// Financial Law Update
Supervisory Authority for Occupational Benefits Issues Directive for Admission of Asset Managers
Since January 1, 2014, pension schemes may delegate asset management functions only to institutions which are regulated in accordance with the Federal Law on Occupational Pension Schemes, prudentially supervised by the Swiss Financial Market Supervisory Authority or regulated by a foreign supervisory authority. Independent asset managers not meeting such requirements may be declared capable of managing pension fund assets by the Supervisory Authority for Occupational Benefits (“SA OBC”). In its Directive W-2014/01 of February 20, 2014 the SA OBC has defined the criteria based on which independent asset managers will be admitted to managing pension fund assets. Respective applications will have to be filed with the SA OBC by July 31, 2014.
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.