Publications
- 2025
Ein Swiss Senior Managers Regime ante portas
Erscheint in: SZW 2/2025
- 2024
FINMA's Fining Authority – An Effective Deterrent?
[FINMA-Bussenkompetenz – wirksames Mittel zur Abschreckung?]
Essay in: Schweizerische Zeitschrift für Gesellschafts- und Kapitalmarktrecht sowie Umstrukturierungen GesKR 2/2024, pp. 129–154.
The article discusses the fine desired by FINMA in the form of a pecuniary administrative sanction against financial institutions, but not individuals. It provides answers to the question of what consequences this – if introduced as proposed – would likely have for FINMA's practice. Furthermore, alternative approaches to encouraging more compliance are presented. Additionally, it highlights the real need for action in the enforcement of financial market (supervisory) law.
Download the English table of contents and conclusions.
- 2024
Behavioural Options for Banks in the Procedural Vise – On the Practical Handling of the Tension Between Supervisory Disclosure Obligations adn Criminal Procedural Self-Incrimination Rights
[Verhaltensoptionen für Banken im prozeduralen Schraubstock]
Essay in: Alain Macaluso | Laurent Moreillon | Carlo Lombardini | Andrew M. Garbarski (eds.), Développements récents en droit pénal de l'entreprise IV [Recent developments in corporate criminal law], CEDIDAC, Bern, Stämpfli Editions, 2024, pp. 37–75
Download the English table of contents and conclusions
- 2023
Financial markets supervision between power and powerlessness – The Postfinance case highlights the challenge of creating effective supervision
[Finanzmarktaufsicht zwischen Macht und Ohnmacht]
Essay in: Swiss Review of Business and Financial Market Law 6/2023, pp. 623–643
Since its inception, FINMA has been the subject of constant criticism. The well documented case of FINMA's enforcement of a capital surcharge drastically demonstrates how difficult it is to successfully implement the legal mandate in individual cases. "Postfinance", which also represents "Credit Suisse", points to a number of levers for more effective supervision. However, this presupposes that effective independent supervision is actually possible. — For further reading: Judgement 2C_283/2023 of 20 November 2024 of the Swiss Federal Tribunal.
Download the full essay in English.
- 2023
The Swiss supervisory privilege for documents from the supervisory relationship – An unwieldy and little-used instrument with potential
[Das Supervisory Privilege für Akten aus dem Aufsichtsverhältnis]
Essay in: Swiss Review of Business and Financial Market Law 2/2023, pp. 145–165.
The Swiss Supervisory Privilege, which was added to FINMASA in 2016, is a new legal institution. It empowers FINMA to protect documents from the supervisory relationship between a supervised entity and itself by prohibiting their disclosure to third-party authorities and other third parties without FINMA's consent if there are grounds for doing so that are patricularly worthy of protection.
Download the English table of contents and conclusions.
- 2022
FINMA's financial markets enforcement – Proceedings to enforce the Swiss financial market law
[Finanzmarktenforcement – Verfahren zur Durchsetzung des Schweizer Finanzmarktrechts]
Monography: Urs Zulauf I David Wyss (Editors) — Fritz Ammann I Nora Benninger I Patric Eymann I Christoph Kuhn I Claudia M. Fritsche I Florian Schönknecht I Kathrin Tanner I Olivier Thormann I David Wyss I Urs Zulauf (Authors), 3rd. completely revised edition, Bern, Stämpfli Verlag, 2022, 773 pages.
Download the German original.
- 2022
Too big to fail regulation – Status in Switzerland
[Too big to fail-Regulierung – Stand in der Schweiz]
Essay in: GesKR 1/2022, pp. 26-59.
Download the full essay in English.
- 2019
Has the TBTF problem been solved in Switzerland?
[Ist das TBTF-Problem in der Schweiz gelöst?]
Presentation as part of the ‘Ten years of financial market supervision’ event at the University of Bern, 17 October 2019.
Download the German original.
- 2016
View of the supervisory authority
[Sicht der Aufsichtsbehörde]
Contribution in: Flavio Romerio I Claudio Bazzani (Editors), Interne und regulatorische Untersuchungen II [Internal and regulatory investigations II], Zurich, Schulthess Verlag, 2016 (= Europa Institut Zurich, 172), pp. 65–89.
Download the German original.
- 2014
FINMA’s financial market enforcement – instruments and their use in practice
[Finanzmarktenforcement der FINMA – Die Instrumente und ihr Einsatz in der Praxis]
Essay in: Susan Emmenegger (Editor), Banken zwischen Strafrecht und Aufsichtsrecht [Banks between criminal law and supervisory law], Basel, Helbing Lichtenhahn Verlag, 2014 (= Schweizerische Bankrechtstagung [Swiss Banking Law Conference], SBT 2014), pp. 83–139.
Download the German original.
- 2014
FINMA enforcement procedure: concrete instruments and implementation
[Procédure d’enforcement de la FINMA : instruments et mise en oeuvre conrète]
Essay in: Jusletter, 1 September 2014. (transaltion of the German orginial, published in SBT 2014)
Download the French original.
- 2013
Financial market enforcement – Proceedings to enforce the Swiss financial market law
[Finanzmarktenforcement – Verfahren zur Durchsetzung des Schweizer Finanzmarktrechts]
Monography: Urs Zulauf I David Wyss I Kathrin Tanner I Michel Kähr I Claudia M. Fritsche I Patric Eymann I Fritz Ammann, 2nd fully revised edition, Bern, Stämpfli Verlag, 2013, 443 pages.
- 2011
Market supervision in Switzerland – an overview
[Marktaufsicht in der Schweiz – eine Bestandesaufnahme]
Essay in: Schweizerische Zeitschrift für Wirtschaftsrecht SZW [Swiss Review of Business and Financial Market Law] 83 (6) 2011, pp. 560–576.
Download the German original.
- 2010
A storm that clears the air? Minor damage or write-off?
[Reinigendes Gewitter? Blech- oder Totalschaden?]]
Commentary in: Peter R. Isler I Romeo Cerutti (Editors), Vermögensverwaltung III [Asset management III], Zurich, Schulthess Verlag (= Europa Institut Zurich, 105), pp. 109–111.
Download the German original.
- 2008
Finanzmarktenforcement [Financial market enforcement]
Monography: Urs Zulauf I David Wyss I Daniel Roth, Bern, Stämpfli Verlag, 2008, 331 pages.
- 2001
Imaginary office or actual branch? – The territorial scope provide by Swiss financial market supervisory law and its implementation by the Swiss Federal Banking Commission vis-à-vis foreign banks and securities dealers
[Fiktiver Sitz oder faktische Zweigniederlassung? – Der räumliche Geltungsbereich schweizerischer Finanzmarktaufsichtsgesetze und ihre Durchsetzung durch die Eidg. Bankenkommission gegenüber ausländischen Banken und Effektenhändlern]
Contribution by David Wyss I Urs Zulauf in: Karl Spühler (Editor), Internationales Zivilprozess- und Verfahrensrecht [International civil procedure and procedural law], Zurich, Schulthess Verlag (= Internationales Zivil- und Verfahrensrecht [International civil procedure and procedural law], 117), pp. 117–152.
Download the German original.
- 1999
Banking services in the WTO’s General Agreement on Trade in Services: the implications for Swiss banking law
[Bankdienstleistungen im Allgemeinen Dienstleistungsabkommen der WTO: Auswirkungen auf das schweizerischen Bankenrecht]
Monography (Dissertation): Bern, Peter Lang, 1999 (= Studies in Global Economic Law/Studien zum globalen Wirtschaftsrecht/Études en droit économique mondial, 2).
- 1998
Die Schweizer Banken und die Folgen eines Beitritts der Schweiz zur Europäischen Union
Aufsatz (Co-Autor: Claude Alain Margelisch) in: Thomas Cottier / Alwin R. Kopse (Hrsg.), Der Beitritt der Schweiz zur Europäisichen Union – Brennpunkte und Auswirkungen, Zürich, Schulthess Polygraphischer Verlag, 1998, S. 797–832
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