JD Supra Switzerland

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Latest documents

• 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....

Featured documents

• Swiss Delivering Bank Records to IRS

  The Swiss Tax Administration (SFTA) has begun notifying US persons with Swiss accounts that it will turn account records over to the IRS absent an appeal by the account holder. Please see full alert below for more information....

• Swiss Parliament Rejects Antitrust Reforms

  The Swiss competition law is governed by the Federal Law of October 6, 1995, on Cartels and Other Restraints of Competition (the Cartel Act). The regulatory framework is accompanied by numerous federal ordinances and communications of the Federal Competition Commission. On February 22, 2012, the...

• The Swiss Privacy Shield Opens for Business on April 12

  Beginning on April 12, 2017, U.S. organizations that are subject to the investigatory and enforcement powers of the FTC or the Department of Transportation will be able to self-certify to the newly adopted Swiss–U.S. Privacy Shield Framework (“Swiss Privacy Shield”). The Swiss Privacy Shield will...

• Switzerland: New Laws on Financial Services

  • Following the 2008 crisis, Switzerland launched a legislative project to create uniform competitive conditions for financial intermediaries and improve client protection. • Swiss Parliament adopted the FinSA on 15 June 2018. • The FinSA is part of the new financial market architecture and ...

• 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!)....

• FBAR Voluntary Disclosure Opportunity Closing

  The agreement between the Swiss and U.S Government requires that the SFTA render decisions by the end of August, 2010. The decision will go to whether to turn over customer account information to the IRS. Please see full alert below for more information....

• Switzerland Announces Intention to Change from Model 2 IGA to Model 1

  On October 8, 2014, Swiss officials announced that they intend to negotiate a reciprocal Model 1 FATCA IGA to replace the Model 2 IGA that they signed in 2013. The motivation for the change is unknown, but the automatic exchange of information under Model 1 is more in line with emerging...

• Swiss-U.S. Privacy Shield: Key Similarities, Key Distinctions with the EU-U.S. Approach

  On April 12, 2017, the U.S. International Trade Administration ("ITA") will begin accepting self-certifications for the Swiss-U.S. Privacy Shield ("Swiss Privacy Shield"). The Swiss Privacy Shield replaces the U.S.-Swiss Safe Harbor Framework ("Swiss Safe Harbor") as the mechanism for...

• Update: Swiss tax law changes: Federal Act on Tax Reform and AHV Financing

  • On 17 January 2019, sufficient signatures were filed requesting a referendum on the Federal Act on Tax Reform and AHV Financing (TRAF). • The public vote will be held on 19 May 2019. • If TRAF is accepted by the public vote, the entry into force is still planned for 1 January 2020. •...

• HSBC Next Tax Haven Bank Under Attack?

  According to press reports a former employee of HSBC Private Bank in Geneva, Switzerland stole computerized account data on 80,000 accounts and delivered the information to French authorities. There is no indication how many of the accounts are held by U.S. residents, but the published reports...