The new set of Swiss laws on blockchain and distributed ledger technology (DLT; Blockchain/DLT Laws) has been approved by the Swiss Parliament on 25 September 2020 and is thus now in final form. Subject to a referendum, which is unlikely, the Blockchain/DLT Laws will presumably enter into force early next year.
The main topics of the Blockchain/DLT Laws are:
COVID-19 Key Developments __ Top Story | COVID-19:Temporary amendments to insolvency laws extended to 31 December 2020 On 7 September The Treasurer and the Attorney General issued a joint statement announcing that the government plans to extend temporary insolvency and bankruptcy protections for businesses impacted by the COVID-19 pandemic until 31 December 2020. MinterEllison's Michael Hughes has released an article providing an expert summary of the changes. This can be accessed on our website here.
The banking reform package marks an important step toward the completion of the European post-crisis regulatory reforms
Financial Regulation Weekly Bulletin 22 February 2018 / Issue 950 Major UK and European regulatory developments of interest to banks, insurers and reinsurers, asset managers and other market participants Selected Headlines General FinTech innovation – FCA and CFTC sign cooperation arrangement 1.1 Using technology to achieve smarter regulatory reporting – FCA launches call for input 1.2 Brexit Implementation period – DExEU publishes draft text for discussion 5.1 The impact of Brexit on wholesale financial services contracts – AFME publishes FAQs 6.1 Banking and Finance Implications of FinTec
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Introduction
Financial institutions continue to prepare for the anticipated cessation of the publication of the London Interbank Offered Rate (LIBOR) benchmark after the end of 2021 and its replacement with “risk-free” overnight rates, including reformed SONIA (for sterling) and the new SOFR rate (for U.S. dollars). Transitioning affected financial products to the new rates and amending legacy books is a massive project for any sizable institution.
After publishing a very comprehensive report on distributed ledger technology (DLT) and blockchain in last December, the Federal Council initiated during its meeting on 22 March 2019 the next step by a public consultation on the adaptation of specific federal law provisions to developments in DLT and blockchain. This further underlines the emphasis of the Federal Council on creating the best possible framework to allow Switzerland to establish itself as a leading, innovative and sustainable location for fintech and DLT companies.
After publishing a very comprehensive report on distributed ledger technology (DLT) and blockchain in last December, the Federal Council initiated during its meeting on 22 March 2019 the next step by a public consultation on the adaptation of specific federal law provisions to developments in DLT and blockchain. This further underlines the emphasis of the Federal Council on creating the best possible framework to allow Switzerland to establish itself as a leading, innovative and sustainable location for fintech and DLT companies.
The Swiss Federal Council recently released a comprehensive report on the embedding of the Blockchain technology into the Swiss legal framework: This report shall guide the way to bringing the legal certainty for the Swiss Blockchain ecosystem to the next level.