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- 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...
- Swiss Tax Law Changes: New Withholding Tax Rules
• Under Swiss law, Swiss employers must levy an employment withholding tax on the salary received by foreign nationals who do not hold a permanent residence permit. • Only taxpayers whose salary exceeds a certain amount can file a subsequent ordinary tax return and therefore claim tax deductions through a subsequent tax return as do Swiss tax residents. • Under certain circumstances, the current Swiss withholding tax regime violates the Bilateral Agreement on the Free Movement of Persons between Switzerland and the European Union...
- Littler Global Guide - Switzerland - Q3 2018
New Whistleblower Law Proposed - Proposed Bill or Initiative - A new bill proposing a statutory framework for whistleblowers was presented to Parliament. If adopted, employees will have the duty to inform employers about irregularities coming to their knowledge (whereby anonymous reporting should be feasible).
- Absinthe Makers Are Not Toasting In Switzerland
Although once illegal in the United States, absinthe can now be consumed in your local bars. It was a favorite drink of writers and artists such as Ernest Hemmingway, Vincent van Gogh, Oscar Wilde and Pablo Picasso. Unfortunately, this green anise-flavored spirit did not fare so well in Swiss...
- Significant Swiss ruling handed down on privilege in anti-money laundering investigations
In a recent judgment, the Swiss Federal Tribunal has ruled that, where a financial institution delegates its investigation and reporting obligations under the Swiss Anti-Money Laundering Act ("AMLA") to external counsel, certain work produced by external counsel on the internal...
- 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...
- Enforcement of Foreign Judgment or Arbitral Awards in Switzerland
SWITZERLAND QUESTIONNAIRE The aim of this questionnaire is to provide a framework for each country representative to describe the process, procedure and any other relevant issues, involved in enforcing a foreign judgment in that country. The questionnaire deals with both enforcement of...
- Employment Law in Switzerland
Switzerland is a democratic country with a population of almost 8 million people, located in the heart of Europe and comprised of 26 cantons, also known as districts, that operate utilizing three official languages: French, German and Italian. Each canton has its own constitution, legislature,...
- Swiss-US Privacy Shield Will Replace Swiss-US Data Protection Safe Harbor
On January 11, 2017, the Swiss Federal Council announced that a new framework will govern the transfer of personal data from Switzerland to the US. According to the Federal Council, the Swiss-US Privacy Shield Framework “will apply the same conditions as the European Union.” The International...
- 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...
- 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...