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.
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.