Reports

On February 19, 2025, the Federal Council sent the message to Parliament concerning the project to extend the automatic international exchange of information in tax matters (AIE) to crypto-assets (the Message) by adopting a framework for the declaration of crypto-assets (CDA). In addition to the CDC, the Message proposes additions and amendments to the law (P-LEAR) and the ordinance (P-OEAR) on the automatic exchange of information. The new rules are expected to come into force on January 1, 2026, for[...]

On 21 November 2024, the International Organisation of Securities Commissions (IOSCO) published a consultation on the practice ofpre-hedging. Pre-hedging vs front-running Pre-hedging must be distinguished from front-running, which is prohibited as an unfair practice. Front-running consists of a financial institution executing proprietary transactions prior to a client's transactions, to the client's detriment, with a view to exploiting future price fluctuations in the client's favour. Unlike front-running, pre-hedging enables securities firms to hedge their exposure to client orders in advance. Pre-hedging[...]

On 26 July 2024, FINMA published Supervisory Notice 06/2024 on stablecoins. The communication covers the legal categorisation of stablecoins, the application of the anti-money laundering provisions, FINMA's practice with regard to default risk guarantees and the associated risks. This communication, which does not really contain anything new, is nevertheless a useful compendium of the Authority's practice developed since the publication of the Supplement to the Practical Guide for reporting issues relating to initial coin offerings (ICOs) on 11 September 2019.[...]

The MROS Annual Report 2023 has been published discreetly. Only certain points are commented on. The statistics include 11,876 communications corresponding to 21,500 business relationships (+56%, a tenfold increase in 10 years), 90.5% of which came from banks, while asset managers, lawyers, notaries and trustees remain largely under-represented. Fraud remains the leading predicate offence (see this analysis). 14.5% of reports concerned crypto-currencies, the importance of which is probably underestimated (see this specific report, commented on in Tharin, cdbf.ch/1335/). No surge[...]

In its report of 10 April 2024 on bank stability, the Federal Council proposes the development of a senior managers' regime (SMR) as part of the "Too Big To Fail" (TBTF) framework. An SMR assigns specific responsibilities to the most senior managers and makes it easier for the supervisory authorities to identify those at fault. This commentary focuses on one of the 37 measures analysed by the Federal Council in its report (for a general commentary on the report, see[...]

On 28 February 2024, the Federal Office of Police's Interdepartmental Coordination Group on Combating Money Laundering and the Financing of Terrorism (Fedpol) presented its second report on the money laundering risks associated with digital assets (i.e. digital assets based on blockchain technology such as Bitcoin or Ethereum). The report is of interest to financial intermediaries active in this area - in particular compliance functions - and proposes various recommendations to improve the fight against money laundering. It also highlights certain[...]

In its report on digital finance, the Federal Council defines the fields of action in the domain for the coming years. It notes that the digital transformation of the financial sector represents a strong potential for growth for Switzerland as a business centre. This transformation can lead to an improvement in the efficiency of the financial markets, increased transparency, better matching of customer services and a reduction in costs. However, the Federal Council notes that the use of new technologies[...]

In response to the postulate of 16 August 2019 of the Council of States' Committee for the Environment, Spatial Planning and Energy (CEATE-CE), the Federal Council published its report “How can Switzerland make financial flows consistent with climate objectives?” on 17 November 2021. In it, the Federal Council examines various measures that could more effectively involve the financial sector in the transition to a ‘net zero’ economy. The conclusion of voluntary sectoral agreements and greater transparency are the approaches that[...]

The International Organization of Securities Commissions (IOSCO) recently published an update of the principles on outsourcing established in 2005 for market intermediaries and in 2009 for stock exchanges. This update is due to new technological developments and recent developments in the field of outsourcing. Firstly, the personal scope of these principles has been broadened. They apply not only to the aforementioned entities, but also to trading platforms (in particular multilateral trading facilities), participants in the financial markets acting on their[...]

In a Memorandum dated 25 June 2021, the Federal Data Protection and Information Commissioner gives his opinion on the lawfulness of the transfer of personal data to the Securities and Exchange Commission (SEC) by Swiss companies registered with this American authority. The SEC contacted the Federal Commissioner in December 2020 to find out if and under what conditions Swiss companies could transmit personal data to it as part of its oversight. Even if the Memorandum does not specify it, one[...]

After a Report 2019 reduced to statistics, the Report 2020 returns to a format more in line with the tasks of the MROS, which include raising awareness among financial intermediaries (see typologies in section 5) and informing the public about developments in the fight against money laundering. Statistics (section 4) MROS has changed its working method, making direct comparison with previous years difficult. However, it provides information that allows a certain degree of comparability to be restored. The trends of[...]