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The Financial Services Act (FinSA) and its implementing ordinance (FinSO) as well as the Financial Institutions Act (FinIA) and its implementing ordinance (FinSO) entered into force on 1 January 2020. However, due to generous transitional periods, life went on almost as if nothing had happened for most financial services providers.

The Swiss charitable foundation is an asset planning tool suitable for international philanthropists. It offers a globally recognised solution for private assets that benefits society as a whole. Swiss foundations enjoy great freedom in terms of structure and governance. For this reason, Switzerland is usually regarded as the jurisdiction of choice for the establishment of charitable foundations, particularly among non-Swiss founders such as international families and large charitable institutions or corporations.

On 29 August 2018, the Swiss Federal Council presented a proposal for a first partial amendment of Swiss inheritance law. The purpose of drafting the law is the adjustment of inheritance law to new societal forms of cohabitation and making corporate succession regulations easier. Of great practical relevance in the case of estate planning is that the previous mandatory portion claims of the descendants are reduced.

To date, independent trustees in Switzerland are regularly not recognised as such on a supervisory basis. This will change with the implementation of a new supervisory legislation, presumably from 1 January 2020.

On 16 April 2018 (4A_586/2017), the Swiss Federal Supreme Court issued a decision regarding investment advice. This judgment provides us with the opportunity to present some key aspects of investment advisory contracts.

On 1 September 2017, the revised law on reproductive medicine and the revised reproductive medicine ordinance came into force in Switzerland. The amended legislation now regulates, in particular, the requirements and the permissibility of preimplantation diagnostics (PID), which has been prohibited to date.

Who is liable for the damage if a hacker succeeds in initiating fraudulent transactions on a Swiss bank account?

According to a judgement of the Swiss Federal Court, it was the bank which ultimately had to bear the loss (Swiss Federal Court, decision of 5 December 2016, 4A_386/2016). However, do not be too sure that this will always be the case. In comparable cases, it could also be that the bank customer is left bearing the damage caused by an unauthorised person.

By judgment of 28 June 2017, the Swiss Federal Supreme Court re-examined the rights and obligations of an heir who was completely excluded from succession in a disposition of property upon death. Persons who have been completely excluded from succession are referred to as so-called "virtual heirs".

What does a virtual heir have to do in order to get to his or her legacy, and what rights does a virtual heir have until the time that heir status is recognised? And who actually is a virtual heir in the first place?

And can I, as a foreigner, leave the United Kingdom of Great Britain and Northern Ireland and take up residence in Switzerland?

Anyone who establishes a foundation and leads it as the chairman of the board, together with other trusted board members, should consider how it will proceed after the potential occurrence of resignation, incapacity to act, or death. Should one's own family, especially the heirs, continue to operate the foundation in influential positions? 

The time between when a testator dies and when there is a definite distribution of the inheritance may amount to several years, especially when there are disputes between the heirs. If during this time the heirs cannot agree on the necessary administrative procedures regarding the inheritance, and no executor has been appointed in advance, a representative of the community of heirs is often appointed by the competent authority at the request of an heir.

Political and economic stability, an attractive fiscal environment as well as the high quality of the general standard of living has made Switzerland for decades the preferred destination for people who want to relocate abroad. When granting residence permits, Switzerland differentiates between two categories of foreign nationals: the EU-28/EFTA-nationals on the one hand, and the nationals of so-called third countries (non-EU-28/EFTA states) on the other. 

According to a new leading case of the Federal Supreme Court, the recognition of a foreign certificate – in this case the certificate of inheritance established by the Egyptian court – should be refused in Switzerland when it is manifestly incompatible with Swiss public order, that is to say, when it runs against the fundamental principles of the Swiss legal order in an unacceptable way.

hen it comes to marriage and divorce, one might rely on the experience of the recently passed away, eight times married Zsa Zsa Gabor, who once said: “You never really know a man until you have divorced him.” And as for the secondary effects of divorce, Zsa Zsa Gabor stated: “I am a marvelous housekeeper. Every time I leave a man, I keep his house”.

According to a new leading case of the Federal Supreme Court, the purchase of property by Swiss nationals may require authorisation if it is substantially financed by foreigners.

Charitable foundations are receiving increased media attention at the moment. The reason for this is less due to the continuous growth of the Swiss charity sector, (which currently consists of more than 13,000 charitable foundations), but more due to the charitable commitment of well-known and influential entrepreneurs and business people.