// Financial Law Update
FinSA at the gates – an overview
On June 15, 2018, Swiss Parliament passed the Financial Services Act (“FinSA”) and the Financial Institutions Act. End of June / beginning of July, LGT Bank (Switzerland) AG hosted a series of events for external asset managers to discuss the new laws which are expected to enter into force in January 2020. In this context, Christian Koller presented the FinSA. His speaker notes may be found here.
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.