// Financial Law Update
FINMA Circular 2017 / 06 „Direct transmission“ – interpretation of Art. 42c FINMASA regarding the transmission of non-public information to competent foreign authorities by supervised parties
On January 1, 2017 the Swiss Financial Market Supervisory Authority FINMA published the Circular 2017 / 06 “Direct transmission” in order to clarify its interpretation of Article 42c of the Federal Act on the Swiss Financial Market Supervisory Authority FINMASA. Such Article governs all transnational direct transmissions of non-publicly accessible information by FINMA-supervised entities to foreign authorities and outlines the conditions to be met in such context. If the safe harbor rules of Art .42c FINMASA are complied with, the transmission of non-public information to foreign authorities will not lead to criminal sanctions for espionage pursuant to Article 272 of the Swiss Criminal Code.
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.