News & Media

26 March 2020, the ordinance that facilitate access to credit facilities for Swiss companies, implemented by Swiss Federal Council, entered into force. These measures aim at supporting business liquidity to overcome operative cash flows deficits and turnover decrease while the market struggles from COVID-19 crises.

FINMA supported the package of measures adopted by the Federal Council. The financial regulator temporarily made it possible to exclude reserves placed in the central bank when calculating the leverage ratio.

In 2019, Innosuisse submitted over 800 applications for innovative projects. This is 65% more than in the previous year. The company's innovative board approved 404 (in 2018 - 239). The company also conducted 400 innovative audits (a year earlier - 308).

FINMA believes that the country's financial institutions and related infrastructure as a whole have been prepared to work in a pandemic. The regulator carries out activities in close contact with controlled institutions, the SNB and the federal finance department.

At an extraordinary meeting of the Federal Council on March 16, 2020, an emergency situation in the country was confirmed. Measures for the protection of the population from the rapidly spreading coronavirus are provided by the Epidemic Act.

In 2019, Swissmedic (the Swiss Agency for Therapeutic Products), working together with the Federal Customs Administration of Switzerland (FCA), carried out twice as many seizures of illegally imported drugs - 7,781.

In June 2019, the Financial Action Task Force (FATF) published its guidance for a risk-based approach to virtual assets and virtual asset service providers. This document recommended states to comply with the so-called "travel rule". The latter is already implemented in Switzerland.

In June 2019, the Financial Action Task Force (FATF) published its guidance for a risk-based approach to virtual assets and virtual asset service providers. This document recommended states to comply with the so-called "travel rule". The latter is already implemented in Switzerland.

The Swiss Federal Institute of Intellectual Property (IPI) in 2019 reviewed more than 17,000 trademark applications. Today, there are more than 500,000 trademarks and 130,000 patents in the country. There has been an increase in the number of patent applications, while the number of design applications has stable position.

We are glad to announce that our firm was recommended by IFLR 1000 – international legal directory, in the following practices: M&A (tier 5);Restructuring and insolvency (other notable).

Recently FINMA launched a small banks regime in order to reduce the burden on smaller institutions. Sixty-four out of seventy banks which applied to register fulfilled mandatory requirements and currently are participating in the small banks regime.

FINMA has published a report about evaluation of plans for the country's largest banks in an emergency. They had to provide plans of actions related to the systemically important functions of banks by the end of 2019.

Switzerland has significant assets in the agri-food technologies sphere. It can create an exclusive innovative ecological system of food.

More than 100 states, including Switzerland, accepted obligations to comply with the standard. AEOI does not affect the privacy of domestic customers of Swiss banks.

The company with the 'fintech license', or so-called 'banking license light' in Switzerland is the best option for the innovative startups and entrepreneurs willing to benefit from the reliability and prestige of Swiss financial sector environment.

Swiss financial services — new rules on financial market of Switzerland from 01.2020. Swiss financial regulator, FINMA, launched from the first of January.

The Swiss Financial Market Supervisory Authority FINMA published a risk monitor 2019. The FINMA used the report to identify the most important risks faced by the institutions it controls. And also to indicate problems that are in the focus of supervisory activities.

The taxation of the limited liability companies (SARLs) and corporations (SAs) in Switzerland. This companies pay tax based on the profits they generate annually.

Brexit impacts the trade relations with Switzerland. The Swiss Federal Council needs to negotiate new bilateral agreements with the United Kingdom; separate from the ones with the European Union.

May 19th marks a big day for Switzerland. It is the day that the country will decide on the tax and gun reforms by use of a national vote. Polls have been conducted to try and establish if the reforms would pass or fail.

Swissness is highly misused. It is popular both within the Swiss borders and internationally. People and cooperatives use the Swiss coat of arms, the Swiss Cross and the Made in Switzerland label to free ride on the premium reputation of Switzerland.

In 2018, the Federal Customs Administration of Switzerland confiscated 3,203 loads of medicinal products in the Swiss borders. The owners of these products were shipping them illegally. In 2017, 1,060 shipments were confiscated.

The Federal Council has adjusted the provisions concerning the sandbox though these changes require a corresponding adjustment of FINMA’s supervisory practice. Sandbox provision is the main federal concern.

The Banking Act serves only as the major feature of the restructuring approach regulator for Swiss Banks. More information is available in the FINMA Banking Insolvency Ordinance.

The Swiss National Bank (SNB) counters in Berne and Zurich and the SNB agencies situated at the head offices of 14 cantonal banks, proposed the release of the new 1000-Franc note. Consequent upon its release, the Commercial banks, and Swiss Post will begin to circulate the new banknotes.

The Federal Council, on 27 February 2019, took the initiative and introduced consultations on the amendments of the Federal Act and Ordinance on the International Automatic Exchange of Information in Tax Matters (AEOI).

In lieu of this, a referendum based on the Federal Act on Tax Reform and AHV Financing (TRAF) is scheduled to hold on 19 May 2019. During a joint press conference held three months ago, President Ueli Maurer and the Federal Councilor Alain Berset stated that the acceptance of the proposal was based on the prospect of securing jobs, the AHV, as well as tax receipts.

The Swiss National Bank (SNB) counters in Berne and Zurich and the SNB agencies situated at the head offices of 14 cantonal banks, proposed the release of the new 1000-Franc note. Consequent upon its release, the Commercial banks, and Swiss Post will begin to circulate the new banknotes.

Fintech regulation in Switzerland for the start-ups and existing companies. Legal requirements for the Fintech companies in Switzerland and the regulation of the financial markets.

Acquisition of the Real Estate and all related questions regarding legislation, purchasing procedures etc. in Switzerland

In an effort to maintain the status of Switzerland as a cryptocurrency mecca, the Swiss Bankers Association (SBA) issued guidelines, which aims to foster the cryptocurrency startups and prevent them from moving abroad for banking services.

On March 16, the Swiss Parliament approved a revision of the Federal Act on Private International Law, modifying the rules on international insolvency.

The FINMA Circular 2016/7 establishes the requirements that financial intermediaries have to fulfil when conducting video and online identification of their contractual parties.

Following a growing interest in cryptocurrencies, on February 16th the Swiss Financial Market Supervisory Authority (FINMA) published a series of guidelines on Initial Coin Offerings (ICOs).

On March 13, the Swiss Council of States has published its overview of the Financial Services Act Bill (FIDLEG) and Financial Institutions Act bill (FINIG).

On March 4th, the right of the Federal Government to collect taxes until 2035 had been confirmed by Swiss voters, with an appalling majority.

The end of the bearer shares in Switzerland. Swiss Federal Council published a draft bill to convert all bearer shares into registered shares in Switzerland

Following a sharp increase in the number of initial coin offerings (ICOs) taking place in Switzerland, yesterday the Swiss Financial Market Supervisory Authority (FINMA) published a series of guidelines that integrate the FINMA Guidance 04/2017, issued earlier last year.

The Swiss Value Added Tax (VAT) rate has been reduced since January 1, 2018.

Last September the Federal Council has announced a public consultation on the tax proposal 2017 (TP17). The deadline for submitting comments to the consultation was December 6, 2017.

A blockchain and ICO working group has been formed by the (SIF) State Secretariat for International Financial Matters specifically tasked to overlook the legality and operational framework of ICO and blockchain in regards to their involvement with the Federal Office of Justice, the Swiss Financial Market Supervisory Authority and other businesses and industry sectors which may be involved with blockchain and ICO’s.

Beginning on April 1, 2018, FINMA (The Swiss Financial Market Supervisory Authority) will begin enforcing a number of new regulations on Banks and Insurance companies.

As of 2 November 2017, fees can be paid at the Zug Commercial Registry Office (Switzerland) with the cryptocurrencies Bitcoin and Ether.

The British HM Revenue and Customs (HMRC) has published draft guidance on penalties for enablers of defeated tax avoidance.

On 18 October 2017, the Swiss Federal Council passed the partially revised Value Added Tax Regulation (hereinafter “VAT Regulation”). It contains adaptations to the partially revised VAT Act (hereinafter “VAT Act”) and other point-to-point changes. Both documents will enter into force on 1 January 2018 with the exception of the provisions on mail order trading.

On Friday, 6 October 2017, a declaration on eGovernment jointly drawn up by the EU and EFTA in the context of the Ministerial eGovernment Conference in Estonia was signed by the Swiss Federal Councillor.

The Swiss city of Zug was the first state authority worldwide to accept bitcoin as a legal tender. Since July 2016, it has been possible to pay fees of the residents’ registration office of up to 200.00 francs with bitcoins.

On 29 September 2017, the Swiss Federal Council commenced a consultation on revising the Regulation on the Working Hours Law. The Law governing employment relations in public transport companies was passed by the Parliament in the summer of 2016.

On 21 September 2017, the Swiss Federal Department of Finance (FDF) submitted the total revision of the Withholding Tax Ordinance for consultation. The ordinance specifies the prerequisites for non-residents to be entitled to subsequent ordinary tax assessment.

Revision of the Swiss alcohol legislation. On 15 September 2017, the Swiss Federal Council passed the revised Alcohol Ordinance. It will enter into force on 1 January 2018, together with the Alcohol Law revised in autumn 2016.

On 6 September 2017, the Swiss Federal Council initiated the consultation on the new tax proposal 17 (TP17), which is supposed to be a significant contribution to having an appealing location and thus to added value, jobs and tax receipts. Also, the reform will be in line with international requirements concerning corporate tax law.

As reported by the Swiss Federal Council, the additional agreement amending the double taxation agreement (DTA) between Switzerland and Belgium in the area of taxes on income and on capital came into effect.

On 1 August 2017, an amendment to the Banking Ordinance (BO) adopted by the Swiss Federal Council on 5 July 2017 entered into force.

Late in June 2017, the Swiss Federal Council approved the draft bill for a federal act on the processing of personal data by the Federal Department of Foreign Affairs (FDFA).

Early in June 2017 the Swiss Federal Council initiated the consultation on the proposed Federal Act (hereinafter – the Act) on the Calculation of the Participation Deduction for Too-Big-to-Fail (TBTF) Instruments.

On 2 June 2017, the Swiss Federal Council decided that the partially revised Value Added Tax Act adopted by the Swiss Parliament would come into force on 1 January 2018. The revised Value Added Tax Act will help remove VAT-related competitive disadvantages for domestic companies.

On 7 June 2017 Switzerland signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.

On 31 March 2017 the Dutch government published the bill on implementing the 4th Anti-Money Laundering Directive. One of the obligations under the 4th Directive is to introduce a central register that would contain information on beneficiary owners in all EU countries.

On 2 June 2017, the Swiss Federal Council decided that the partially revised Value Added Tax Act adopted by the Swiss Parliament would come into force on 1 January 2018. The revised Value Added Tax Act will help remove VAT-related competitive disadvantages for domestic companies.

On 15 February 2017, the Swiss Federal Council approved Switzerland’s continued participation in the IMF’s New Arrangements to Borrow (NAB).

On 2 February 2017, the Federal Department of Finance (FDF) initiated a consultation (to last until 13 April 2017) on the automatic exchange of tax information (AEOI) to be introduced with additional countries. The AEOI should be introduced on 1 January 2018, with the first exchange of information to take place in 2019.

On 1 February 2017, the Federal Council of Switzerland initiated a consultation (to last until 8 May 2017) on amendments to the Banking Act and Banking Ordinance in the fintech area. Their purpose is to reduce barriers to market entry for fintech firms and to enhance competitiveness of the Swiss financial centre.

Early this year the Swiss Federal Council released the Foreign Economic Policy Report 2016 highlighting the forthcoming challenges for Swiss foreign economic policy.

The Swiss Government and the U.S. Department of Commerce announced their agreement on Swiss-U.S. Privacy Shield framework (the “Swiss Privacy Shield”), a new transatlantic personal data framework that aimed to establish comparable protections for data transferred or accessed by the U.S. as those secured by the European Union under the European Union (EU)-U.S. Privacy Shield framework.

Switzerland and Canada are to start providing administrative assistance to each other in relation to taxation periods beginning on or after January 1, 2017 under the Agreement entered into under the Convention on Mutual Administrative Assistance in Tax Matters (as amended by the 2010 Protocol).

The tax information exchange agreements (TIEAs) signed by Switzerland with Belize and Grenada in 2015 and put into effect in 2016 apply from January 01, 2017. TIEAs are intended to establish the rules for exchanging information concerning tax matters at a contracting party’s request.