// 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.
Recognition of foreign family foundations in Switzerland
Swiss Family Foundations are not commonly used for asset protection or estate planning purposes due to a de facto prohibition of family maintenance foundation. Since families are often spread over different countries and continents and assets are located in various jurisdictions, contributions of assets to a foundation may very well be an optimal solution, also because these assets no longer fall within the scope of the estate. For this purpose, foundations are set up in jurisdictions like Liechtenstein.