An amendment of the Swiss banking legislation that came into force on 1 January 2016 states that banks may only conclude contracts subject to foreign law or providing for a place of jurisdiction abroad, if the counterparties agree to respect an order by FINMA to postpone the termination of these contracts. In practice, many banks encountered difficulties with the timely implementation of this amendment. For this reason, FINMA, in its regulatory guidance note 01/2018, announced to grant all banks concerned an extension of the deadline, provided they meet certain requirements.
// Financial Law Update
FINMA provides guidance on its supervisory practice regarding the implementation of the obligation to adapt contracts within the framework of the so-called stay regulation
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.