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.

First court case affected by Schrems II – further legal uncertainty ahead

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.

European data protection authorities step on the gas – and there is more to come

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.

FINMA Guidance 08/2020: LIBOR replacement for derivatives

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.

EU data protection: noteworthy update to cookie guidelines by CNIL

The French data protection authority (CNIL) recently published an updated version of its guidelines on cookies called "Recommendations on cookies and other trackers".

EU adequacy decision on data protection laws: risks for third countries

Recently, the Court of Justice of the European Union (CJEU) issued a new landmark decision on the retention of data by EU Member States (C-511/18).

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.

Parliament agrees on revised Swiss Data Protection Act

Almost to the day three years after the Federal Council first published the draft bill to revise the Swiss Data Protection Act (FADP), the Parliament was finally able to agree on a new law.

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.

CH-US Privacy Shield declared invalid

Swiss data protection legislation guarantees the security and protection of personal data, especially when exchanging data with foreign countries. For data transfers from Switzerland to the USA, it was previously possible to obtain certification under the CH-US Privacy Shield, thus ensuring a partially adequate level of data protection for data processed in the USA.

EU-US Privacy Shield declared invalid

In a long-awaited decision, the Court of Justice of the European Union (CJEU) has invalidated the EU-US Privacy Shield, a framework governing data transfers between the EU and the US. Good news, however, the transfer of personal data based on standard contractual clauses is still allowed.

FINMA authorises first supervisory organisations

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