After a legislative process of more than ten years since the financial crisis, the Swiss supervisory regulations on consumer protection will enter into force on 1 January 2020. These rules aim to provide an equivalent legal basis to the respective EU-legislation. In June 2018, the Swiss parliament has adopted the final drafts of the Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG). In addition, the consultation process of the drafts of the related Financial Services Ordinance (FIDLEV), the Financial Institutions Ordinance (FINIV) and the Supervisory Organisation Ordinance (AOV) has been completed at the beginning of February 2019. Small inconsistencies in these ordinances are planned to be adjusted by the Federal Department of Finance until autumn 2019.
At all stages of their growth, FinTechs require expert legal and regulatory advice. EY FinTech lawyers work as part of the multidisciplinary FinTech team across the globe which helps FinTechs navigate and overcome the most pressing legal, commercial, technical, and financial challenges in an industry where change and innovation are key to success. Whether you are just starting out, or are already a major player, they can help you meet your growth objectives and support you in building the future of financial services. Find out how EY professionals may support FinTechs at each stage of their development here.
Regardless of the sector, location or size of the business, our employees are undisputedly one of our most important economic assets and contribute significantly to our success. It is therefore important to create the right incentive systems to ensure that valued employees remain on board on a sustained and long-term basis.
Following a lengthy reconciliation process between the National Council and the Council of States, on 15 June 2018 the Parliament adopted the new law on the statute of limitation. The referendum period continues to run until 4 October 2018. The law was revised, amongst other reasons, due to the fate of persons exposed to asbestos, whose claims had already become time-barred under existing law, long before symptoms of their asbestos-related illness became apparent.
Over the last decades, we have seen an enormous rise in the number and the value of international disputes between professional volleyball clubs and their players. This unpleasant situation did result from the fact that too many clubs did not comply with the financial obligations toward their players. In 2013, FIVB decided that a new regime was necessary and introduced the Financial Dispute Resolution System.
The new EU Data Protection Regulation will take effect on 25 May 2018. Alongside enhanced documentation and reporting requirements for data processers, it also imposes draconian fines of up to 4% of the total worldwide annual turnover of groups, subject to a maximum of EUR 20 million. This article presents the implications of the new EU legislation for Swiss enterprises.
After the failure of the major revision of the company law launched at the end of 2005, the Swiss Federal Council (Bundesrat) revived the proposal in November 2014 and submitted a new slimmer preliminary draft for consultation on 23 November 2016. One of the key goals is to make the capital and incorporation requirements simpler and more flexible.