Author Archives: Sandro Fehlmann
Blackout Periods & Trading Plans – An Examination of an Underutilized Tool to Prevent Insider Trading
Blackout periods are an important, though lightly regulated, component of the insider trading compliance programs of Swiss listed companies. We analyze a number of trends that are inherent to the design of blackout periods in Switzerland. We also examine the use of trading plans, known as “Rule 10b5-1 plans” in the United States, which may also form part of a well-designed insider trading compliance program but which appear to be less popular in Switzerland.
By Sandro Fehlmann / Deirdre Ní Annracháin (Reference: CapLaw-2023-23)
New Regulatory Guidelines on Operational Risks and Remuneration Schemes for Banks, Securities Dealers and Financial Groups/Conglomerates
On 1 November 2016, FINMA published the revised circulars 2008/21 on “Operational risks – banks” and 2010/1 on “Remuneration schemes” which both have been revised in the context of the new FINMA circular 2017/1 “Corporate governance – banks”. The most significant changes pertain to i) the adoption of minimum requirements for the regulation of IT and cyber risks in the revised circular 2008/21 as well as ii) a narrowed scope of application and the prohibition of hedge transactions in the revised circular 2010/1. Both revised circulars will enter into force on 1 July 2017.
By Peter Ch. Hsu / Sandro Fehlmann (Reference: CapLaw-2017-26)
New Regulatory Guidelines on Corporate Governance for Banks, Securities Dealers and Financial Groups/Conglomerates (FINMA Circular 2017/1)
On 1 November 2016, FINMA published its new circular 2017/1 on “Corporate governance – banks” streamlining the regulatory framework on corporate governance for banks, securities dealers, financial groups and conglomerates by defining partially revised minimum requirements and underlying principles. The new circular consolidates and replaces three former FINMA circulars and addresses the experiences made in the financial crisis as well as the revised international standards. The most significant changes pertain to i) FINMA’s commitment to a more principle based approach and consistent application of the principle of proportionality, ii) the introduction of provisions for the audit and risk committee of the governing body as well as iii) the possibility to delegate the internal audit function to another unregulated group company, provided such group company fulfills certain minimum requirements regarding capabilities and resources. The new circular will enter into force on 1 July 2017.
By Peter Ch. Hsu / Sandro Fehlmann (Reference: CapLaw-2017-17)