On 31 December 2020 the transition period for the UK’s exit from the EU ended and the EU-UK Trade and Cooperation Agreement was finalised. As the UK has not acceded to the Lugano Convention 2007, from 1 January 2021 questions relating to the jurisdiction of courts and the recognition and […]
What’s new in the 2021 ICC Rules on joinder and consolidation? The most notable changes in the new 2021 ICC Rules of Arbitration, which are applicable to all ICC arbitrations initiated from 1 January 2021, make it easier to join an additional party to a pending arbitration and to consolidate […]
OVERVIEW AND KEY TAKE-AWAYS The U.S. Anti-Money Laundering Act 2020 (« AMLA ») expands the ability of U.S. Authorities to request information from Swiss banks that use U.S. correspondent banks. The information may be requested in respect of any bank account of the foreign bank that is related to a pertinent U.S. […]
On 23 November 2020, the English Commercial Court (the “Court”) upheld a challenge brought by the Republic of Kazakhstan (“Kazakhstan”) under section 68(2)(a) of the Arbitration Act 1996 (the “Act”). The Court held that the tribunal had awarded damages to World Wide Minerals Limited (“WWM”) and another (together, the “Defendants”) […]
The growing reach and impact of business enterprises have given rise to a debate about the roles and responsibilities of such actors regarding human rights and have led to the placement of business and human rights (“BHR”) on the agenda of many international organisations and countries. At an international level, […]
On 9 October 2020, the English Supreme Court (the “Court”) in Enka Insaat Ve Sanayi AS (“Enka”) v OOO Insurance Company Chubb (“Chubb”)[1] clarified the applicable principles for determining the proper law of an arbitration agreement. The contract in question did not contain a choice of law governing the contract […]
Introduction The received wisdom is that virtual hearings are a subprime alternative to in-person hearings, a secondary option to be used only when classical in-person hearings are not possible or too costly. However, as a result of technological advances, and a change in perceptions based on recent experiences, virtual hearings […]
Einführung Am 25. März 2020 erliess der Bundesrat die COVID-19-Solidarbürgschaftsverordnung zur Abfederung der wirtschaftlichen Auswirkungen der Bekämpfung der COVID-19-Pandemie. Bis heute (Stand 22. Juni 2020) wurden unter dieser Verordnung ca. 128’500 Kredite im Umfang von ca. CHF 15 Milliarden gewährt. Medienberichterstattung über Missbräuche und eingeleitete Ermittlungen der Strafverfolgungsbehörden In den […]
Electricity, and the business of its wholesale trading, have particular characteristics which set them apart from the trading of other goods. It is for this reason that electricity trading is specifically excluded from the United Nations Convention on Contracts for the International Sale of Goods (see Article 2(f)). Electricity is […]
In the pandemic, many undertakings must focus on survival and need to maintain liquidity, which demands ongoing earnings and control of costs. Ongoing earnings are hard to achieve in a global economic downturn. No doubt that the ubiquitous and ever-present legal risks associated with being in the business of doing […]
Le 16 avril 2020, le Conseil fédéral a modifié l’Ordonnance 2 sur les mesures destinées à lutter contre le coronavirus (COVID-19) (« Ordonnance 2 COVID-19 ») du 13 mars 2020[1] et adapté la réglementation applicables aux employeurs concernant les employés particulièrement vulnérables. Qui est un employé particulièrement vulnérable ? Un employé particulièrement […]
On 21 March 2020, the Swiss Federal Government promulgated the Ordinance on the suspension of time periods in civil and administrative proceedings to provide for the discharge of justice during the current Covid-19 crisis. On 9 April 2020, the Swiss Federal Government announced that the suspension of time periods in […]
The recent outbreak of COVID-19 and the public health measures taken by the Swiss government are causing many businesses to face extraordinary challenges, potentially leading to financial distress. Difficulties may arise for a company either because it has trouble, as a creditor, collecting receivables from distressed debtors and/or because it […]
All parties involved in construction projects – contractors, employers, subcontractors, and suppliers – should be mindful that their actions or inaction now could have a significant impact on their legal position once the COVID-19 crisis subsides. Magnanimous expressions of solidarity and understanding by contractual counterparties may be quickly forgotten when […]
Following the recent market shakedown amidst the Covid-19 pandemic, banks have been issuing margin calls to their counterparties. Who is affected? Broadly speaking, two types of investors: The first category are wealthy clients who have been investing in stock markets on a leveraged basis, through so-called Lombard loans, which are […]