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FINMA Guideline - Changes of corporate bodies at banks
On 22 September 2021, the Swiss Financial Market Supervisory Authority (FINMA) published guidelines concerning changes in the persons entrusted with the administration and management of Swiss banks (FINMA Guidelines). The FINMA explain the procedure regarding changes of corporate bodies at banks, covering a general overview of the duration and the requirements in this procedure as well as the documents to be submitted.
Dawn raid: Duty of investigating authority to provide legal information on sealing
According to a recent decision of the Swiss Federal Supreme Court (SFSC), the investigating authority must inform the owner of records and objects seized during a house search about his procedural right to request a sealing of the evidence. This information must be provided in good time and in sufficient detail, in particular if laypersons are involved. In the absence of sufficient information, an owner may not validly waive its right to request the sealing of evidence.
First approval granted for a stock exchange and central securities depository for trading of tokens
The Swiss Financial Market Authority FINMA announced on 10 September 2021 that it has granted for the first time approval to a stock exchange and a central depository (Zentralverwahrer) for the trading of tokens. Both institutions operate financial market infrastructures based on the distributed ledger technology (DLT).
Duties of the board of directors: Liquidity supervision and conflicts of interest – Episode 2 of 5
In the Loyens & Loeff Switzerland podcast series “Let’s talk legal”, we provide succinct insights into key Swiss legal issues and developments. In five episodes, we talk about the main aspects of the Swiss corporate law reform. After being in the making for almost 20 years, the corporate law reform touches a wide area of topics.
Loyens & Loeff advised the ultimate beneficial owner of Baggerman Group on Swiss and Dutch tax aspects
We advised the ultimate beneficial owner of Baggerman Group on Swiss and Dutch tax aspects of the sale of 100% of the shares in Eurohose Holding B.V. Baggerman Group develops, produces and sells rubber and thermoplastic hoses and couplings in Northern and Eastern Europe. Baggerman Group was sold to NORRES Group, strengthening its market leading position in Europe’s hoses sector.
Applicability of the Lugano Convention after Brexit
In a landmark decision the Swiss Federal Supreme Court ruled that the Lugano Convention remains applicable after Brexit with regard to the recognition and enforcement of UK judgments if such judgments were handed down while the Lugano Convention was still in force (i.e. before 31 December 2020).
Loyens & Loeff earns top rankings in Chambers & Partners High Net Worth Guide 2021
Today, 22 July 2021, Chambers & Partners High Net Worth (HNW) has published its rankings for 2021.
How to manage legal risks in a time of crisis?
This Q&A outlines a series of questions covering the main concerns addressed during our webinar hosted by the Legal500. At the occasion of this event, our team of experts provided practical guidance on the steps that can be taken to mitigate, manage and overcome the different stages of a crisis in the Benelux and Switzerland.
Loyens & Loeff launches Smart Subscription Tool
Amsterdam, 14 July 2021 – Loyens & Loeff launches the Smart Subscription Tool for investors of alternative investment funds. The tool offers these investors a digital solution to guide them step-by-step throughout the entire onboarding process. The tool provides clear guidance and saves investors valuable time and hassle. It also offers investors a secure environment to upload the required KYC documents.
Further details on derivative trading obligations in the course of the LIBOR transition
On 5 July 2021, the Swiss Financial Market Supervisory Authority (FINMA) published a guidance with further clarifications on the replacement of the LIBOR reference rate that will occur by the end of this year. The guidance covers the conditions under which amendments to existing derivative contracts qualify as legacy contracts and are, therefore, exempt from triggering central clearing or bilateral margin obligations.
Winner first Loyens & Loeff Innovation Challenge announced
The Client Contract Management Tool has been announced as the winner of the first ever Loyens & Loeff Innovation Challenge. Selected by a jury of external and internal innovation experts, the winning innovation will be launched before the end of this year, changing our way of working firmwide. The six finalist teams were chosen from an impressive 42 entries submitted by 188 colleagues firmwide. They were given the opportunity to further develop their ideas and convince the jury with compelling pitches, culminating in a virtual Grand Finale last week.
Loyens & Loeff team successfully advised the Pierre & Vacances group in its restructuring
On 24 June 2021, the restructuring of the Pierre & Vacances group was completed. Pierre & Vacances is a well-known listed French tourism services provider, with holiday parks in (among others) Belgium, the Netherlands and Germany known as ‘Center Parcs’. The restructuring has led to a new credit facility of a maximum amount of €300 million enabling the Pierre & Vacances group to meet its short-term and medium-term cash-flow needs.