International scientific event-symposium


Duration of the event: ~3 hours.

Format of the event: 15-20 min. individual presentations, 5 min. questions-answers session.

Location: Mykolas Romeris University, Ateities str. 20, Vilnius. Audience No. 414.

Starting time: 9:00 a.m.

Programme and speakers

Welcome address:

Lithuania’s investments in Switzerland. Synthesis of science and business”. The ambassador of Lithuania in Switzerland or other representative of Lithuanian authorities.

Judicial wing. The role of the courts in modern economy” (prof. dr. Rimvydas Norkus, the chairman of Lithuania Supreme Court).


Needs and instruments of EU-consumer protection in financial services" (prof. dr. Peter Jung, University of Basel)

The recent financial crisis revealed fundamental gaps in the legal framework of the EU law on consumer protection in financial services. In the review of the crisis a full range of new rules at EU level addresses these deficiencies. The lecture will provide a systematic overview of crucial consumer needs in the area of financial services and consider the legal instruments of protection and recent amplifications established at European Union level and Switzerland.


Revision and Redesigning of the Swiss Legal Financial Market Architecture” (dr. Tizian Troxler, advocate CAS UZH for Banking, Capital Markets and Insurance Law, Post Doc and Lecturer for Capital Markets Law at the University of Basel)

Several financial scandals such as the Madoff investment fraud or the Lehman Brothers collapse, as well as the impacts of the last and yet not fully overcome financial crisis on the Swiss financial markets led to the comprehension that the financial market’s stability and the investor protection in Switzerland are at least amendable. In consideration of the economic importance of the financial markets for Switzerland and its relevance for the global financial markets, the Swiss Federal Government came to the conclusion that a revision of the Swiss legal financial markets architecture is necessary. Therefore, three legislative projects have been initiated with the overriding goal to increase the investor protection, to create a level playing field between the financial institutions, and to implement a sound regulation and supervision of the financial markets infrastructure including the OTC markets for derivatives. On a more political level the Swiss Federal Government intents to gain full access to the European financial markets with the revision. This requires a financial markets regulation and supervision standard that is considered to be equal to the European legal framework. Hence, the proposed three acts, i.e. the Financial Market Infrastructure Act (FMIA), the Financial Institutions Act (FinIA) and the Financial Services Act (FFSA), are strongly orientated to European financial markets law.

The lecture aims to present the current Swiss legal financial market architecture and to identify its main deviations from international standards and European law, as well as to outline the cornerstones of the proposed revision.

Lithuanian Legal Financial Market Architecture: are the lessons of structured investment products learned?” (assoc. prof. dr. Tomas Talutis, Mykolas Romeris University)

The Law on Markets in Financial Instruments is in force since November 2007. This law implements the Directive on Markets in Financial Instruments (MiFID) and governs the provision of investment services in financial instruments by banks and investment firms and the operation of traditional stock exchanges and alternative trading venues. The Directive on markets in financial instruments (MiFID 2) repealing MiFID was passed in the EU and has to be implemented in Lithuanian law. As during the financial crisis it was recognized that the protection of investors is not strong enough, especially for investors who bought various structured financial products, it is a good time to consider what should be done to strengthen the protection of investors. The lecture aims to present the legal practical problems of the protection of investors by buying structured financial products and to outline the legal steps to be taken in this regard in the nearest future.


Banks’ insolvencies: the unique bank resolution regime” (Tomas Ambrasas, lecturer, PhD student at Mykolas Romeris University and University of Basel)

Bank insolvency cases can produce a much wider spectrum of negative consequences to the real economy than the failure of non-financial company. The global financial crisis has led to the subject of bank insolvency law being revised nationally and internationally. Following the latest banking crisis and uncoordinated state responses to the collapse of a great number of the financial institutions, numerous jurisdictions initiated major legislation reforms on their special bank insolvency regulations in order to strengthen and improve their the bank resolution regimes so as to enable authorities to resolve failing banks quickly without destabilizing the financial system or using taxpayers money for solvency support. New bank resolution regimes were produced in EU and Swiss jurisdictions. Recently the banking union project, which was the key priority, was finalized in EU. Harmonization decisions of the new bank resolution regulation were some of the most politically sensitive, legally and technically complex that a public authority can take. The Swiss Banking act was revised to include specific requirements regarding to additional bank restructuring and bankruptcy provisions. Following different legal traditions, and given the intimate link between insolvency law and other areas of commercial law, the new bank insolvency rules would be compared and presented.


Business Judgment Rule in Switzerland” (Elias Bischof, LL.M., PhD student, lawyer, mediator, lecturer, University of Basel)

There is no explicit legal rule in Swiss corporate law which provides for a Business Judgment Rule (BJR). However, in 2012 the Swiss Supreme Court ruled that Swiss courts should be reluctant to review business decisions in liability cases against directors and managers. Subject decisions had been made on the basis of adequate information, in a proper decision - making process and in the absence of conflict of interests. In a first part, this lecture will provide an overview of the elements of the Swiss BJR. In a second part the aspect of “adequate information” will be analysed more deeply, especially in the context of board decisions on the basis of legal opinions. There will also be comparative reference to the legal position in Germany, where the BJR is stipulated in § 93 subpara. 1 of the German Companies Act (Aktiengesetz). Finally the lecture will draw its conclusions.

Business Judgment Rule in Lithuania. (assoc. prof. dr. Virginijus Bitė and dr. Gintarė Gumuliauskienė, Mykolas Romeris University)

There is no explicit legal rule in Lithuanian corporate law which provides for a Business Judgment Rule (BJR), since the Lithuanian legal system, as the other civil law tradition countries’ legal systems, does not recognize the judicial abstention doctrine, i.e. retention from the critics of the directors’ decisions ex post. In Lithuania, there is no such tradition of litigation proceedings and formulated rules in the judicial decisions that allow directors ex ante know the rules, which should be consistent with the decision-making process, so that their decisions would not be the case of ex-post evaluation as illegal. In 2014 Lithuanian Supreme Court noted that in liability cases against directors the BJR shall be applied, since the directors must be guaranteed with the right to take risky decisions, as it is one of the essential activities measures of companies to increase cost-efficiency. However, the court did not clearly formulate such BJR. Therefore, the presentation aims to present the criteria which are applied in Lithuanian court practice in liability cases against directors when evaluating the risky decisions taken by the directors.

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Event type International

Event theme: Social Sciences

Event starts: 2015-06-19

Registration ends: 2015-06-18

Abstract submision ends: 2015-06-01

Article submition ends: 2015-06-01

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Speaker fee: NONE

Participant fee: NONE

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