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- 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....
- 100,000 DNSSEC domain names for .CH
SWITCH, the Registry responsible for running the .CH country code Top Level Domain (ccTLD), recently announced that in late December 2019 some 100,000 .CH domain names had been registered using Domain Name System Security Extension (DNSSEC).
- 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 years until June 30, 2032. Affected employers will be required to complete their first internal analysis by June 30, 2021.
- 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 if telework is mandated and/or the employer does not provide a workplace for the employee.
- Meritas Guide To Defective Products Litigation in EMEA - Switzerland
1. What claims may be brought for liability for defective products? Is liability based on fault/ negligence, or strict liability, or both? Defective product claims can in the first place be brought in accordance with the sales contract and/or the legal provisions of the Swiss Code of Obligations (“CO”). Most often, the legal provisions are modified by general terms and conditions (“GTC”), which is standard for consumer products. In addition, general tort law and/or the Product Liability Act (the “PLA”) may apply. The liability under the PLA is a strict liability, requiring a defective product (and, of course, a damage) only, while contractual or tort claims require a fault by the seller or other liable party. In case of tort, the fault must be proven by the claimant, in case of contractual claims the defendant must show that he was not at fault.... Please see full Chapter below for more information.
- Switzerland: New FinTech Regulation
• On 2 November 2016, the Swiss Federal Council announced that it planned to reduce barriers to market entry for FinTech companies. • The program of the Swiss Federal Council comprised three pillars consisting of (i) the extension of the maximum holding period of third party monies from 7 days to 60 days, (ii) the introduction of a regulatory “sandbox regime” and (iii) the introduction of a new FinTech licence to be granted by the Swiss Financial Market Supervisory Authority (FINMA). • The first two pillars were introduced on 1 August 2017. • The third pillar, a new FinTech licence, arrived on 1 January 2019.
- 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. • Some cantons are implementing or have already implemented the revised cantonal tax laws in parallel with TRAF.
- Switzerland: New Laws on Financial Institutions
• 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 FinIA on 15 June 2018. • The FinIA is part of the new financial market architecture and sets the authorization conditions and organisational requirements for financial institutions for prudential (official) supervision. • On 24 October 2018, the Swiss Federal Counsel initiated the consultation on ordinances containing the implementing provisions for the FinIA. • The FinIA is to enter into force together with the implementing ordinances on 1 January 2020.
- 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 contains rules for offering financial services and distributing financial instruments. • On 24 October 2018, the Swiss Federal Counsel initiated the consultation on the ordinances containing the implementing provisions for the FinSA. • The FinSA is to enter into force together with the Counsel’s implementing ordinances on 1 January 2020.
- Swiss Corporate Law Changes: End of Bearer Shares?
• Since 2015, acquirers of Swiss non-listed bearer shares must report their name and address to the company within one month of the acquisition. The ultimate beneficial owner of an interest of 25 per cent or more has to be reported. The company has the obligation to keep a register of bearer shareholders and of the beneficial owners. • According to the Global Forum on Transparency and Exchange of Information for Tax Purposes (the “Global Forum”), these obligations are not sufficient to identify holders of bearer shares...
- 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...
- 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...
- 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...
- 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...