Akin Gump Strauss Hauer & Feld LLP (JD Supra Switzerland)

• 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...

• 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...

• 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...

• 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...

• 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...

• 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...

• Switzerland’s privileged taxation of companies is no longer in line with international standards. • In 2017, the first attempt to abolish the internationally criticized regime was clearly rejected by Swiss voters. • On 28 September 2018, the new legislative proposal, TRAF, was accepted by the Swiss Parliament. • The act, subject to an optional referendum, could enter into force on 1 January 2

• The Swiss Federal Tax Administration published a new circular letter on lump-sum taxation. • The circular sets out a minimum taxable income of CHF 400,000 even if the living expenses are lower. • The stricter rules will be applied to everyone from 1 January 2021.

The Swiss Funds and Asset Management Association (SFAMA) has published a model annex setting out prescribed form disclosure statements to be included in the offering documents and other marketing materials of non-Swiss funds distributed in Switzerland. The SFAMA model annex provides additional detail to funds seeking to comply with the new Swiss marketing rules in force from March 1, 2015.