// Financial Law Update
Revision of the circular “public deposits with non-banks“ – FINMA further specifies the rules relating to settlement accounts and the “sandbox”-exemption
FINMA has enacted amendments to its circular 2008/3 “public deposits with non-banks” as per January 1, 2018. In the revised circular FINMA more clearly defines the respective new rules of the Banking Ordinance that were introduced by the Federal Council on August 1, 2017. As we have reported earlier, 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. Further, 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 (so called “sandbox”). The amended circular now provides further guidance on specific questions relating to these two topics.
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.