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- Art. 3 FC
- Art. 5a FC
- Art. 6 FC
- Art. 10 FC
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- Art. 26 FC
- Art. 29a FC
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- Art. 32 FC
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- Art. 43 FC
- Art. 43a FC
- Art. 55 FC
- Art. 56 FC
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- Art. 68 FC
- Art. 75b FC
- Art. 77 FC
- Art. 96 para. 1 FC
- Art. 96 para. 2 lit. a FC
- Art. 110 FC
- Art. 117a FC
- Art. 118 FC
- Art. 123a FC
- Art. 123b FC
- Art. 130 FC
- Art. 136 FC
- Art. 166 FC
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- Art. 11 CO
- Art. 12 CO
- Art. 50 CO
- Art. 51 CO
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- Art. 143 CO
- Art. 144 CO
- Art. 145 CO
- Art. 146 CO
- Art. 147 CO
- Art. 148 CO
- Art. 149 CO
- Art. 150 CO
- Art. 633 CO
- Art. 701 CO
- Art. 715 CO
- Art. 715a CO
- Art. 734f CO
- Art. 785 CO
- Art. 786 CO
- Art. 787 CO
- Art. 788 CO
- Art. 808c CO
- Transitional provisions to the revision of the Stock Corporation Act of June 19, 2020
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- Art. 2 PRA
- Art. 3 PRA
- Art. 4 PRA
- Art. 6 PRA
- Art. 10 PRA
- Art. 10a PRA
- Art. 11 PRA
- Art. 12 PRA
- Art. 13 PRA
- Art. 14 PRA
- Art. 15 PRA
- Art. 16 PRA
- Art. 17 PRA
- Art. 19 PRA
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- Art. 21 PRA
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- Art. 24 PRA
- Art. 25 PRA
- Art. 26 PRA
- Art. 27 PRA
- Art. 29 PRA
- Art. 30 PRA
- Art. 31 PRA
- Art. 32 PRA
- Art. 32a PRA
- Art. 33 PRA
- Art. 34 PRA
- Art. 35 PRA
- Art. 36 PRA
- Art. 37 PRA
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- Art. 53 PRA
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- Art. 55 PRA
- Art. 56 PRA
- Art. 57 PRA
- Art. 58 PRA
- Art. 59a PRA
- Art. 59b PRA
- Art. 59c PRA
- Art. 60 PRA
- Art. 60a PRA
- Art. 62 PRA
- Art. 63 PRA
- Art. 64 PRA
- Art. 67 PRA
- Art. 67a PRA
- Art. 67b PRA
- Art. 73 PRA
- Art. 73a PRA
- Art. 75 PRA
- Art. 75a PRA
- Art. 76 PRA
- Art. 76a PRA
- Art. 90 PRA
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- Vorb. zu Art. 1 FADP
- Art. 1 FADP
- Art. 2 FADP
- Art. 3 FADP
- Art. 4 FADP
- Art. 5 lit. d FADP
- Art. 5 lit. f und g FADP
- Art. 6 para. 3-5 FADP
- Art. 6 Abs. 6 and 7 FADP
- Art. 7 FADP
- Art. 10 FADP
- Art. 11 FADP
- Art. 12 FADP
- Art. 14 FADP
- Art. 15 FADP
- Art. 19 FADP
- Art. 20 FADP
- Art. 22 FADP
- Art. 23 FADP
- Art. 25 FADP
- Art. 26 FADP
- Art. 27 FADP
- Art. 31 para. 2 lit. e FADP
- Art. 33 FADP
- Art. 34 FADP
- Art. 35 FADP
- Art. 38 FADP
- Art. 39 FADP
- Art. 40 FADP
- Art. 41 FADP
- Art. 42 FADP
- Art. 43 FADP
- Art. 44 FADP
- Art. 44a FADP
- Art. 45 FADP
- Art. 46 FADP
- Art. 47 FADP
- Art. 47a FADP
- Art. 48 FADP
- Art. 49 FADP
- Art. 50 FADP
- Art. 51 FADP
- Art. 52 FADP
- Art. 54 FADP
- Art. 55 FADP
- Art. 57 FADP
- Art. 58 FADP
- Art. 60 FADP
- Art. 61 FADP
- Art. 62 FADP
- Art. 63 FADP
- Art. 64 FADP
- Art. 65 FADP
- Art. 66 FADP
- Art. 67 FADP
- Art. 69 FADP
- Art. 72 FADP
- Art. 72a FADP
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- Art. 2 CCC (Convention on Cybercrime)
- Art. 3 CCC (Convention on Cybercrime)
- Art. 4 CCC (Convention on Cybercrime)
- Art. 5 CCC (Convention on Cybercrime)
- Art. 6 CCC (Convention on Cybercrime)
- Art. 7 CCC (Convention on Cybercrime)
- Art. 8 CCC (Convention on Cybercrime)
- Art. 9 CCC (Convention on Cybercrime)
- Art. 11 CCC (Convention on Cybercrime)
- Art. 12 CCC (Convention on Cybercrime)
- Art. 16 CCC (Convention on Cybercrime)
- Art. 18 CCC (Convention on Cybercrime)
- Art. 25 CCC (Convention on Cybercrime)
- Art. 27 CCC (Convention on Cybercrime)
- Art. 28 CCC (Convention on Cybercrime)
- Art. 29 CCC (Convention on Cybercrime)
- Art. 32 CCC (Convention on Cybercrime)
- Art. 33 CCC (Convention on Cybercrime)
- Art. 34 CCC (Convention on Cybercrime)
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- Art. 2 para. 1 AMLA
- Art. 2a para. 1-2 and 4-5 AMLA
- Art. 3 AMLA
- Art. 7 AMLA
- Art. 7a AMLA
- Art. 8 AMLA
- Art. 8a AMLA
- Art. 11 AMLA
- Art. 14 AMLA
- Art. 15 AMLA
- Art. 20 AMLA
- Art. 23 AMLA
- Art. 24 AMLA
- Art. 24a AMLA
- Art. 25 AMLA
- Art. 26 AMLA
- Art. 26a AMLA
- Art. 27 AMLA
- Art. 28 AMLA
- Art. 29 AMLA
- Art. 29a AMLA
- Art. 29b AMLA
- Art. 30 AMLA
- Art. 31 AMLA
- Art. 31a AMLA
- Art. 32 AMLA
- Art. 38 AMLA
FEDERAL CONSTITUTION
MEDICAL DEVICES ORDINANCE
CODE OF OBLIGATIONS
FEDERAL LAW ON PRIVATE INTERNATIONAL LAW
LUGANO CONVENTION
CODE OF CRIMINAL PROCEDURE
CIVIL PROCEDURE CODE
FEDERAL ACT ON POLITICAL RIGHTS
CIVIL CODE
FEDERAL ACT ON CARTELS AND OTHER RESTRAINTS OF COMPETITION
FEDERAL ACT ON INTERNATIONAL MUTUAL ASSISTANCE IN CRIMINAL MATTERS
DEBT ENFORCEMENT AND BANKRUPTCY ACT
FEDERAL ACT ON DATA PROTECTION
CRIMINAL CODE
CYBERCRIME CONVENTION
COMMERCIAL REGISTER ORDINANCE
FEDERAL ACT ON COMBATING MONEY LAUNDERING AND TERRORIST FINANCING
FREEDOM OF INFORMATION ACT
FEDERAL ACT ON THE INTERNATIONAL TRANSFER OF CULTURAL PROPERTY
I. Introduction
A. General
1 The present Art. 633 CO deals with the payment of contributions, provided that these are made in cash, and in particular with the deposit thereof. Art. 633 CO is of practical relevance in the case of “partial or full cash payment of the share capital on incorporation and, in accordance with the reference in Art. 652c CO, also in the case of ordinary and authorized capital increases”.
2 “The aim is to ensure that the founders actually fulfill their payment promises.” One of the most important principles of stock corporation law is capital protection, “which, particularly in the case of formation and capital increases, means that the company's equity capital disclosed to economic operators in the articles of association and in the commercial register is actually made available in full.”
B. Revision of stock corporation law
3 The provision of Art. 633 para. 1 and 2 CO was amended with the revision of stock corporation law on January 1, 2023, in that the terminology was adapted to the terminology of the Banking Act (BankG; SR 952.0). There, the general term “bank” is to be used instead of “institution.” However, the change should not have any material effects.
4 Since the revision of the Swiss Code of Obligations on January 1, 2023, Art. 633 para. 3 CO has contained various aspects relating to cash formation and payment: According to the first half of the sentence, contributions in cash are payments in the currency in which the share capital is denominated, e.g., the payment of share capital in euros using this currency. According to the second half of the sentence, payments in other currencies that are freely convertible into share capital are also considered cash contributions. Such a situation arises, for example, when share capital in Swiss francs is paid up in US dollars and euros. With regard to the ratio of foreign currency to share capital in Swiss francs, this has been the practice of the commercial register authorities since 1999.
5 The preliminary draft contained a further sentence stating that cash contributions must cover the issue price at the time of the resolution. There is no need to repeat this reference. Within the framework of the deed of incorporation, the founders must state in accordance with Art. 629 para. 2 no. 3 CO that the statutory and legal requirements for the contributions made are met at the time of the deed of incorporation. In the case of contributions in a currency other than that in which the share capital is denominated, they must therefore determine that, taking into account the current exchange rate, these contributions cover at least the amount of the contributions to be made. Payment in foreign currency must be distinguished from the new option of share capital in foreign currency.
II. Payment of the (cash) contribution
A. Payment
1. Amount of capital to be deposited
6 There has long been controversy in legal doctrine as to whether the deposit requirement applies only to the par value of the subscribed shares or to the entire issue amount (par value plus premium):
7 According to the stricter doctrine and also the Federal Supreme Court, the wording of Art. 633 para. 1 CO refers to all cash contributions and not just contributions at par value. The subject of the payment is therefore both the par value and the premium, and the capital contribution confirmation must refer to the entire issue amount accordingly.
8 However, prevailing doctrine and commercial register practice allow the deposit of the nominal value to suffice. This seems more appropriate, as only the nominal amount is published in the commercial register and it is also in line with commercial register practice that only the deposit of the nominal value is checked during registration. Ultimately, the deposit serves to protect third parties who do not expect payments in excess of the nominal capital entered in the commercial register. The fact that it is more advantageous for the company to have direct access to money rather than only to a claim that may not be fully recoverable does not change this, as this is a problem of the deferrable maturity of the premium and not of the payment into a blocked account.
9 It is possible to declare the premium due at a later date in the publicly notarized deed of incorporation. In this case, it only has to be paid when it becomes due. However, according to some legal scholars, the premium paid retrospectively must also be paid into a blocked bank account, whereby the bank must issue a capital payment confirmation for the amount of the premium paid retrospectively. As long as the premium has not been paid in full, the provisions on partially paid-up shares must be observed.
2. Deposits that do not qualify as cash deposits
10 Cryptocurrencies or payment tokens such as Bitcoin (BTC) or Ether (ETH) or stablecoins such as USD Coin (USDC) are not considered legal tender or legal currencies in Switzerland. As a result, payment in cryptocurrencies or stablecoins by way of cash deposit is not possible. Accordingly, under current law, a stock corporation cannot form share capital denominated in cryptocurrencies (payment tokens) or stablecoins.
11 However, it is possible to pay up share capital as a contribution in kind using cryptocurrencies or payment tokens such as stablecoins, provided that the relevant requirements are met in each individual case.
12 In 2018, due to the sharp increase in requests for supervision in connection with initial coin offerings (ICOs) at that time, FINMA stated that it pursues an approach based on economic function when categorizing tokens. According to FINMA, the “category ‘payment tokens’ (synonymous with pure ‘cryptocurrencies’)” includes “tokens that are actually or, according to the organizer's intention, are intended to be accepted as a means of payment for the purchase of goods or services or to serve as a means of transferring money and value.” The most common well-known examples of payment tokens or cryptocurrencies are Bitcoin (BTC) and Ether (ETH).
13 FINMA has also commented on the legal classification and, in particular, the risks and requirements associated with stablecoins on several occasions. Stablecoins differ from other tokens in that they use a “stabilization mechanism in the sense of a link to one or more underlying assets, such as government currencies.” If they serve a purpose as a means of payment that is customary in practice, stablecoins qualify as payment tokens. The best-known examples of such US dollar-denominated stablecoins are Tether (USDT) and USD Coin (USDC).
3. Deposit
a. Banks and fintech institutions
14 Even before the revision of stock corporation law on January 1, 2023, the majority opinion that the deposit must be made with an institution that has a banking license in accordance with the Banking Act was relatively undisputed. The wording applicable from January 1, 2019, until the revision of stock corporation law in 2023 included not only banks but also persons pursuant to Art. 1b of the Banking Act (so-called fintech institutions). Until December 31, 2022, the wording of Art. 633 aOR applied, which referred to “an institution subject to the Banking Act of November 8, 1934,” which would also have allowed capital payment confirmations from fintech institutions pursuant to Art. 1b BankG. The majority of legal scholars (continued to) assume that deposits could only be made to an account with a bank; the relevant commercial register practice was inconsistent.
15 The revision of stock corporation law on January 1, 2023, reinforced this (majority) opinion by amending Art. 633 para. 1 CO, whereby the new wording was formulated as follows: “at a bank in accordance with Article 1 para. 1 of the Banking Act of November 8, 1934.” According to the dispatch, this amendment to the previous wording, which referred to “institutions subject to the Banking Act of November 8, 1934,” should have no material impact. According to a grammatical interpretation, fintech companies are not banks under Art. 1b BankG and therefore cannot be subsumed under Art. 633 para. 1 CO.
16 The message on the amendment to the Banking Act of September 6, 2023, is intended to provide greater legal certainty with regard to the introduction of state liquidity protection in this area by means of a legislative amendment and proposes an amendment to Art. 633 para. 1 CO and Art. 653e para. 2 CO. According to Art. 633 para. 1 CO, capital contributions should be able to be deposited with a “bank pursuant to Article 1a of the Banking Act of November 8, 1934 (BankG) or with a person pursuant to Article 1b BankG.” Since a person under Art. 1b BankG can already provide banking services to companies and there is no material barrier to accepting deposits within the meaning of Art. 633 CO, it should be clarified to avoid any ambiguity that this task can be performed not only by a bank in the narrow sense, but also by persons under Art. 1b BankG. Following the same logic, a reference to these persons in connection with the payment of deposits in the event of an increase in conditional capital should be included in Art. 653e para. 2 CO.
17 In its practice notice of November 30, 2023, the Federal Commercial Registry Office (“EHRA”) confirmed, even before the above-mentioned planned amendment to the law, that “capital contribution confirmations from fintech institutions must be accepted by the commercial registry authorities.”
18 It is insufficient, for example, to deposit the cash contribution with an organ of the company being formed or in a client account of a notary or in the account of a bank abroad that does not have a license from FINMA.
19 On October 22, 2025, the Federal Council announced that amendments to the FinIA are intended to strengthen the framework conditions for innovative financial technologies – particularly in the areas of cryptocurrencies, stablecoins, and payment services – while at the same time ensuring customer, investor, and market protection. This means that the “fintech license” under Art. 1b BankG will be transferred to the FinIA and replaced by the license category “payment institution.” It is further stated that, against this background, it should be justified to be able to deposit funds in accordance with Art. 633 and Art. 653e CO not only with banks, but also with payment institutions. The draft is part of the consultation process, which runs until February 6, 2026.
20 A payment institution within the meaning of Art. 2 para. 1 lit. f. VE-FinIA in conjunction with Art. 51a para. 1 VE-FinIA, a payment institution is defined as “any entity that, without holding a banking license within the meaning of the BankG, is primarily active in the financial sector and accepts customer funds on a commercial basis or publicly advertises such services, but does not pay interest on these funds and only invests them as provided for in Article 51i.”
b. FINMA-authorized banks or fintech institutions
21 The reference in Art. 633 para. 1 CO, according to which the payment into a capital contribution account must be made at a bank (or fintech institution) in accordance with the Banking Act, gives rise to the requirement to deposit the funds with an institution domiciled in Switzerland in accordance with the Banking Act. This also includes “foreign banks in Switzerland” within the meaning of the Ordinance of the Swiss Financial Market Supervisory Authority on Foreign Banks in Switzerland (Foreign Banks Ordinance-FINMA; SR 952.111), as long as they have a FINMA license as a branch within the meaning of Art. 4 ABV-FINMA.
22 In summary, capital deposits can be made with:
either a bank based and licensed in Switzerland or a fintech institution based and licensed in Switzerland; or
a foreign bank based abroad via its branch based in Switzerland and licensed by FINMA.
23 Capital contributions are not eligible under Art. 633 CO if they are made to:
foreign banks;
Swiss representatives of foreign banks; or
other Swiss financial institutions governed by financial market laws other than the Banking Act.
24 To verify in practice whether an institution meets the requirements of Art. 633 para. 1 CO, the public lists of FINMA can be consulted:
FINMA list of “Authorized banks and securities firms,” which also includes branches of foreign banks (representations within the meaning of Art. 14 ABV-FINMA are not listed, however);
List of persons authorized by FINMA pursuant to Art. 1b BankG (so-called fintech license).
25 The two official lists of FINMA – “Authorized banks and securities firms” and “Persons authorized by FINMA pursuant to Art. 1b BankG (fintech license)” – are continuously updated by FINMA as necessary and when there are changes in the authorization status. In practice, the easiest way to find these lists is to use the search function on the FINMA website, entering the terms “List of banks” or “List of fintech companies.” Both lists are available to the public in PDF and Excel format for viewing and downloading.
26 It is not necessary for the deposit to be made with a bank or fintech institution whose registered office or branch is located in the same place or canton as the registered office of the newly founded company. For practical reasons, newly founded companies usually choose an institution for the capital deposit through which they would later also like to process payment transactions or obtain other banking services relevant to them. There is no obligation or restriction in this regard. However, this has the advantage that the account opening process only has to be completed at one institution rather than two.
c. Fee models
27 In practice, banks and fintech institutions tend to use different pricing models for capital deposit accounts:
Banks (at least currently) tend to charge percentage fees of 0.1-0.5% of the capital paid in, with minimum fees of CHF 200-300 and maximum fees of CHF 2,000-5,000 (with exceptions from individual banks that provide capital deposit accounts free of charge);
Fintech institutions that offer capital deposit accounts tend to have different approaches, with offers ranging from fixed fees of CHF 249 to free offers (when opening additional accounts).
B. Release of the deposit
1. (Minimum) content of the deposit confirmation
28 After the deposit has been made, the bank or fintech institution issues a formal certificate, known as a deposit confirmation. For the purposes of capital protection, this deposit confirmation must contain the following (minimum) information:
“the company to be founded must be clearly identified;
the deposited amount must be stated (in the case of payment in foreign currencies, with the equivalent value in Swiss francs); and
it must be expressly stated that the amount is deposited in a blocked account in favor of the company.”
2. Practice
29 “Art. 633 para. 2 CO stipulates that the payment amount may only be released once the company has been entered in the commercial register. The same applies to capital increases.”
30 In practice, the release of the amount pursuant to Art. 633 para. 2 CO usually takes place before the entry is published in the Swiss Commercial Gazette (SHAB), namely after presentation of the daily register extract available from the cantonal commercial register office and after confirmation by the EHRA that there are no obstacles to registration. Upon request, the cantonal commercial register office informs the persons who submitted the application as soon as the entry has been approved by the EHRA.
31 Most banks also accept daily register extracts certified by the cantonal commercial register office prior to publication in the SHAB and transfer to the main register. This information is disclosed on request to the persons who submitted the relevant commercial register application in accordance with Art. 34 CRO as soon as the EHRA has approved the entry. In accordance with Art. 11 para. 2 CRO, these daily register extracts bear the note “EHRA approval” and are also sent by the competent commercial register offices as PDF scans by e-mail for an additional fee.
3. Repayment of the deposited capital if the formation or capital increase does not take place
32 There is no legal provision for cases where, after the deposit has been made at the exclusive disposal of the company, the formation does not take place. In practice, the bank or fintech institution should release the amounts back to the depositors as soon as it has received a statement from the authorized certifying officer confirming the failure of the formation.
33 However, the certifying officer can only issue a corresponding statement to the bank or fintech institution if only one original capital deposit confirmation is actually available. If the depositor has an additional original, the bank or fintech institution bears the risk that a company has been fraudulently established in the meantime when making a repayment. To counteract this risk, a bank or fintech institution usually issues the deposit confirmation once in the original and specifies a period of validity.
34 There is also no uniform notarial practice according to which only capital deposit confirmations that are no older than three months, for example, are to be accepted. The bank or fintech institution may therefore block the money for a longer period of time, i.e., until the risk of repayment can be assessed as acceptable based on the statements of the depositor.
C. Deposits in foreign currencies
1. Codification of practice
35 The new provision in Art. 633 para. 3 CO codifies the previous practice of the EHRA, according to which not only deposits in the currency in which the share capital is denominated are considered cash deposits, but also currencies that are freely convertible into the share capital. The payment therefore does not have to be made in a currency that is essential for business activities or in a currency approved by the Federal Council for the nominal capital in accordance with Art. 621 para. 2 CO. Payment in foreign currencies has been established practice since 2004. According to the message on the revision of stock corporation law dated January 1, 2023, this has been the practice of the commercial register authorities since 1999.
36 The currencies that are eligible as share capital are listed in Annex 3 of the Commercial Register Ordinance. These are currently the following:
British pound / GBP;
Euro / EUR;
US dollar / USD;
Japanese yen / JPY.
37 The following currencies are generally considered to be fully convertible:
US dollar / USD;
Euro / EUR;
Swiss franc / CHF;
British pound / GBP;
Japanese yen / JPY;
Canadian dollar / CAD;
Australian dollar / AUD;
New Zealand dollar / NZD;
Norwegian krone / NOK;
Swedish krona / SEK;
Danish krone / DKK;
Singapore dollar / SGD;
Hong Kong dollar / HKD;
South Korean won / KRW.
2. Compliance with the minimum equivalent value of CHF 100,000
38 The preliminary draft of the dispatch contained a further sentence stating that the cash deposits must cover the issue amount at the time of the determination decision. There is no need to repeat this information. The dispatch further states that, within the framework of the deed of incorporation, the founders must state in accordance with Art. 629 para. 2 no. 3 CO that the statutory and legal requirements for the contributions made are met at the time of the deed of incorporation. This means that for contributions in a currency other than that in which the share capital is denominated, they must determine that these contributions cover at least the amount of the contributions to be made, taking into account the current exchange rate.
39 In practice, when payments are made in foreign currencies, there may be cases where the “correction of the exchange rate by the safety margin” results in a higher value than the issue amount being paid into the capital contribution account. The situation is similar if the foreign currency continues to appreciate in value until the date of registration. According to older doctrine, the “excess” should flow into the hidden reserves as a premium and remain in the company. According to more recent practice, however, any excess amount should be allocated to the statutory capital reserve.
3. Cryptocurrencies are not foreign currencies
40 Cryptocurrencies are not considered cash or cash deposits, but can be contributed by means of a contribution in kind.
D. Registration with the commercial register
41 When registering a company with the commercial register, numerous documents must be submitted. One such document is the deposit confirmation or certificate from the institution. However, this does not need to be submitted if the institution is mentioned in the articles of association.
Acknowledgements
Special thanks go to Gilles Quetting for his valuable support in researching this article.
This publication reflects solely the personal opinions of the authors and is not binding on FINMA.
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Zürcher Wolfgang/Berweger Martin, Kommentierung zu Art. 633 OR, in: Kostkiewicz Jolanta Kren/Wolf Stephan/Amstutz Marc/Fankhauser Roland (Hrsg.), Orell Füssli Kommentar zum Schweizerischen Obligationenrecht, 4. Aufl., 2023.
Materials
Botschaft vom 23.11.2016 zur Änderung des Obligationenrechts (Aktienrecht), BBl 2017 399, abrufbar unter https://www.fedlex.admin.ch/eli/fga/2017/112/de, besucht am 28.10.2025.
Botschaft vom 6.9.2023 zur Änderung des Bankengesetzes, BBl 2023 2165, abrufbar unter https://www.fedlex.admin.ch/eli/fga/2023/2165/de, besucht am 28.10.2025.
Eidgenössisches Amt für das Handelsregister (EHRA), Praxismitteilung EHRA 3/23 vom 30.11.2023, Kapitaleinzahlungsbestätigung gemäss Art. 633 Abs. 1 OR durch Personen nach Art. 1b BankG (Fintech-Unternehmen), abrufbar unter https://www.bj.admin.ch/dam/bj/de/data/wirtschaft/handelsregister/praxismitteilungen/praxismitteilung-2023-03.pdf.download.pdf/praxismitteilung-2023-03-d.pdf, besucht am 28.10.2025.
Eidgenössisches Amt für das Handelsregister (EHRA), Praxismitteilung EHRA 4/20 vom 10.12.2020, Änderungen des Handelsregisterrechts per 1.1.2021, abrufbar unter https://www.bj.admin.ch/dam/bj/de/data/wirtschaft/handelsregister/praxismitteilungen/praxismitteilung-2020-04.pdf.download.pdf/praxismitteilung-2020-04-d.pdf, besucht am 28.10.2025.
Eidgenössisches Finanzdepartement (EFD), Änderung des Finanzinstitutsgesetzes (Zahlungsmittelinstitute und Krypto-Institute), Erläuternder Bericht zur Eröffnung des Vernehmlassungsverfahrens vom 22.10.2025, abrufbar unter https://cms.news.admin.ch/dam/de/der-schweizerische-bundesrat/bqoaKNhbpGcb/finig-erlaeuternder-bericht-de.pdf, besucht am 28.10.2025.
Eidgenössische Finanzmarktaufsicht (FINMA), FINMA-Aufsichtsmitteilung 6/2024 vom 26.7.2024, Stablecoins: Risiken und Anforderungen für Stablecoin-Herausgebende und garantiestellende Banken, abrufbar unter https://www.finma.ch/de/news/2024/07/20240726-m-am-06-24-stablecoins/, besucht am 28.10.2025.
Eidgenössische Finanzmarktaufsicht (FINMA), Ergänzung der Wegleitung vom 11.9.2019 für Unterstellungsanfragen betreffend Initial Coin Offerings (ICOs), abrufbar unter https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-stable-coins.pdf, besucht am 28.10.2025.
Eidgenössische Finanzmarktaufsicht (FINMA), Wegleitung vom 16.2.2018 für Unterstellungsanfragen betreffend Initial Coin Offerings (ICOs), abrufbar unter https://www.finma.ch/de/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-ico.pdf?sc_lang=de&hash=95F3DDE91518C2D0D736C6C885DB8F64, besucht am 28.10.2025.