// Financial Law Update
Liberalization of the rules relating to acceptance of deposits from the public – The Federal Council enacts the so called “fintech revision“ of the Banking Ordinance
The Federal Council has amended the rules relating to the acceptance of deposits from the public in two respects: On the one hand side, the revised article 5 para. Abs. 3 letter c of the Banking Ordinance sets forth that the acceptance of monies for settlement purposes does not require a banking licence if the settlement takes place within 60 days. Previously, FINMA had applied a time frame of only 7 days. The extension of the time frame is particularly geared towards facilitating the activities of crowdlending plattforms. On the other hand side, the revised article 6 para. 2 of the Banking Ordinance allows for public deposits to be accepted without a banking licence, provided that such deposits do not exceed CHF 1 million on an aggregate basis. Under the old provisions there was no such exemption limit. The newly introduced limit shall enable fintech firms to test their business model on a smaller scale before having to apply for a costly banking licence. The amended Banking Ordinance entered into force on August 1, 2017.
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.