PwC Legal's Regulatory Radar – challenging the regulatory tsunami

Are you struggling to keep up with constant regulatory changes? Would you like to learn about a tool to challenge this regulatory tsunami? If so, please continue reading to discover how PwC’s Regulatory Radar can help you track all regulatory initiatives and remain on the road to success.

FINMA adopts regulation implementing FINSA and FINIA

The Swiss Financial Market Supervisory Authority (“FINMA”) has adopted its regulation implementing FINSA and FINIA. This encompasses a new implementing ordinance to FINIA, as well as changes to FINMA ordinances and circulars that need to be adjusted as a result of the implementation of FINSA and FINIA.

FINMA opens consultation on transparency obligations for climate risks

Investors and policymakers want greater transparency and comparability regarding climate risks in the banking and insurance sector. If not properly assessed, evaluated and monitored, climate risks are the new drivers of value decrease.

Recovery and resolution regulation for CCPs

The EU is stepping up its rules to make CCPs safer and address systemic risk that could arise from their potential failure.

Switzerland strengthens fintech and blockchain sector

On 10 September 2020, the second chamber of the parliament adopted an amending act to further improve Switzerland’s framework conditions for distributed ledger technology (DLT)/blockchain companies.

FINMA authorises first supervisory organisations

FINMA has authorised two supervisory organisations responsible for the future supervision of portfolio managers and trustees.

FINSA / FINIA update July 2020

As of 24 June 2020 the FINSA client advisor registry and ombudsman have been licensed. To get a certificate of knowledge and know-how, the FINSA Client Advisor Test is the only recognised online certificate that shows sufficient proof for it.

Federal Council puts FinSA and FinIA - together with the final ordinances FinSO and FinIO - into force: what are the major changes in FinSO?

The parliament already passed the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) in summer 2018. As planned, at its meeting of 6 November 2019 the Federal Council put FinSA and FinIA, together with the final ordinances into force with effect from 1 January 2020.

New rules on pre-marketing and cross-border distribution of AIFs and UCITS in the European Union

In April this year, the European Parliament voted to adopt a new directive and a new regulation with regard to cross-border distribution of alternative investment funds (“AIFs”) and undertakings for collective investments in transferable securities (“UCITS”). The regulatory package has now been finalised and published in the Official Journal of the European Union.

Update on the U.S. / Swiss Double Tax Treaty

After almost a ten year delay, the U.S. Senate has finally approved the protocol (the 2009 Protocol) to amend the double tax treaty between the Swiss Confederation and the United States of America.

New Directive on Whistleblower Protection

The European Parliament and EU Council have recently agreed to a game-changing piece of legislation that will help protect persons reporting incidents (“whistleblowers”) across Europe. It is the first time that the EU will have a dedicated legislation in this area.

The impact of EMIR Refit

The impact of EMIR Refit on Swiss-based entities as parties to OTC derivative contracts with EU-based counterparties and for Swiss banks that have affected corporate clients
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