Abstract
Crowdfunding has become an important alternative to finance a broad variety of commercial and non-commercial projects in Switzerland. The established forms of crowdfunding include crowddonating, crowdsupporting, crowd pre-financing, crowdlending and crowdinvesting. Although the Swiss crowdfunding market has developed rapidly in the last years, only few specific regulation of crowdfunding exists. For the most part crowdfunding must therefore be embedded into the non-specialized regulatory environment, which raises various issues. The Swiss government has recognized the respective problems, including the resulting potential losses in terms of innovation and economic growth. This resulted in several recent amendments of the regulatory framework, in particular regarding crowdlending. This contribution provides a brief overview of the Swiss crowdfunding market and the regulatory environment with status as of July 2019. For the latest developments see Troxler (Crowdfunding und Vertrauensschutz - Grundlagen und rechtsvergleichende Betrachtungen. In: Blaurock, Maultzsch (eds.) Vertrauensschutz im digitalen Zeitalter. Nomos, Baden-Baden, pp 73–140, 2020a), Troxler (Crowdfunding and the Protection of Trust - Fundamentals and Comparative Law Considerations. University of Oxford. Oxford Business Law Blog. https://www.law.ox.ac.uk/business-law-blog/blog/2020/07/crowdfunding-and-protection-trust-fundamentals-and-comparative-law, 2020b) and Troxler (Crowdfunding in der Schweiz - Eine kritische Würdigung der regulatorischen Rahmenbedingungen, Jusletter, 2021).
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Notes
- 1.
The same point has been highlighted in the FINMA Fact Sheet on Virtual currencies of 1 January 2019.
- 2.
The Swiss Crowdfunding Association has a website with further information which can be accessed at the following link: http://www.swisscrowdfundingassociation.ch.
- 3.
For exceptions, see the consumer credit regulation as described infra.
- 4.
The issues regarding the reform of the Swiss regulatory framework have been subject to discussions at the Swiss Parliament and at the Swiss Federal Council (no. 15.073), as evidenced at the following link: https://www.parlament.ch/de/ratsbetrieb/suche-curia-vista/geschaeft?AffairId=20150073.
- 5.
The element of a «small investment», however, is not always used in the definitions and partially is criticized in the literature as unsuitable, as shown in Fritschi (2018), p. 19.
- 6.
This kind of crowdfunding has also been termed as reward-based crowdfunding (Fritschi 2018, pp. 30–32).
- 7.
See also Ancelle and Fischer (2016) who tend to include crowd pre-financing in the term ‘crowdsupporting’ and ‘reward-based crowdfunding’.
- 8.
Further elaboration on crowdinvesting is provided by Baumann (2014).
- 9.
From a formal legal perspective subordinated bonds are, of course, not equity capital in a strict sense. However, economically they fulfill similar function.
- 10.
- 11.
The Swiss federal Council report deals with fintech in general, including crowdfunding. For regulations that specifically address crowdfunding, please see our developments infra.
- 12.
- 13.
The Act being referred to SR 221.214.1 as of 23 March 2001 (status as of 1 April 2019).
- 14.
For further details, please see our developments infra and also Bahar and Trippel (2017), p. 633.
- 15.
E.g. regarding collective investment schemes and structured products, see Bahar and Trippel (2017), pp. 636–638; Durand (2018), pp. 29–30. These subjects are currently rather irrelevant for crowdfunding in Switzerland, as generally no collective investment schemes or structured products are financed or distributed via crowdfunding platforms (see, however, Durand (2018), p. 30, for the possibility that some recent crowdfunding activities might fall under the regulations for collective investment scheme. As a reminding caveat it should, though, be kept in mind that, whenever collective investment schemes or structured financial products according to the Swiss collective investment scheme regulations are involved in any kind of transaction, special attention must be paid to the required authorizations, licenses and prospectus requirements. See also, for instance, Grieder and Essebier (2013), p. 7; Kunz (2014), pp. 11–12; Hettich (2013), pp. 393–394; Maizar and Kühne (2016), pp. 115–118. For an overview on license requirements for the distribution of collective investment schemes, see the FINMA Circular 2013/9, Vertrieb kollektiver Kapitalanlagen.
- 16.
Further details are also metionned in the FINMA Fact Sheet of 1 August 2017 on Crowdfunding.
- 17.
For a comprehensive overview of the typical contends of crowdfunding platform general terms and conditions, see Fritschi (2018).
- 18.
Referred to as SR 220 as of 30 March 1911 (status as of 1 April 2017).
- 19.
Kunz (2014) is referring, however, to the simple partnership only.
- 20.
Referred to as SR 311.0 as of 21 December 1937 (status as of 1 Juli 2019).
- 21.
These are states of the Swiss Confederation.
- 22.
For limitations of interest rates and costs in connection with consumer credits, please see our developments infra.
- 23.
As already outlined above, Kunz (2014) is referring, however, to the simple partnership only.
- 24.
This goal, however, could not have been fully accomplished yet. Although the general defense level is high, some deficits in the Swiss anti-money laundering and anti-terrorist financing regime still exist. For a detailed assessment see the 2016 FATF Anti-money laundering and counter-terrorist financing measures in respect off Switzerland, Fourth Round Mutual Evaluation Report, available at www.fatf-gafi.org/publications/mutualevaluations/documents/mer-switzerland-2016.html. As a consequence, Switzerland is now subject to the FATF’s ‘enhanced follow-up’ procedure and has initiated a revision of the AMLO-FINMA (FINMA, Anti-Money Laundering Ordinance-FINMA (AMLO-FINMA)—partial revision, Key points, as of 4. September 2017, 2, see also Federal Council media release as of 28 June 2017 available at https://www.admin.ch/gov/en/start/documentation/media-releases/media-releases-federal-council.msg-id-67338.html and the Dispatch of the Federal Council on amending the Anti-Money Laundering Act available at https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-75603.html.
- 25.
Further details are notably provided in the FINMA Fact Sheet of 1 July 2016 on Combating money laundering—financial intermediaries must comply with due diligence requirements.
- 26.
As referred to as SR 955.0 as of 10 October 1997 (status as of 1 January 2019).
- 27.
Further details are also provided in the FINMA Fact Sheet of 1 July 2016 on Combating money laundering—financial intermediaries must comply with due diligence requirements. Further clarifications of the term ‘financial intermediary’ are set out in the FINMA Circular 2011/1, Tätigkeit als Finanzintermediär nach GwG.
- 28.
The FINMA position on this point has notably been set out in its Fact Sheet of 1 January 2019 on Virtual currencies, as well as in its Guidelines for enquiries regarding the regulatory framework for initial coin offering (ICOs) as of 16. February 2018.
- 29.
Further details are also set out in the FINMA Fact Sheet of 1 August 2017 on Crowdfunding, and in the FINMA Fact Sheet of 1 July 2016 on Combating money laundering: financial intermediaries must comply with due diligence requirements.
- 30.
This means of identification has notably been detailes in the FINMA Circular 2016/7, Video and online identification.
- 31.
As referred to as SR 952.0 as of 8 November 1934 (status as of 1 January 2019).
- 32.
Article 1(2) BA and Article 6 (1) of the Swiss Banking Ordinance (SR 952.02 as of 30 April 2014 (status as of 1 April 2019), BO)). In principle, recommending oneself publicly to accept deposits from the public qualifies as acting on a commercial basis. Hence, recommending oneself publicly to accept deposits from the public in principle requires a banking license. For exceptions, see Article 6 (2) BO.
- 33.
Article 1(2), 6a(3) BA and Article 7 BO (SR 952.02 as of 30 April 2014 (status as of 1 April 2019)).
- 34.
‘Non Banks’ are furthermore restricted in the use of the terms ‘bank’ or ‘banker’ or ‘saving’ (see Article 1(4), 15 BA and Bahar and Stupp (2013), pp. 74–81).
- 35.
For a detailed analysis of this term, see Schönknecht (2016).
- 36.
See the decision of the Swiss Federal Supreme Court 2C_345/2015 of 24 November 2015 E. 6 (for an extensive analysis of the term ‘public deposits’) and E. 6.5 (for a confirmation of the settled case law in this regard). See also BGE 136 II 43, E. 4.2 and BGE 132 II 382 E. 6.3.1 and also Poskriakov (2017), p. 6 and Hettich (2013), p. 393. The broad definition principally encompasses also subordinated profit sharing loans. Clarifications are also set out in the FINMA Fact Sheet of 1 August 2017 on Crowdfunding.
- 37.
Referred to as SR 952.02 as of 30 April 2014 (status as of 1 April 2019).
- 38.
See Article 5(1) BO and FINMA Circular 2008/3, Publikumseinlagen bei Nichtbanken (version until 26 June 2019) as the legal basis.
- 39.
Further details are set out by the FINMA in its press release of 29 September 2017, showing that FINMA is investigating ICO procedures. For crypto currencies in particular, details are set out in the FINMA Fact Sheet on Virtual currencies, as of 1 January 2019 and for such and other “coins” qualifying as deposits, in the FINMA Guidelines for enquiries regarding the regulatory framework for initial coin offerings (ICOs), as of 16 February 2018, where it is stated that: “[…] The primary purpose of the Banking Act is to protect the public, particularly bank creditors and their deposits. The issuing of tokens is not generally associated with claims for repayment on the ICO organiser and such tokens do not therefore fall within the definition of a deposit. To this extent there is no requirement to obtain a banking licence. If, however, there are liabilities with debt capital character (e.g. promises to return capital with a guaranteed return), the funds raised are treated as deposits and there is a requirement under the Banking Act to obtain a licence unless exceptions apply […]”.
- 40.
Further details and clarifications are set out the FINMA Fact Sheet of 1 January 2019 on Virtual currencies, as well as in the decision of the Swiss Federal Supreme Court 2C_345/2015 of 24 November 2015 E. 7.4.6. For the special constellation in connection with escrow structures, please see Glarner and Meyer (2017). For recent proceedings regarding the conformity of an ICO with the banking regulations, further details are provided in the FINMA Press release of 26 July 2018, available at https://www.finma.ch/de/news/2018/07/20180726-mm-envion/.
- 41.
This includes natural and legal persons.
- 42.
This requirement is also set out in the FINMA, Circular 2008/3, Publikumseinlagen bei Nichtbanken (version as of 26 June 2019), no 9.
- 43.
In the same line, see the decision of the Swiss Federal Supreme Court 2C_352/2016 of 9 December 2016 E. 3. See also for a criminal law case regarding the trading in securities as a member of a group Swiss Federal Supreme Court 6B_1236/2015 as of 25 November 2016.
- 44.
- 45.
As of 2015 the legal definition of a bank has been modified. Since then—except for one alternative—the passive side of the banking business alone in principle is relevant for the legal definition as a bank (Mauchle 2017, pp. 814–815). For the old legal definition, details are povided by Kleiner et al. (2013), p. 29. See also Emch et al. (2011), pp. 18, 217 and 1432, as well as Bahar and Stupp (2013), p. 4 and Zobl and Kramer (2004), p. 220.
- 46.
- 47.
- 48.
Kunz (2014), pp. 10–11 argues, in contrast, that for typical crowdfunding platforms the banking regulation is not an obstacle.
- 49.
See Article 5(3)(a) old Swiss Banking Ordinance (SR 952.02 as of 30 April 2014 (status as of 1 July 2016 until 31 July 2017) hereinafter ‘BO16’). See also Bahar and Stupp (2013), p. 12. Important to note is that this provision only applies for real and not just simulated pre-financed contracts (Reichmuth and Von der Crone 2017, pp. 259–260). In the same line, the decision of the Swiss Federal Supreme Court 2C_352/2016 of 9 December 2016 E. 3) and decision of the Swiss Federal Supreme Court 2C_860/2017 as of 5. March 2018 (E. 5.3) should also be mentioned.
- 50.
This point also stems from FINMA Fact Sheet of 1 December 2014 until 31 July 2017 on Crowdfunding.
- 51.
As shown in the FINMA Fact Sheet of 1 December 2014 until 31 July 2017 on Crowdfunding.
- 52.
The following paragraphs include only exemptions that are potentially relevant for crowdfunding.
- 53.
However, even though the exemptions have no practical relevance, at least Article 5(2)(f) BO16 provided for a theoretically exploitable approach. See also Poskriakov (2017), p. 8.
- 54.
See also Bahar and Stupp (2013), pp. 8–10.
- 55.
For an exception, see Poskriakov (2017), p. 7.
- 56.
For possible exceptions, see Poskriakov (2017), pp. 7–8.
- 57.
As stated by FINMA in its Circular 2008/3, Publikumseinlagen bei Nichtbanken, no 18bis (version until 6 December 2017), and as explicited by Bahar and Stupp (2013), p. 16.
- 58.
As provided by FINMA in its Circular 2008/3, Publikumseinlagen bei Nichtbanken, no 18bis (version until 6 December 2017). See also Swiss Federal Council (2014), pp. 14–15. The Swiss Federal Supreme Court has approved this practice to fully comply with the superordinate laws and regulations (see 2C_345/2015 of 24 November 2015 E. 8.).
- 59.
FINMA has argued in its Fact Sheet of 1 December 2014 until 31 July 2017 on Crowdfunding that, generally in such cases, no license is required.
- 60.
See also decision of the Swiss Federal Supreme Court 2C_345/215 of 24 November 2015 E. 8.1. in which the court argued that even the exception of Article 5(3)(c) aBO does not apply to pure brokers or intermediaries.
- 61.
In its decision BGE 131 II 306 E. 2.2.2, the Swiss Federal Supreme Court argued that the exception from the term ‘deposit’ for funds accepted for prepaid purchase or service contracts does not apply, if the respective consideration is provided by a third party.
- 62.
On the duty to repay, please refer to Maizar and Kühne (2016), p. 91 for further details.
- 63.
This follows, according to the view taken in this contribution, e contrario from Article 5(3)(c) aBO. This exception from the term ‘public deposits’ was only necessary, if funds securities dealers accepted in order to execute customer transactions generally qualified as deposits. Since crowdfunding platforms that accept funds from their customers, respectively the backers, to transfer them to the project initiators basically perform a similar activity as securities dealers who execute customer transaction, it is arguably evident that funds accepted by crowdfunding platforms in order to transfer them to project initiators also qualified as public deposits. Cf., however, Kunz (2014), p. 11 and footnote 87. Kunz (2014) argues, in contrast, that platforms would not accept public deposits in the cases described above. His argument is based on a (formal) distinction between a ‘duty to repay’ and a ‘duty to give back’ the accepted funds. Only an obligation to repay but not to give back would qualify as a deposit. The platforms would not enter into an obligation to ‘repay the funds’ to backers in the case they cannot be transferred to project initiators, but only to ‘give them back’. See also Baumgartner and Von der Crone (2018), p. 731.
- 64.
See for arguments in that direction, e.g., Essebier and Rolf auf der Maur (2015), p. 6; Grieder and Essebier (2013), p. 9; Kunz (2014), pp. 10–11; Schneuwly (2014), p. 1622; Maizar and Kühne (2016), p. 113; Werlen and Hertner (2015), pp. 320–321. For an overview on the doctrinal debate, see Schönknecht (2016), pp. 303–304.
- 65.
As set out by FINMA in its Fact Sheet of 1 December 2014 on Crowdfunding.
- 66.
See the decision BGE 131 II 306 E. 2.2.2, in which the Swiss Federal Supreme Court argued that the exception from the term deposits for accepted funds for prepaid purchase or service contracts did not apply, if the respective consideration was provided by a third party. See also the decision of the Swiss Federal Supreme Court 2C_345/215 from 24 November 2015 E. 8.1., arguing that even the exception of Article 5(3)(c) aBO does not apply to pure brokers or intermediaries.
- 67.
See Article 5(3)(b) BO16; EFD, explanatory report, 13; the decision of the Swiss Federal Supreme Court 2C_929/2010 of 13 April 2011 E. 3.4.2.
- 68.
With reference to the decision of the Swiss Federal Supreme Court 2C_929/2010 of 13 April 2011 E. 3.4.2. See also Reichmuth and Von der Crone (2017); Braidi and Schmidt (2017), p. 8; Swiss Federal Council (2014), p. 14. Cf., however, Bahar and Stupp (2013), pp. 14 and 51, arguing that this exception would not apply where no actual dealers but only brokers are involved.
- 69.
Referred to as the Swiss Banking Ordinance SR 952.02 as of 30 April 2014 (status as of 1 August 2017 until 31 December 2018) (hereinafter ‘BO17’). See also https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-67436.html. See also Braidi and Schmidt (2017), p. 8.
- 70.
As stated by FINMA in its Fact Sheet of 1 August 2017 on Crowdfunding.
- 71.
See also the provision of Article 6(2)-(4) BO17, and further Braidi and Schmidt (2017), pp. 10–14.
- 72.
See for more information on the consultancy proceeding https://www.finma.ch/en/documentation/consultations/.
- 73.
See https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-73186.html (last visited on 29 June 2021) and Bianchi (2017). See also Schären and Dobrauz-Saldapenna (2016), pp. 544–545, as well as Graf and Mayer (2016).
- 74.
For the traditional bank business model, see Emch et al. (2011), pp. 5–8.
- 75.
- 76.
See for the draft versions of the Acts and the respective dispatch of the Federal Council, available at https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-59331.html and for the debate in the Parliament, see at https://www.parlament.ch/en/ratsbetrieb/suche-curia-vista/geschaeft?AffairId=20150073.
- 77.
See for a he detailed compilation of the different proposals the Council Document 15.073s: N22, 221 et seq. (available at https://www.parlament.ch/centers/eparl/curia/2015/20150073/N22%20D.pdf).
- 78.
- 79.
See for an example in this direction Grieder and Essebier (2013), p. 3, regarding the applicable interest rates are set by an auction.
- 80.
This was especially the case under the old bank regulation, that is prior 1 April 2019.
- 81.
See further Maizar and Kühne (2016), pp. 99–102, also regarding subordinated and profit-sharing loans.
- 82.
As referred to as SR 954.1 as of 24 March 1995 (status as of 1 January 2016).
- 83.
As referred to as SR 958.1 as of 19 June 2015 (status as of 1 January 2019).
- 84.
- 85.
With the reference of SR 221.214.1 as of 23 March 2001 (status as of 1 April 2019).
- 86.
As lenders, see Article 2 SCCA and Article 39(1) SCCA.
- 87.
As brokers for consumer credits, see Article 4 SCCA and Article 39(1) SCCA.
- 88.
- 89.
See further for this general qualification Fritschi (2018), pp. 110–113.
- 90.
See for the whole Fritschi (2018), pp. 333–339.
- 91.
See also Essebier and Rolf auf der Maur (2015), p. 9 mentioning the possibility of a sub-participation of the backers. This approach, however, bears the risk of infringing the regulations for collective investment schemes.
- 92.
See for the finalized bill https://www.finma.ch/de/bewilligung/fidleg-und-finig/. For the draft versions of the Act and the respective dispatch of the Federal Council, see https://www.admin.ch/gov/de/start/dokumentation/medienmitteilungen.msg-id-59331.html and for the debate in the Parliament, further details are provided at https://www.parlament.ch/en/ratsbetrieb/suche-curia-vista/geschaeft?AffairId=20150073.
- 93.
For further details, please see the mentioned amendments referred to as BBL 2015 8901, 9055 and the proposed new Article 1b BA.
- 94.
See the third title of the draft version of FinSA (note 92) and Baumann (2014), pp. 123–125.
- 95.
See the third title of the draft version of FinSA (note 92).
- 96.
See, however, Bösch (2017), pp. 499–502.
- 97.
See also the detailed compilation of the proposed amendments of the Council of States, “15.073 s Finanzdienstleistungsgesetz (FIDLEG) und Finanzinstitutsgesetz (FINIG)”, available at https://www.parlament.ch/centers/eparl/curia/2015/20150073/N22%20D.pdf.
- 98.
See further the Federal Council “Legal framework for distributed ledger technology and blockchain in Switzerland”, of 14 December 2018, and available at https://www.newsd.admin.ch/newsd/message/attachments/55153.pdf, and for the proposed regulatory changes https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-74420.html.
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Troxler, T. (2021). Crowdfunding in Switzerland. In: Kleiner, C. (eds) Legal Aspects of Crowdfunding. Ius Comparatum - Global Studies in Comparative Law, vol 55. Springer, Cham. https://doi.org/10.1007/978-3-030-79264-0_19
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