Latest updates
Review of private WhatsApp messages on work mobile phone deemed unlawful
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 19 July 2019
The Supreme Court of the Canton of Zurich recently clarified that employers must clearly regulate the private use of work communication devices, as well as any related control mechanisms. Further, data processing such as verifying WhatsApp chat messages – even if the information is stored on a work mobile phone – must be done in accordance with the more restrictive Article 328b of the Code of Obligations.
Securitisation transactions: avoidance actions under DEBA
Walder Wyss- Securitisation & Structured Finance
- Switzerland
- 02 July 2019
A key consideration for any investor or rating agency is the insolvency analysis of a securitisation transaction. In this context, the insolvency remoteness of the special purpose vehicle is a decisive element. Another important consideration are the circumstances under which a securitisation transaction may be set aside in the context of an insolvency proceeding. This article focuses on the avoidance actions set out in the federal Debt Enforcement and Bankruptcy Act.
Implementation plan adopted for national cybersecurity strategy
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 14 June 2019
The Federal Council recently adopted a plan to implement the national strategy to protect Switzerland against cyber risks until 2022 and took additional steps towards the establishment of a cybersecurity competence centre. Work is also underway to develop a cyber-defence campus and strengthen capabilities relating to information acquisition and allocation.
Switzerland adopts new corporate tax reform
Walder Wyss- Corporate Tax
- Switzerland
- 24 May 2019
Swiss voters recently approved a new corporate tax reform, which will set the basis for new rules on Swiss corporate taxation and secure and enhance Switzerland's overall attractiveness as a business location. The reform includes a patent box, an R&D super deduction and a notional interest deduction for high-tax cantons. There are also substantial non-tax (revenue-raising) measures and new provisions on social security contributions.
Protection of minors in respect of films and video games: consultation process commenced
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 19 April 2019
The Federal Council recently launched the consultation process on the preliminary draft of the new Federal Act on the Protection of Minors in respect of Films and Video Games (Youth Protection Act). The Youth Protection Act, which will comprehensively regulate the protection of minors and close existing legislative gaps, is embedded in a complex set of ongoing legal revisions in a national and international context.
Legal considerations regarding SPVs
Walder Wyss- Securitisation & Structured Finance
- Switzerland
- 26 March 2019
Switzerland has no specific securitisation legislation. Therefore, securitisation transactions are subject to the general legal framework that applies to all other financial transactions with respect to, among others, both corporate law and regulatory matters. This article provides a short overview of certain company-related aspects to consider when setting up a special purpose vehicle structure for a securitisation transaction in Switzerland.
Illegal streaming: internet access providers not liable for third-party platforms
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 08 March 2019
The Federal Supreme Court recently ruled that internet access providers are not liable for third-party websites and portals that make movies available for illegal downloading or streaming. Further, internet access providers are not obliged to monitor or block access to such websites and portals.
Federal Council to create new cybersecurity competence centre
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 01 March 2019
The Federal Council recently announced its intention to create a cybersecurity competence centre to provide a one-stop national point of contact for all cybersecurity issues. The plan is a response to requests from Parliament and the business community and is a step towards implementing Switzerland's national strategy for protecting against cyber risks.
Welcome relaxation of Swiss withholding tax rules on foreign bonds guaranteed by Swiss parent company
Walder Wyss- Corporate Tax
- Switzerland
- 22 February 2019
The Swiss Federal Tax Administration recently relaxed its practice under which bonds that are issued by foreign resident issuers, but guaranteed by their Swiss resident parent company, are requalified as domestic issuances which trigger Swiss withholding tax on interest payments. The revised rules significantly increase the permissible use of proceeds in Switzerland.
Highlights of pre-draft Electronic Media Act
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 22 February 2019
In June 2018 the Federal Council issued a preliminary draft of the new Electronic Media Act (EMA), which aims to ensure that media content continues to meet high journalistic standards following profound changes in media use over the past decade. This article explores the highlights of the pre-draft EMA, which will replace the current Federal Act on Radio and Television.
Intra-group debt financing: updated safe haven rates and thin capitalisation rules
Walder Wyss- Corporate Tax
- Switzerland
- 15 February 2019
The Swiss Federal Tax Administration recently published the 2019 safe haven interest rates to be used on intra-group loans. Against this backdrop, this article provides an overview of the relevant Swiss tax rules associated with determining whether intra-group financing constitutes equity or debt for tax purposes and the consequences of each characterisation.
Regulatory aspects of securitisation in Switzerland
Walder Wyss- Securitisation & Structured Finance
- Switzerland
- 22 January 2019
The Swiss securitisation market is highly active and attractive for both issuers and investors. However, Switzerland has not enacted any specific securitisation legislation. Therefore, securitisation transactions are subject to the general legal framework that applies to any other type of financial transaction. This article provides a short overview of several regulatory aspects to consider when setting up a securitisation transaction in Switzerland.
New strategy for providing free access to government data
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 14 December 2018
The Federal Council recently adopted a new open government data strategy for providing the public with free access to government data. From 2020 onwards, all government data will gradually be made available for free and in a computer-friendly format. The strategy aims to strengthen transparency, accountability and innovation. With a centralised source of information and appropriate support for data users such as researchers and creators, Switzerland will remain an important innovative hub.
End to rulings on Swiss principal companies and finance branches
Walder Wyss- Corporate Tax
- Switzerland
- 30 November 2018
In the context of the bill on the Federal Act on Tax Reform and AHV Financing, the Swiss Federal Tax Administration recently announced that, as of 1 January 2019, it will abstain from granting rulings which safeguard the tax privileges of new principal companies and finance branches. Existing rulings for these regimes will no longer be valid after 1 January 2020 as part of the overall Swiss tax reform.
Securitisation in Switzerland – an overview
Walder Wyss- Securitisation & Structured Finance
- Switzerland
- 06 November 2018
The Swiss securitisation market has developed steadily and successfully in recent years, attracting various issuers for both private and public transactions. Many of these issuers have become constant issuers on the Swiss market, which remains active and driven by the still low (or negative) interest environment. Specifically, recent notable activity has concerned auto-lease assets and credit cards, mortgage assets and the asset-backed security market environment.
Federal Council publishes new Digital Switzerland strategy
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 02 October 2018
The Federal Council recently adopted a new Digital Switzerland strategy for the next two years. The new strategy replaces the 2016 strategy and, like its predecessor, aims to prioritise the government's efforts in the digital realm. The new strategy places a stronger focus on initiatives relating to artificial intelligence and smart cities, smart villages and smart regions. It also addresses topics ranging from digitalisation in the transport and energy sectors to e-government and cyber risks.
Swiss Parliament approves corporate tax reform
Walder Wyss- Corporate Tax
- Switzerland
- 28 September 2018
The Swiss Parliament has approved the revised version of Tax Proposal 17, a proposal for corporate tax reform. The new proposal aims to set the basis for new rules on Swiss corporate tax (the last proposal having been rejected in a nationwide referendum) and secure and enhance Switzerland's overall attractiveness as a business location.
Government recommendations for IT resilience and cybersecurity
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 11 September 2018
The Federal Office for National Economic Supply recently published the Minimum Standard for Improving ICT Resilience, together with a self-assessment tool. Compliance with this standard should allow organisations to successfully fend off cyberattacks and mitigate cyber-risks. The standard follows a similar structure to the US Department of Commerce's National Institute of Standards and Technology Cybersecurity Framework.
Swiss telecoms regulator launches 5G radio frequency awards process
Walder Wyss- Tech, Data, Telecoms & Media
- Switzerland
- 01 August 2018
In a recent press release, the Federal Communications Commission (ComCom), jointly with the Federal Office of Communications (OfCom), launched the 5G radio frequency awards process. On behalf of ComCom, OfCom will auction several frequency spectrum blocs, which will be licenced for 15 years. These frequencies are important for the introduction of 5G technology in Switzerland and similar auction processes have already taken place or are under way in other jurisdictions.
Swiss Upper House issues revised Tax Proposal 17
Walder Wyss- Corporate Tax
- Switzerland
- 22 June 2018
The Council of States recently issued a revised version of Tax Proposal 17, a proposal for corporate tax reform. The new proposal is based on the government's March 2017 proposal and aims to set the basis for new rules on Swiss corporate tax (the last proposal having been rejected in a nationwide referendum in February 2017) and secure and enhance Switzerland's overall attractiveness as a business location. Under the proposal, Switzerland will repeal the existing special corporate tax regimes.
