// Financial Law Update
ESMA Advises on Extension of AIFMD Passport to Swiss Asset Managers
On July 30, 2015 the European Securities and Markets Authority ESMA published its advice regarding the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU alternative investment fund managers (AIFMs) and alternative investment funds (AIFs). As regards Switzerland it concluded that “there will be no significant obstacles impeding the potential application of the AIFMD passport”. Consequently, Swiss asset managers supervised by FINMA will be allowed to market their AIFs in the European Union under the AIFMD passport once ESMA’s advice will be implemented by the European Commission. According to the Swiss Funds & Asset Management Association (SFAMA), the extension of the AIFMD passport to Swiss alternative investment fund managers can be expected in fall 2016 at the earliest. We will keep you informed on further developments.
NFTs in Metaverse: Do Trademark Owners need to register their Trademarks for Virtual Goods and Services?
“Nike Sold an NFT Sneaker for USD 134’000”: This York Times headline of May 26, 2022 and similar headlines regarding virtual goods in Metaverses or NFT Trade Platforms have made us realize that NFTs are not only for digital art but also a huge market for brand products.
New Proposal for Swiss Corporate Tax Reform
The Steering Committee representing the cantons and Swiss Federation issued its recommendation regarding the implementation of a modified corporate tax reform to the Swiss Federal Council on June 1, 2017. The corporate tax reform has been renamed the Tax Proposal (“T.P. 17”) and is, in general, based on the Corporate Tax Reform III (“C.T.R. III”), which was rejected on February 12, 2017, by Swiss voters.