Blockchain Securities Made in Switzerland / Limitation on Ombudsman Affiliation Requirement
Today, December 11, 2020, the Swiss Federal Council decided the following noteworthy aspects that will enter into effect as of February 1, 2021:
- DLT-Securities: Parts of the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (called the “DLT Bill”) that do not depend on the implementing ordinance currently in public consultation will enter into effect early. The DLT Bill will enable Swiss companies to provide for fully ledger-based securities that are represented in a blockchain. This marks an important step in the digitalization of the Swiss company and financial market law.
- Limitation on ombudsman affiliation requirement for financial service providers: Financial service providers serving in Switzerland exclusively institutional or professional clients within the meaning of the Swiss Financial Services Act will no longer have to affiliate to an ombudsman. Financial institutions that provide no financial services at all do not have to be affiliated to an ombudsman.
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