On 27 September 2020, the Swiss electorate voted with a clear majority to introduce two weeks of paternity leave which will enter into force on 1 January 2021. This has resulted in adjustments to the employment law provisions in the Code of Obligations (CO).
While giving or receiving “simple gifts” is a welcome opportunity to initiate and foster business relationships, bribery is almost globally punishable.
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.
The German EU Council Presidency has published a new draft of the ePrivacy regulation which is intended to supplement the European GDPR. The latest version of the draft provides substantial changes on the rules on electronic communications and digital marketing.
Since the entry into force of the European General Data Protection Regulation (GDPR) more than two years ago, the global data protection landscape has been changing. As a result, many international data protection laws have been newly adopted, modified or become effective.
After the landmark ruling "Schrems II", the European Data Protection Board (EDPB) published its recommendations on data transfers to third countries in November 2020. These recommendations will be key for Swiss companies.
Brexit brings with it many uncertainties, especially in the area of data protection. Therewith, it is still questionable whether the level of data protection in the UK will be considered equivalent by the EU after the UK's final withdrawal from the European Union. A non-recognition would result in serious consequences for Swiss companies. Therefore, we highlight the main preparatory measures organisations in Switzerland should focus on in order to prepare for 31 December 2020.
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.
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.
For the first time in Europe, a case relating to the "Schrems II" judgment was brought before a higher court, namely the Conseil d’ État (French Supreme Administrative Court). Remarkably, the French data protection authority originally had a different view on the case compared to that of the court itself. This creates legal uncertainty across Europe about the scope of the Schrems II judgement.
As recently as last year, the number of large fines based on the General Data Protection Regulation (GDPR) increased steadily. However, since the outbreak of the corona crisis, European data protection authorities appear to have stepped on the brakes relating to GDPR enforcement actions. But it looks like things are starting to move again.
The Swiss Financial Market Supervisory Authority FINMA recommends its supervised institutions affected by the replacement of LIBOR to sign the new Fallbacks Protocol published by the International Swaps and Derivatives Association (ISDA) as soon as possible.
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