Hunton Andrews Kurth LLP (LexBlog Switzerland)

Swiss DPA Recognizes the New EU Standard Contractual Clauses
On August 27, 2021, the Federal Data Protection and Information Commissioner announced that the new EU Standard Contractual Clauses may be relied on to legitimize transfers of personal data from Switzerland to countries without an adequate level of data protection, provided that the necessary amendments and adaptations are made for use under Swiss data protection law.
Switzerland Narrowly Rejects Novel ‘Responsible Business Initiative’ on Multinational Corporation Environmental- and Human Rights-Based Liability
On November 29, Voters in Switzerland narrowly rejected the “Responsible Business Initiative” (RBI), which would have extended liability to multinational corporations and their subsidiaries and suppliers for noncompliance with international environmental and human rights standards, not just in Switzerland but also when doing business abroad. The majority of Swiss voted in favor of the RBI,...
Swiss-U.S. Privacy Shield No Longer Considered Adequate by Swiss DPA
On September 8, 2020, the Swiss Data Protection Authority announced in a position statement that it no longer considers the Swiss-U.S. Privacy Shield adequate for the purposes of transfers of personal data from Switzerland to the United States.
World Economic Forum Announces Global Consortium for Digital Currency Governance
In connection with its annual meeting in Davos, Switzerland, on January 24, 2020, the World Economic Forum announced the creation of a Global Consortium for Digital Currency Governance. The initiative is touted as the first of its kind “to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and...
Switzerland Announces ICO Enforcement Action
In a terse press release issued July 26, 2018, the Swiss Financial Market Supervisory Authority (“FINMA”) announced that it has launched enforcement proceedings against an ICO issuer based on evidence that the company may have “breached financial market law.” According to FINMA, the proceedings focus in particular on possible breaches of Swiss banking law resulting...
European Union Agrees to Access by U.S. Anti-Terrorism Authorities to Personal Data in Europe
On November 30, the Council of the European Union agreed to allow U.S. anti-terrorism authorities access to financial data of individuals located in the EU under certain circumstances. Under the agreement, U.S. authorities will continue to have access to data collected by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) after a SWIFT database located in...

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