Banking & Financial Services, Meyerlustenberger Lachenal updates

Switzerland

Contributed by Meyerlustenberger Lachenal
Reporting of beneficial ownership: impact on listed companies
  • Switzerland
  • 27 April 2021

Swiss law rules that the ultimate beneficial owners of a Swiss corporation must be disclosed to the company. Parliament recently enacted a revision of the disclosure provisions, streamlining the notification obligations and providing stricter penalties for non-compliance. This article outlines the notification obligations for Swiss corporations with registered shares, when either the target company or the acquirer is listed or when the target company has issued its shares as registered securities.

New DLT law in practice: tokenisation of rights
  • Switzerland
  • 06 April 2021

In 2020 Parliament passed a law to incorporate crypto assets and digital ledger technologies into Swiss law. This article focuses on the practical implementation of the recent changes to the Code of Obligations which provide for the introduction of ledger-based securities. This new form of dematerialised security enables the digitalisation and tokenisation of rights and financial instruments and digital transfers based on blockchain technology.

LIBOR transition challenges
  • Switzerland
  • 16 March 2021

The UK Financial Conduct Authority will stop supporting the London Interbank Offered Rate at the end of 2021. According to the National Working Group on Swiss Franc Reference Rates, the Swiss Average Rate Overnight is the proposed replacement standard. This article explores the challenges that the transition period poses for national and global market participants.

Risk profile, implied acknowledgment of transactions and how to set about starting litigation
  • Switzerland
  • 16 February 2021

The Federal Tribunal recently rendered a decision in a dispute between a bank and its client, a company, with regard to a (discretionary) wealth management contract. The claimant sought damages from the bank for a loss relating to the performance of the contract. This decision serves as a reminder of the fundamental issues of substantive law and gives food for thought in terms of the legal and strategic approaches to resolving a conflict.

New licensing requirement for investment managers
  • Switzerland
  • 19 January 2021

The Financial Institutions Act came into force on 1 January 2020. It is crucial that the top management bodies of independent and external investment managers which manage the portfolios of individuals recognise whether a licensing obligation exists and whether appropriate measures must be initiated, as they are responsible for compliance with and the implementation of licensing obligations.


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