// Financial Law Update
Transfer of Swiss Bank Customer Data to US-Authorities Held Legitimate
In its judgment of December 22, 2015, the European Court of Human Rights (ECtHR) (Complaint no. 28601/11) assessed the transfer of bank customer data to the US tax authorities under the so called UBS-treaty as compatible with the human rights. An affected US citizen filed a complaint against the data transfer. The Court stated that there is a justified interest for Switzerland in the well-being of its banking sector and in order to achieve this aim, the cooperation with the US tax authorities was necessary. Furthermore, the transfer did not affect any highly personal data, but solely bank data which in the meaning of the Court do not enjoy the same strong protection. Switzerland, therefore, had broad discretionary power regarding its cooperation with the US tax authorities. Consequently, the Court did not find any transgression of competences or violations of human rights.
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.