribution account with a Swiss bank and pay-up the capital contribution. This might take some time. For the notarization of the necessary documentation, a document of the respective bank is needed that confirms that the capital contribution has been fully paid-up.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Contact your Swiss notary (e.g. Lex Futura), furnish all the necessary information, and set up a date to notarize and sign all the documents.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Submit the registration to the commercial register.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Release of the capital contribution at the bank (show extract from the commercial register).","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Register for VAT with the Federal Tax Administration.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Make sure to have any licenses needed to run your business, if required.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Enroll employees in the Social Insurance System and conclude necessary insurance contracts.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]},{"type":"heading","attrs":{"level":3},"content":[{"text":"Overview: Documentation needed for Registration with Commercial Register","type":"text","marks":[{"type":"bold"}]}]},{"type":"bullet_list","content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Articles of Association (notarized)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Signatures of people to be registered in the commercial register with signatory power (notarized, and apostilled, if notarization takes place outside of Switzerland)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Public Deed on the establishment of the Company (notarized)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Lex Friedrich Statement (declaration that no real estate is being acquired or intended to be acquired by a non-resident)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Protocol of the Board of Directors (issuance of signatory powers and decision o domicile)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Commercial Registry Registration Form","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Domicile Acceptance Declaration (if the company does not have its own offices)","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"If there is a contribution in-kind, acquisition of assets, intended acquisition of assets","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Declaration of the acceptance of election from the Board Members","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":"The documents need to be handed in in German, but your notary (e.g. Lex Futura) can issue them bilingually.","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9516138,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/aaa2e54aaf/csm_photo_subsidiaries_blog_e7a3302e7d.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"In this blog article you get an overview of different options and issues when setting up a subsidiary in Switzerland. This helps you to face all potential risks early on in the establishing-process and to avoid unnecessary costs and delays.","publishedAt":"2022-03-23 00:00","readMoreText":"Read more","authorPicture":{"id":9516142,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/232e22c1c1/csm_joelle_marciano_47fd9c9ee6.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Joelle Marciano","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"setting-up-a-subsidiary-in-switzerland-options-advantages-and-issues","full_slug":"blog/setting-up-a-subsidiary-in-switzerland-options-advantages-and-issues","sort_by_date":null,"position":-190,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"34f16976-9fd7-463c-bd6d-4d74b06ba046","first_published_at":"2023-05-29T19:18:16.831Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Using Calderbank offers in arbitration – Seven tips","created_at":"2023-05-29T19:18:42.486Z","published_at":"2023-06-30T08:19:45.602Z","id":315404355,"uuid":"da0cb77b-5c0c-435f-8af0-d16d8a28bb35","content":{"_uid":"b7426332-b5e6-473b-a57d-d0d0ea2a731d","title":"Using Calderbank offers in arbitration – Seven tips","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"5ac75c4f-de13-4109-a8d3-a50c3b8ca5d9","title":"Using Calderbank offers in arbitration – Seven tips","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Calderbank offers are a useful cost management technique in international arbitration. They can offer significant protection against an adverse costs award. However, a Calderbank offer must be drafted carefully and presented in the right procedural environment. The present blog post offers seven tip","ogDescription":""}],"contents":[{"_uid":"8db0ef63-67b2-4dda-bd64-62576615296c","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Calderbank offers are a useful cost management technique in international arbitration. They can offer significant protection against an adverse costs award. However, a Calderbank offer must be drafted carefully and presented in the right procedural environment. The present blog post offers seven tips for making a Calderbank offer.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is a Calderbank offer?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"A concept originating form English law, Calderbank offers are settlement offers made to the other party (“without prejudice save as to costs”) with the intention of shifting the allocation of litigation costs. If the offeree rejects the settlement offer and later on obtains a litigation result that is worse than the settlement offer received, it shall bear the costs of the proceedings, unless it can demonstrate that refusing the offer was reasonable under the circumstances.","type":"text"}]},{"type":"paragraph","content":[{"text":"This rule is based on the reasoning that such litigation costs are considered unnecessary. The offeree had the option of accepting the more or equally favourable settlement offer and thereby avoiding the litigation costs altogether or at least part of it (i.e. as of the moment when the offer was made).","type":"text"}]},{"type":"paragraph","content":[{"text":"Example","type":"text","marks":[{"type":"italic"}]},{"text":": Company A sues Company B for USD 10 million. Company B make a Calderbank offer proposing to pay USD 7 million. Company A rejects the offer, and the litigation continues. The tribunal awards USD 6 million to Company A, but orders Company A to bear all litigation costs (including Company B’s attorney fees) incurred after the Calderbank offer.","type":"text"}]},{"type":"paragraph","content":[{"text":"Accordingly, the offeree risks having to bear the costs of the proceedings despite winning on the merits of the case. A Calderbank offer enables a party to reduce its costs risk that stems from the general cost allocation rule pursuant to which the loser bears the costs.","type":"text"}]},{"type":"paragraph","content":[{"text":"Importantly, Calderbank offers are not disclosed to the court until the allocation of costs thereby avoiding any influence on the merits decision. This is usually ensured by submitting the refused Calderbank offer to the court in a sealed envelope (only to be opened after the decision on the merits). Procedurally, the costs order is only issued after the decision on the merits (see Rule 47.1, Civil Procedure Rules; ","type":"text"},{"text":"https://www.justice.gov.uk/courts/procedure-rules/civil/rules/part-47-procedure-for-detailed-assessment","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.justice.gov.uk/courts/procedure-rules/civil/rules/part-47-procedure-for-detailed-assessment","uuid":null,"anchor":null,"target":null,"linktype":"url"}}]},{"text":").","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Why use Calderbank offers?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Protection of costs: By making a Calderbank offer a party can reduce its costs risk in an arbitration or litigation.","type":"text"}]},{"type":"paragraph","content":[{"text":"Incentive to settle: A Calderbank offer puts the other party under pressure as it increases their costs risks. This serves as an incentive for settlement which would also avoid any future litigation or arbitration costs.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"How are Calderbank offers regulated in international arbitration?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Only very few institutional rules address the issue of Calderbank offers directly (e.g. Arbitration Rules of the Swiss Association of Engineers and Architects). Frequently, institutional rules are silent on the issue but grant a tribunal a wide discretion in allocating costs. There is general consensus, that tribunals have the discretion to infer cost consequences from a Calderbank offer; however, they are under no obligation to do so.","type":"text"}]},{"type":"paragraph","content":[{"text":"A procedural issue stemming from the differences between international arbitrations and English civil litigation is the timing of submission for a Calderbank offer. While in English civil litigation, the costs are typically decided on in separate proceedings after a final decision on the merits, a final award in an arbitration contains both, a decision on the merits and on the allocation of costs.","type":"text"}]},{"type":"paragraph","content":[{"text":"Thus, one must tweak the arbitration procedure a little bit, in order to submit a Calderbank offer while ensuring confidentiality of the offer until the allocation of costs stage. Ideally, the parties can agree on a specific procedure to submit Calderbank offers in the Terms of Reference or the Procedural Order No. 1, respectively. Alternatively, a party may apply for a bifurcation of the proceedings or simply submit the Calderbank offer in a sealed envelope (English litigation style) and see whether the tribunal will accept such conduct. Finally, a party may also seek assistance from the administering institution when putting a Calderbank offer to the tribunal (see e.g. ICC Note to Parties and Arbitral Tribunals on the Conduct of the Arbitration under the ICC Rules of Arbitration, paras. 267-270; ","type":"text"},{"text":"https://iccwbo.org/content/uploads/sites/3/2020/12/icc-note-to-parties-and-arbitral-tribunals-on-the-conduct-of-arbitration-english-2021.pdf","type":"text","marks":[{"type":"link","attrs":{"href":"https://iccwbo.org/content/uploads/sites/3/2020/12/icc-note-to-parties-and-arbitral-tribunals-on-the-conduct-of-arbitration-english-2021.pdf","uuid":null,"anchor":null,"target":null,"linktype":"url"}}]},{"text":").","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Tips when making a Calderbank offer","type":"text","marks":[{"type":"bold"}]}]},{"type":"ordered_list","attrs":{"order":{"order":1}},"content":[{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Make the offer early on: The earlier the offer is made the higher the potential costs saving, as the rule generally applies only to costs incurred after the offer.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"Mark the offer clearly “without prejudice save as to costs”. This ensures that the other party may not bring the offer to the tribunal’s attention in the merits stage of the proceedings.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The offer should be clear, precise and unconditional. In particular, leave no doubt about the scope of the offer (i.e. which issues/claims are covered and which not). Otherwise, a tribunal might come to the conclusion that it was reasonable for the offeree to reject the offer; or the tribunal might even find that is impossible to determine whether the result obtained in the arbitration is better or worse than the settlement offer made, as the offer covered issues outside of the arbitration.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The issue of costs should be clearly dealt with in the offer, i.e. the offer should state whether the offer is inclusive or exclusive of the costs of the dispute.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"The offer must state the time in which the offer must be accepted and the offer must give a reasonable time for acceptance. If the offeree is provided with insufficient time to assess the offer made (which depends amongst others on the complexity of the matter), a rejection of the offer may be deemed reasonable.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"It is advisable to make reference in the offer to the principles of a Calderbank offer and to explicitly reserve the right to tender the offer on an application for costs if the offer is rejected.","type":"text"}]}]},{"type":"list_item","content":[{"type":"paragraph","content":[{"text":"If you are considering making a Calderbank offer, be proactive in the structuring of the arbitration proceedings. Try to have a section on Calderbank offers included in the Terms of Reference or Procedural Order No. 1. This section should set out whether the tribunal will generally take into account Calderbank offers when deciding on the allocation of costs and also the procedure to be followed when submitting such offer to the tribunal.","type":"text"}]}]}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"}]},{"type":"paragraph"}]},"component":"richTextBlok"}],"cardImage":{"id":9516148,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/0dd2433a7f/csm_shutterstock_1689339460_404ad09cda.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Calderbank offers are a useful cost management technique in international arbitration. They can offer significant protection against an adverse costs award. However, a Calderbank offer must be drafted carefully and presented in the right procedural environment. The present blog post offers seven tips for making a Calderbank offer.","publishedAt":"2022-02-10 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"using-calderbank-offers-in-arbitration-seven-tips","full_slug":"blog/using-calderbank-offers-in-arbitration-seven-tips","sort_by_date":null,"position":-200,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"af292788-c69c-4461-aac8-b98571211275","first_published_at":"2023-05-29T19:21:47.670Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Down Round Protection in Venture Capital - How Can Investors Protect Themselves from Price Dilution Resulting from High Company Valuations?","created_at":"2023-05-29T19:22:09.253Z","published_at":"2023-06-30T08:17:59.854Z","id":315404360,"uuid":"b317e111-3110-4503-a695-af54f09af32e","content":{"_uid":"27653171-470c-4e02-8b42-ddd2f493a6e8","title":"Down Round Protection in Venture Capital - How Can Investors Protect Themselves from Price Dilution Resulting from High Company Valuations?","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"14ca5978-98dd-49f9-b3a2-411fffe873ac","title":"Down Round Protection in Venture Capital - How Can Investors Protect Themselves from Price Dilution Resulting from High Company Valuations?","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"A start-up usually conducts several successive financing rounds. If a later financing round is carried out at a lower valuation than an earlier round, it is a Down Round. In a Down Round, Investors suffer from a so-called price dilution. Due to the lower valuation, the value of the shares falls belo","ogDescription":""}],"contents":[{"_uid":"ca844ff3-ddde-458b-adb4-ea28a82c6d78","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"A start-up usually conducts several successive financing rounds. If a later financing round is carried out at a lower valuation than an earlier round, it is a Down Round. In a Down Round, Investors suffer from a so-called price dilution. Due to the lower valuation, the value of the shares falls below the level of the original investment.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]},{"type":"hard_break"},{"type":"hard_break"},{"text":"The following article explains how investors can protect themselves against such a loss of value and which calculation methods are used in practice.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]},{"type":"hard_break"}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is meant by a ","type":"text","marks":[{"type":"bold"}]},{"text":"Down Round","type":"text","marks":[{"type":"bold"},{"type":"italic"}]},{"text":"? ","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"A ","type":"text"},{"text":"Down Round","type":"text","marks":[{"type":"italic"}]},{"text":" is when a financing round is conducted at a ","type":"text"},{"text":"pre-money company valuation that is ","type":"text","marks":[{"type":"italic"}]},{"text":"lower than the company valuation of the last financing round. A ","type":"text"},{"text":"Down Round is best ","type":"text","marks":[{"type":"italic"}]},{"text":"explained with an example: ","type":"text"}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is the problem of a Down round? ","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"In the case of a ","type":"text"},{"text":"Down Round, ","type":"text","marks":[{"type":"italic"}]},{"text":"the price paid for one share in the company is lower than the price paid by the previous investors for one share in the company, i.e., the value of one share in the Company falls below the level of the original share price. . ","type":"text"}]},{"type":"paragraph","content":[{"text":"To protect investors from such price dilution, financing round documentation regularly contain protective clauses (so-called ","type":"text"},{"text":"Down Round protection clauses","type":"text","marks":[{"type":"italic"}]},{"text":"). ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"What is a Down Round Protection Clause? ","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"With a ","type":"text"},{"text":"Down Round Protection Clause, ","type":"text","marks":[{"type":"italic"}]},{"text":"a retroactive valuation adjustment is contractually agreed so that existing investors are fully or partially protected from the negative effects of a ","type":"text"},{"text":"Down Round. ","type":"text","marks":[{"type":"italic"}]},{"text":" ","type":"text"}]},{"type":"paragraph","content":[{"text":"If the ","type":"text"},{"text":"Down Round Protection Clause ","type":"text","marks":[{"type":"italic"}]},{"text":"takes effect, existing investors are given the opportunity to subscribe for a certain number of additional shares in the Company at par value","type":"text"},{"text":", ","type":"text","marks":[{"type":"italic"}]},{"text":"i.e., the investors affected by the ","type":"text"},{"text":"Down Round","type":"text","marks":[{"type":"italic"}]},{"text":" have the right to subscribe for additional shares at par value. ","type":"text"}]},{"type":"paragraph","content":[{"text":"The number of shares to be allocated to the protected investors at par value can be determined in different ways. Essentially, a distinction is made between two methods, the ","type":"text"},{"text":"full ratchet method ","type":"text","marks":[{"type":"italic"}]},{"text":"and the ","type":"text"},{"text":"weighted average method. ","type":"text","marks":[{"type":"italic"}]},{"text":" ","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"How does the Full Ratchet method work?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The ","type":"text"},{"text":"full ratchet method ","type":"text","marks":[{"type":"italic"}]},{"text":"represents the most favorable form of dilution protection for the investor. Under this method, the investor is entitled to acquire as many new shares in the company at par value until he is in the same position as if he had acquired his existing shares in the company at the (lower) valuation of the Down Round. The investor is thus subsequently placed in the same position as if he had made his total investment at the price of the ","type":"text"},{"text":"Down Round. ","type":"text","marks":[{"type":"italic"}]},{"text":" ","type":"text"}]},{"type":"paragraph","content":[{"text":"The general formula for calculating the shares to be allocated to the investor is as follows: ","type":"text"}]},{"type":"paragraph","content":[{"text":" N =","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"How does the Weighted Average method work?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"The ","type":"text"},{"text":"weighted average method is ","type":"text","marks":[{"type":"italic"}]},{"text":"less far-reaching than the ","type":"text"},{"text":"full ratchet method","type":"text","marks":[{"type":"italic"}]},{"text":". For example, the price P is not simply calculated based on the issue amount of the ","type":"text"},{"text":"Down Round","type":"text","marks":[{"type":"italic"}]},{"text":"; instead, the volume of the previous financing rounds and the ","type":"text"},{"text":"Down Round","type":"text","marks":[{"type":"italic"}]},{"text":" is also taken into account to determine the average price P.","type":"text"}]},{"type":"paragraph","content":[{"text":"There are two variants of the Weighted Average method, the so-called ","type":"text"},{"text":"Broad Based Weighted Average method ","type":"text","marks":[{"type":"italic"}]},{"text":"and the ","type":"text"},{"text":"Narrow Based Weighted Average method","type":"text","marks":[{"type":"italic"}]},{"text":". ","type":"text"}]},{"type":"paragraph","content":[{"text":"The most founder-friendly calculation method is the ","type":"text"},{"text":"Broad Based Weighted Average method. ","type":"text","marks":[{"type":"bold"},{"type":"italic"}]},{"text":"When calculating the average price P, the following formula is applied: ","type":"text"}]},{"type":"paragraph","content":[{"text":" P =","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"Finally, the ","type":"text"},{"text":"Narrow Based Weighted Average method ","type":"text","marks":[{"type":"bold"},{"type":"italic"}]},{"text":"is a solution in the middle. When calculating the average price P, only the investments made by the investors in the respective financing round concerned are taken into account. ","type":"text"}]},{"type":"paragraph","content":[{"text":"When calculating the average price P, the following formula is applied: ","type":"text"}]},{"type":"paragraph","content":[{"text":" ","type":"text"},{"text":" P =","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph"},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"How can a down round protection clause be mitigated? ","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Founding teams are naturally keen to avoid ","type":"text"},{"text":"Down Round","type":"text","marks":[{"type":"italic"}]},{"text":" Protection Clauses altogether or at least to limit the duration or extent of the dilution protection of the investors. The reason is obvious: a ","type":"text"},{"text":"Down Round","type":"text","marks":[{"type":"italic"}]},{"text":" occurs when the company value develops negatively. In this situation, the Down Round ","type":"text"},{"text":"protection clause ","type":"text","marks":[{"type":"italic"}]},{"text":"gives investors a right to adjust the valuation – to the detriment of the founders. ","type":"text"}]},{"type":"paragraph","content":[{"text":"However, depending on the situation and risk allocation, the parties involved may provide for a time limit on the protection against dilution or a so-called ","type":"text"},{"text":"pay-to-play arrangement. ","type":"text","marks":[{"type":"italic"}]},{"text":" ","type":"text"}]},{"type":"paragraph","content":[{"text":"The time restriction is about limiting the dilution protection to the next financing round, for example. In this case, investors would only be protected if the subsequent financing round is conducted at a lower valuation. Thereafter, the Down Round Protection Clause would not be applicable anymore. ","type":"text"}]},{"type":"paragraph","content":[{"text":"If a ","type":"text"},{"text":"pay-to-play arrangement ","type":"text","marks":[{"type":"italic"}]},{"text":"is agreed between the parties, the dilution protection is made conditional upon the protected investors subscribing for new shares in the company at the issuance price of the ","type":"text"},{"text":"Down Round","type":"text","marks":[{"type":"italic"}]},{"text":", usually by exercising their subscription rights in full. If the investors do not exercise their subscription rights, it can be contractually stipulated that they lose their dilution protection and, depending on the contractual situation, also all other preferential rights. ","type":"text"}]},{"type":"paragraph","content":[{"text":"A ","type":"text"},{"text":"pay-to-play arrangement ","type":"text","marks":[{"type":"italic"}]},{"text":"can at least indirectly force investors to finance the company in the future, or it can create an incentive for investors to continue investing in subsequent financing rounds.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Conclusion","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Down Round Protection Clauses ","type":"text","marks":[{"type":"italic"}]},{"text":"can lead to a considerable dilution of the founding team and should be checked with great caution. Further, there is no limit to the complexity of such clauses as the number of investors and financing rounds increases. Accordingly, the negotiation of these contractual clauses is of great importance and the founding team should be aware of their consequences. A prior calculation of the scenarios is therefore indispensable. ","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9516152,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/e2bb7a61ee/csm_shutterstock_1903710961_271b56788b.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"A start-up usually conducts several successive financing rounds. If a later financing round is carried out at a lower valuation than an earlier round, it is a Down Round. In a Down Round, Investors suffer from a so-called price dilution. Due to the lower valuation, the value of the shares falls below the level of the original investment.\n\nThe following article explains how investors can protect themselves against such a loss of value and which calculation methods are used in practice.\n","publishedAt":"2022-02-03 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"down-round-protection-in-venture-capital-finanzierungen-wie-koennen-sich-investoren-vor-einer-preisverwaesserung-infolge-einer-zu-hohen-unternehmensbewertung-schuetzen","full_slug":"blog/down-round-protection-in-venture-capital-finanzierungen-wie-koennen-sich-investoren-vor-einer-preisverwaesserung-infolge-einer-zu-hohen-unternehmensbewertung-schuetzen","sort_by_date":null,"position":-210,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"18c52f08-2a8f-4016-8b59-4466147ad8ef","first_published_at":"2023-05-29T19:25:01.521Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Claims for transfer of cryptocurrencies and tokens","created_at":"2023-05-29T19:25:36.882Z","published_at":"2023-06-22T14:48:29.545Z","id":315404404,"uuid":"4c22cda4-6feb-478b-987a-7e84874b5890","content":{"_uid":"77974053-4e4c-40b6-b2fb-2d7a92369cea","title":"Claims for transfer of cryptocurrencies and tokens","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"f883e84a-4161-4f2a-a48f-144d92ab81a8","title":"Claims for transfer of cryptocurrencies and tokens","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Consultants in the blockchain industry are often paid in cryptocurrencies or tokens. However, disputes in this area give rise to particular problems due to the volatility of these assets. One must ask oneself whether to convert the claim into a FIAT currency, thereby avoiding the risk of negative cr","ogDescription":""}],"contents":[{"_uid":"9390343c-c6db-46b4-9f20-012e931c6e04","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Consultants in the blockchain industry are often paid in cryptocurrencies or tokens. However, disputes in this area give rise to particular problems due to the volatility of these assets. One must ask oneself whether to convert the claim into a FIAT currency, thereby avoiding the risk of negative cryptocurrency-market developments during ongoing legal proceedings. Likewise, attention must be paid to a short duration of the proceedings.","type":"text","marks":[{"type":"textStyle","attrs":{"color":"rgb(61, 61, 61)"}}]}]},{"type":"paragraph"},{"type":"heading","attrs":{"level":4},"content":[{"text":"Can the debtor choose to pay in FIAT currency instead of transferring cryptos?","type":"text"}]},{"type":"paragraph","content":[{"text":"According to Art. 84 para. 2 CO, a claim in a foreign currency can also be settled in Swiss Francs, unless the parties have excluded this in the contract. The question arises whether this provision is also applicable to cryptocurrencies or tokens.","type":"text"}]},{"type":"paragraph","content":[{"text":"Although this question has not yet been decided by the highest court, it has already been controversially debated in doctrine. The majority of scholars argues against an analogy, which means that no conversion into Swiss francs is open to the debtor. Nevertheless, a contrary court decision cannot be ruled out.","type":"text"}]},{"type":"paragraph","content":[{"text":"Should an analogy be affirmed, it would most likely be limited to cryptocurrencies and so-called payment tokens (see FINMA report: ","type":"text"},{"text":"Link","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.finma.ch/de/news/2018/02/20180216-mm-ico-wegleitung","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]},{"text":"). If an analogy is affirmed, the debtor would be free to make a payment in Swiss francs instead of the agreed cryptocurrencies / tokens. The relevant exchange rate for the conversion of the cryptocurrency / token into Swiss francs is thereby determined in principle on the due date. This would mean that the debtor could retain any positive exchange rate development between due date and payment.","type":"text"}]},{"type":"paragraph","content":[{"text":"In order to cut off this advantage to the debtor, a creditor is well advised to provide for the immediate notice of default. In addition, the notice of default also protects the creditor from a negative price development, as this could then be claimed as damage caused by default.","type":"text"}]},{"type":"paragraph","content":[{"text":"Conclusion: it is unlikely, but not impossible, that a counterparty can convert the owed cryptocurrency / token into Swiss francs (without the counterparty's consent). Nevertheless, a creditor should be advised to put the debtor in default immediately after the due date in order to prevent the debtor from retaining any exchange gains.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"Can the creditor sue for FIAT instead of cryptocurrency / token?","type":"text"}]},{"type":"paragraph","content":[{"text":"No authorization for the creditor to convert his claim denominated in cryptocurrency / token into Swiss francs can be derived from Art. 84 CO. However, if he puts the debtor in default by issuing a corresponding notice, additional legal remedies are open to him.","type":"text"}]},{"type":"paragraph","content":[{"text":"If, after the notice of default, the creditor sets the debtor an additional deadline (so-called grace period) to transfer the cryptocurrency / token and the debtor also fails to comply with this deadline, the creditor may waive the transfer of the cryptocurrency / token and instead sue for damages presumably corresponding to the Swiss franc value of the cryptocurrency / token at that time. In this way, an indirect conversion into Swiss francs is thus possible.","type":"text"}]},{"type":"heading","attrs":{"level":4},"content":[{"text":"The duration of the court proceedings as a risk factor","type":"text"}]},{"type":"paragraph","content":[{"text":"One of the main problems with a claim for transfer of cryptocurrencies or tokens is the duration of the court proceedings. It is not uncommon for a creditor to wait 18-24 months before receiving a first-instance judgment. During this time, the cryptocurrency / tokens are subject to the well-known fluctuations in value. These fluctuations can be partly countered by a quick notice of default to the debtor and a possible conversion into a claim for damages. However, it should be noted that the financial stability of the counterparty in the blockchain industry is often itself directly dependent on the market development. In this respect, a concurrent solvency risk is added to the market risk.","type":"text"}]},{"type":"paragraph","content":[{"text":"This risk can no longer be effectively avoided in the event of litigation. This risk must be addressed as early as the contract drafting stage. It is advisable to include an arbitration clause in the contract and to declare summary proceedings applicable (regardless of the amount in dispute). This should ensure that an award can be obtained within 6 months. An example of such an arbitration clause reads:","type":"text"}]},{"type":"horizontal_rule"},{"type":"paragraph","content":[{"text":"\"Any dispute, controversy, or claim arising out of, or in relation to, this contract, including regarding the validity, invalidity, breach or termination thereof, shall be resolved by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Arbitration Centre in force on the date on which the Notice of Arbitration is submitted in accordance with those Rules.","type":"text"}]},{"type":"paragraph","content":[{"text":"The number of arbitrators shall be one. The Expedited Procedure shall apply. The seat of the arbitration shall be Zurich, Switzerland.\"","type":"text"}]},{"type":"horizontal_rule"},{"type":"heading","attrs":{"level":4},"content":[{"text":"Conclusion","type":"text"}]},{"type":"paragraph","content":[{"text":"In cryptocurrency and token lawsuits, particular attention should be paid to the default rules due to the volatility of the market. The duration of the proceeding is important, which is why the conclusion of an arbitration agreement in the relevant contracts is recommended.","type":"text"}]}]},"component":"richTextBlok"}],"cardImage":{"id":9516159,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/2ea3eb8b11/csm_shutterstock_1965261655_06707f47f6.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Consultants in the blockchain industry are often paid in cryptocurrencies or tokens. However, disputes in this area give rise to particular problems due to the volatility of these assets. One must ask oneself whether to convert the claim into a FIAT currency, thereby avoiding the risk of negative cryptocurrency-market developments during ongoing legal proceedings. Likewise, attention must be paid to a short duration of the proceedings.","publishedAt":"2022-01-31 00:00","readMoreText":"Read more","authorPicture":{"id":9499935,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/78x78/89b30c2339/csm_portrait_nino_f473975896.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Nino Sievi","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"claims-for-transfer-of-cryptocurrencies-and-tokens","full_slug":"blog/claims-for-transfer-of-cryptocurrencies-and-tokens","sort_by_date":null,"position":-220,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"9028a2a1-875b-4400-8d8e-0222cc673f46","first_published_at":"2023-05-29T19:27:54.400Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Stimmrechts -und weitergehendes Pooling bei Start-Up Investitionen","created_at":"2023-06-28T19:54:02.232Z","published_at":"2023-07-04T18:53:40.807Z","id":332976838,"uuid":"ddfb13fc-1e89-4095-93ca-6caa06e780cb","content":{"_uid":"5e19ea64-8fd7-48ed-b60c-5d33461bf51c","title":"Stimmrechts -und weitergehendes Pooling bei Start-Up Investitionen","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"78f42265-dbcd-4dfb-b99e-85804b1d4c84","title":"Stimmrechts -und weitergehendes Pooling bei Start-Up Investitionen","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Bei Start-Up Investitionen besteht oft das Bedürfnis, mehrere Kleininvestoren «zu bündeln». In diesem Zusammenhang spricht man von Syndizierung oder Pooling. Vereinfacht gesprochen geht es darum, dass sich mehrerer Investorinnen und Investoren \"zusammenschliessen\". Formen der Syndizierung sind beisp","ogDescription":""}],"contents":[{"_uid":"a9e7e470-0417-4ddd-8366-95eb494e7e76","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Was ist ein Stimmrechtspooling?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Der Begriff Stimmrechtspooling beschreibt einen Zustand, in welchem bestimmte Investorinnen und Investoren (in der Regel Minderheitsaktionäre mit einem Anteil von weniger als 2-5%) ihre Stimmrechte bündeln und einen Lead Investor oder eine andere Person (Vertreter) bevollmächtigen, ihre Aktionärsrechte auszuüben. Der Vertreter wird dabei bevollmächtigt, die Minderheitsaktionäre bei Aktionärsbeschlüssen zu vertreten. Die Bevollmächtigung hat dabei keinen Einfluss auf die Eigentümerstellung der Minderheitsaktionäre. Diese bleiben dabei Eigentümer der Beteiligungsrechte und bevollmächtigen den Vertreter in der Regel nur zur Ausübung der damit verbundenen Stimmrechte. ","type":"text"}]},{"type":"paragraph","content":[{"text":"Die Bevollmächtigung kann jedoch über die blosse Stimmrechtsausübung hinausgehen. So gibt es beispielsweise vertragliche Regelungen, gemäss welchen der Vertreter nicht nur das Stimmrecht ausüben darf, sondern im Namen und in Vertretung der Minderheitsaktionäre auch den Aktionärbindungsvertrag anpassen und neu verhandeln, allfällige sonstige Vereinbarungen im Zusammenhang mit der Investition unterzeichnen und ganz allgemein als Vertreter der Minderheitsaktionäre im Zusammenhang mit der Investition in das Unternehmen agieren kann.","type":"text"}]},{"type":"paragraph","content":[{"text":"Das konkrete Ausmass des Poolings ist somit vom Einzelfall abhängig.","type":"text"}]},{"type":"paragraph","content":[{"text":"Was sind die rechtlichen Grundlagen des Stimmrechtspoolings?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Gesetzliche Grundlage des Stimmrechtspoolings ist Art. 689 Abs. 2 OR, wonach sich jeder Aktionär – vorbehältlich einer anderen Regelung in den Statuten – durch einen Dritten vertreten lassen darf. Die entsprechende Bevollmächtigung muss gemäss Art. 689a Abs. 1 OR schriftlich erfolgen, wobei gemäss herrschender Lehre auch eine elektronische Vollmacht zulässig ist. Im neuen Aktienrecht (ab 01. Januar 2023 in Kraft) befindet sich die gesetzliche Grundlage in Art. 689b Abs. 1 nOR.","type":"text"}]},{"type":"paragraph","content":[{"text":"Weiter sind die allgemeinen Regelungen des Stellvertretungsrecht in Art. 32 ff. OR zu beachten.","type":"text"}]},{"type":"paragraph","content":[{"text":"Praktisch erfolgt die Bevollmächtigung in der Regel durch eine entsprechende Vertragsklausel im Aktionärsbindungsvertrag und durch Unterzeichnung einer separaten schriftlichen Vollmacht.","type":"text"}]},{"type":"paragraph","content":[{"text":"Der Umfang der Vollmacht ist dabei von den Abreden im Aktionärbindungsvertrag abhängig.","type":"text"}]},{"type":"paragraph","content":[{"text":"Wie hat der Vertreter konkret vorzugehen?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Der Vertreter ist bei der Ausübung der Stimmrechts grundsätzlich an die Weisungen Minderheitsaktionären gebunden. Wie die Weisungen durch den Vertreter in Empfang genommen werden, hängt von der konkreten Ausgestaltung des Aktionärbindungsvertrags ab.","type":"text"}]},{"type":"paragraph","content":[{"text":"Entweder kann jeder Minderheitsaktionär vorab eine individuelle Weisung erteilen oder die Minderheitsaktionäre verpflichten sich, den Vertreter gemäss Mehrheitsbeschluss zu instruieren.","type":"text"}]},{"type":"paragraph","content":[{"text":"Kann die Vollmacht widerrufen werden?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Bei einer Bevollmächtigung muss stets berücksichtigt werden, dass die Vollmacht gemäss Art. 34 Abs. 1 und 2 OR jederzeit widerrufen werden kann. Die jederzeitige Widerrufsmöglichkeit darf gemäss herrschender Lehre auch nicht indirekt beschränkt werden, indem zum Beispiel eine Konventionalstrafe für den Fall des Widerrufs vereinbart wird.","type":"text"}]},{"type":"paragraph","content":[{"text":"Ein Pooling über Vollmachten ist damit bei genauer Betrachtung ein «schwaches» Pooling, da es von den Minderheitsaktionäre jederzeit widerrufen werden kann. Diese jederzeitige Widerrufbarkeit ist ein wesentlicher Unterschied zum deutschen Recht, wonach eine Vollmacht unter gewissen Bedingungen unwiderruflich ausgestaltet werden kann.","type":"text"}]},{"type":"paragraph","content":[{"text":"Wie kann eine Pooling Vereinbarung vertraglich umgesetzt werden?","type":"text","marks":[{"type":"bold"}]}]},{"type":"paragraph","content":[{"text":"Die vertragliche Ausgestaltung einer Pooling-Vereinbarung ist stark vom Einzelfall abhängig. Ein generisches Beispiel ohne Rücksichtnahme auf den Einzelfall könnte in einem Aktionärbindungsvertrag wie folgt ausgestaltet sein:","type":"text"}]},{"type":"paragraph"},{"type":"paragraph","content":[{"text":"Disclaimer: Die in diesem Beitrag enthaltenen Informationen dienen allgemeinen Informationszwecken und stellen keine rechtliche oder steuerliche Beratung dar. Im konkreten Einzelfall kann der vorliegende Inhalt keine individuelle Beratung durch fachkundige Personen ersetzen.","type":"text","marks":[{"type":"italic"},{"type":"subscript"}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":10050261,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/5af3ce362d/csm_shutterstock_792997054_4c1dbb4270.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Bei Start-Up Investitionen besteht oft das Bedürfnis, mehrere Kleininvestoren «zu bündeln». In diesem Zusammenhang spricht man von Syndizierung oder Pooling. Vereinfacht gesprochen geht es darum, dass sich mehrerer Investorinnen und Investoren \"zusammenschliessen\". Formen der Syndizierung sind beispielsweise das Kapitalpooling, das Treuhandmodell und das Stimmrechts- oder sonstige Pooling. Der nachstehende Beitrag befasst sich mit der Thematik des Stimmrechtspoolings und präsentiert eine mögliche Vertragsformulierung.","publishedAt":"2022-01-27 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Alain Friedrich","backButtonText":"Back to overview","printButtonText":"Get PDF"},"slug":"stimmrechts-und-weitergehendes-pooling-bei-start-up-investitionen","full_slug":"blog/stimmrechts-und-weitergehendes-pooling-bei-start-up-investitionen","sort_by_date":null,"position":-370,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"1128e61a-c02e-4f1f-b9b8-137c5c1a3f81","first_published_at":"2023-06-28T19:56:44.342Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null},{"name":"Hedge Fund Regulation","created_at":"2023-05-22T15:21:02.765Z","published_at":"2023-06-30T09:01:52.248Z","id":311354071,"uuid":"f40ad10f-ad7a-41c4-9b4a-45324046c9b3","content":{"_uid":"14d755ea-62ed-4f9e-b698-91d0d486f502","title":"Hedge Fund Regulation","layout":"70120429-72e9-4d20-b932-57cf94568664","seoTags":[{"_uid":"9089f0f0-d90b-487c-b419-66a74cbae93d","title":"Hedge Fund Regulation","noIndex":false,"ogImage":{"id":null,"alt":null,"name":"","focus":null,"title":null,"source":null,"filename":"","copyright":null,"fieldtype":"asset","meta_data":{}},"ogTitle":"","nofollow":false,"component":"seoTags","description":"Unregulated investment funds – commonly known as hedge funds – have have been important participants in the globalised financial markets. Their regulation is however still debated quite heavely. In this article, Alain Friedrich contributes to the discussion of hedge fund regulation and proposes a ne","ogDescription":""}],"contents":[{"_uid":"41e6dc79-3c9f-498f-b9f7-db7c4b726776","content":{"type":"doc","content":[{"type":"paragraph","content":[{"text":"Click here to read to article (in German only).","type":"text","marks":[{"type":"link","attrs":{"href":"https://www.lexfutura.ch/fileadmin/lexfutura.ch/Bilder/Blog/2011-Hedge-Fund-Regulation.pdf","uuid":null,"anchor":null,"target":"_blank","linktype":"url"}}]}]}]},"component":"richTextBlok"}],"cardImage":{"id":9378332,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/948x562/fe9ae0f70b/csm_hedgefund_6bff8d0551.jpg","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"component":"BlogArticle","description":"Unregulated investment funds – commonly known as hedge funds – have have been important participants in the globalised financial markets. Their regulation is however still debated quite heavely. In this article, Alain Friedrich contributes to the discussion of hedge fund regulation and proposes a new regulatory framework by recommending a set of international minimum standards for hedge fund regulation.","publishedAt":"2011-06-23 00:00","readMoreText":"Read more","authorPicture":{"id":8907334,"alt":"","name":"","focus":"","title":"","source":"","filename":"https://a.storyblok.com/f/198842/4752x3168/833b9fbb8d/alain-friedrich.png","copyright":"","fieldtype":"asset","meta_data":{},"is_external_url":false},"writtenByText":"Written by Alain","backButtonText":"Back to overview","printButtonText":"Get PDF","relatedArticlesSection":[]},"slug":"hedge-fund-regulation","full_slug":"blog/hedge-fund-regulation","sort_by_date":null,"position":70,"tag_list":[],"is_startpage":false,"parent_id":274615531,"meta_data":null,"group_id":"95a7265c-a973-4025-8708-3f1272d6b79a","first_published_at":"2023-05-22T15:27:30.918Z","release_id":null,"lang":"default","path":null,"alternates":[],"default_full_slug":null,"translated_slugs":null}],"key":288819950},"__N_SSG":true},"page":"/blog","query":{},"buildId":"s3h2bMhoKppDjJQi41ExR","isFallback":false,"gsp":true,"locale":"de","locales":["de","en"],"defaultLocale":"de","scriptLoader":[{"strategy":"afterInteractive","id":"gtmHead","dangerouslySetInnerHTML":{"__html":"(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':\n new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],\n j=d.createElement(s),dl=l!='dataLayer'?'\u0026l='+l:'';j.async=true;j.src=\n 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);\n })(window,document,'script','dataLayer','GTM-KPPSXDQ');"}}]}</script></body></html>