// Financial Law Update
Reduction of Maximum Interest Rate for Consumer Credits
At the beginning of December 2015, the Swiss Federal Council resolved to change and regularly review the calculation method regarding the maximum interest rate for consumer credits pursuant to the Consumer Credit Act as per July 1, 2016. As a result, the maximum interest rate – provided that there is no substantial change in the three-month Libor rate – for cash credits will lowered from 15% to 10% and set at 12% for overdrafts. The calculation method will be defined in the Ordinance to the Consumer Credit Act.
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.