// 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.
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.