// Financial Law Update
Federal Supreme Court Assesses Contract Breaches of Wealth Manager
In its decision 4A_436/2016 of February 7, 2017 the Federal Supreme Court was concerned with various questions relating to contract breaches in the private wealth management context. The decision indicates a potentially stricter attitude of courts towards breaches of contractual duties by wealth managers and, in particular, suggests that the risk information requirements to be met by wealth managers are going to be subject to increased standards.
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.