// Financial Law Update
Revision of the „Directive for Admission of Asset Managers“ of the Occupational Pension Supervisory Commission
On February 20, 2014 the Occupational Pension Supervisory Commission („OPSC“) issued the Directive for Admission of Asset Managers („OPSC Directive“). It sets out the admission requirements for those asset managers, which do not rank among the regulated institutions according to art. 48f para. 4 BVV 2 and are not exempt from the admission requirement according to art. 48f para. 6 BVV 2; pls. see our respective report. On March 23, 2017 the OPSC has issued a revised version of the OPSC Directive and partially adapted and concretized the admission requirements. Furthermore, the annexes of the OPSC Directive have been revised. The revision of the OPSC Directive holds mainly specifications and clarifications. In addition, the following additional admission requirements must be taken into account:
– Documentation of the asset manager’s organization considering the size and complexity of its business and risks (clause 3.1.2 lit. a of the OPSC Directive);
– Listing of the delegable asset management responsibilities in the asset management agreement (clause 3.1.2 lit. e of the OPSC Directive);
– Documentation of the measures and responsibilities in cases of conflicts in an internal directive or a comparable document (clause 3.1.2 lit. g of the OPSC Directive);
Confirmation in the asset management agreement that when using financial products of related companies and financial products of companies for which the asset manager is acting as sales manager a written pre-contractual disclosure took place (clause 3.1.3 lit. k of the OPSC Directive).
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.