// Financial Law Update
Implementation of the reporting duty pursuant to article 104 FMIA – The Swiss Financial Market Supervisory Authority FINMA announces the authorization respectively recognition of trade repositories
On April 3, 2017, the Swiss Financial Market Supervisory Authority FINMA announced the authorization of a Swiss trade repository as well as the recognition of a foreign trade repository. This authorization respectively recognition has triggered the transition periods for the fulfillment of the reporting duty pursuant to art. 104 FMIA.
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.