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- 2021 Venture Capital Guide - Switzerland
World Law Group member firms recently collaborated on a Global Venture Capital Guide that covers more than 30 jurisdictions on investment approval processes, typical investment sectors and investment structures on Venture Capital deals (and more!).
- After Switzerland rejects strong corporate ethics controls, new proposal likely
ethikos 35, no. 1 (January 2021) - A vote that would have banned the national bank from investing in defense industries and would have also stiffen the penalties against Swiss corporations violating human rights and causing environmental harm was rejected. A counterproposal is now being considered. Under the counterproposal, companies are encouraged to respect human rights and environmental standards not only in Switzerland but all over the world, but it “stops short of allowing them to be sued for liability.”
- Switzerland's new regulatory landscape
Numerous legal developments are currently impacting the Swiss financial market place. The new regime is intended to align Switzerland with the rest of Europe, as well as keeping up with new technologies and boosting the attractiveness of Switzerland as a stable and innovative financial and asset management centre.
- Impact of Swiss Privacy Shield Inadequacy Decision
In a much anticipated ruling, this month the Swiss Data Protection Authority concluded that the EU-US Swiss Privacy Shield was no longer an adequate method for transferring personal information from Switzerland to the US. In reaching this decision, the Swiss data protection authority agreed with the recent, similar, EU decision of inadequacy. Like the EU, Switzerland anticipates those transferring personal information from Switzerland to the US to rely on standard contractual clauses. However like the EU, Switzerland cautions that companies should assess “on a case-by-case basis” whether the recipient provides sufficient protection...
- Switzerland cancels Privacy Shield
Report on Supply Chain Compliance 3, no. 18 (September 17, 2020) - Following the European Court of Justice’s decision to strike down the EU-US Privacy Shield mechanism for data transfer, the Swiss Federal Data Protection and Information Commissioner reviewed the decision and came to the same conclusion....
- Swiss Regulator Determines Swiss-US Privacy Shield Is Inadequate
Swiss companies are advised to take additional measures when transferring personal data from Switzerland to the US. On 8 September 2020, the Swiss data protection authority, Adrian Lobsiger (the Federal Data Protection and Information Commissioner, FDPIC), concluded in his annual review that the Swiss-US Privacy Shield does not provide an adequate level of protection for personal data transfer from Switzerland to the US pursuant to the Swiss Federal Act on Data Protection (FADP).
- Swiss Privacy Authority Considers Swiss–U.S. Privacy Shield No Longer Valid
On September 8, 2020, the Swiss Federal Data Protection and Information Commissioner (FDPIC) announced that it no longer considers the Swiss-U.S. Privacy Shield (Swiss Shield) to provide adequate protections for transfers of Swiss personal data to the U.S. This development was anticipated following the invalidation of the EU-U.S. Privacy Shield by the Court of Justice…
- Swiss Immigration Update - Quarantine for Travelers Entering from Certain Countries and Masks Compulsory in Public Transport
While Switzerland started to ease pandemic related requirements and opened its borders, the number of confirmed COVID-19 cases in the country is slowly rising again. In response, Swiss authorities announced the following restrictions in effect as of July 6, 2020...
- COVID-19: Swiss Government Financial Assistance Measures -COVID-19 – The Swiss government’s measures to support the Swiss economy
Since mid-March 2020, the Swiss government has enacted a number of measures to mitigate the effects of the coronavirus (“COVID-19”) on the Swiss economy. The most important measure was announced on 20 March 2020 to help SMEs survive the short-term effects of COVID-19 by providing cash flow assistance....
- CAS Sun Yang v Wada
In an award released on 28 February 2020, the Court of Arbitration for Sport ("CAS") upheld the appeal filed by the World Anti-Doping Agency ("WADA") against the Chinese swimmer Sun Yang and the Fédération Internationale de Natation ("FINA"), imposing on the Olympic champion an eight-year competition ban and effectively terminating his career....
- New Swiss law on recovery of “illicit assets” from 1 February 2011
Switzerland’s Federal Act on the Restitution of Assets of Politically Exposed Persons obtained by Unlawful Means (commonly referred to as the Return of Illicit Assets Act or “RIAA”) was passed by both houses of the Swiss Parliament in October 2010 and will become effective on 1 February 2011. The...
- New Fund Marketing Rules in Switzerland
Although Switzerland is not a European Union (EU) country, it implemented new fund marketing rules effective as of March 1, 2013, which operate in parallel to the EU’s Alternative Investment Fund Managers Directive rules, which now cover fund marketing in EU jurisdictions. Many non-Swiss managers (i...
- Swiss Court affirms parties’ right to waive set-aside of arbitration award
In a 17 October 2017 decision with significant implications for arbitration agreements between international parties, the Swiss Supreme Court held that the parties had validly waived their right to challenge an international arbitral tribunal’s award in their arbitration agreement....
- Littler Global Guide - Switzerland - Q2 2019
Employers Must Cover Work Space Expenses for Home Office Work - Precedential Decision by Judiciary or Regulatory Agency - On April 23, 2019, the Federal Supreme Court of Switzerland held that employers must pay for rental costs for private rooms in which an employee works during home office...
- Are We There Yet? Progress on International OTC Derivatives Reform
On 11 October 2011, the Financial Stability Board (the “FSB”) published its second progress report (the “Report”) and accompanying press release on the implementation of reforms to the over-the-counter (“OTC”) derivatives market. This follows its initial progress report published on April 15, 2011, ...
- Switzerland Announces Continuation of Action Plan for Synthetic Nanomaterials
The Federal Office of Public Health (FOPH) announced on December 17, 2014, that the Federal Council decided to continue the action plan for synthetic nanomaterials until 2019. The objectives of the action plan include......
- Switzerland: The next frontier for mandatory human rights due diligence?
Proposals are being considered to amend the Swiss constitution to require mandatory human rights due diligence for companies based in Switzerland. This post considers the contents of the amendment, its progress and what Swiss businesses can learn from the experience of their French counterparts in...
- Switzerland – New Gender Pay Gap Requirements
Switzerland has joined the growing list of jurisdictions to introduce legislation to address the gender pay gap. Effective July 1, 2020, employers with 100 or more employees (including part-time and hourly employees) will be required to conduct an internal gender pay gap analysis every four...
- Proposed Restrictions on Fund Offers to Swiss Residents
The Swiss private offering rules may soon require foreign funds to appoint Swiss distributors in order to sell fund interests to Swiss investors. Proposed amendments (the Proposal) to the Swiss Federal Act on Collective Investment Schemes (the CISA) issued on March 2 would impose additional...
- Employment Law in Switzerland: Part II
This article is the second in a series which provides an introduction to the key elements of employment law in Switzerland. Although Swiss employment law is rather liberal in character when compared to employment laws of other nations, there are some limitations on the employer and requirements...