// Financial Law Update
New FINMA Outsourcing Circular for Banks and Insurers
The Swiss Financial Market Supervisory Authority FINMA has released a new circular 2018/3 on the outsourcing of banks and insurers (“Circular“), which has entered into force on April 1, 2018 and replaces the previous circular 2008/7 on the outsourcing of banks. The Circular contains regulatory provisions for Swiss banks, securities dealers and newly also for insurers, which outsource essential functions to service providers. The revision of the Circular was driven by the guiding idea of a more principle based regulation of outsourcings and an increased individual responsibility of the corporations. The respective provisions also partly affect the auditors of the outsourcing corporations and the service providers taking over, respectively.
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.