Insights

"We believe that personal development is a journey, not a destination, driven by each individual's own initiative. We are curious to learn, take time and initiative to do so and share out knowledge with others" - lecocqassociate Spirit

We therefore take pride in supporting our people in every way we can to achieve this goal, together. We invest from day one in our team members’ continuing professional development and encourage all associates to publish insights in journals that relate to their areas of expertise.

DIFC Unveils Consultation on New Digital Assets Law, Law of Security, and Related Amendments to Certain Legislation

The Dubai International Financial Centre (DIFC) has introduced legislation within its New Digital Assets Law and New Law of Security, aimed at modernizing regulatory frameworks for digital assets and financial transactions. These developments promise enhanced clarity, security, and innovation.
Read publication

UAE Corporate Tax Update: Exempting Investment Funds from Corporate Tax

Delve into the critical nuances of the UAE Tax Law Cabinet Decision No. 81 of 2023 and the Qualifying Free Zone Person (QFZP) with our latest update. Published on 18 July 2023, the Ministry of Finance's Cabinet Decision introduces pivotal regulations for 'Qualifying Investment Funds' iaboutUAE Tax Law. This article meticulously dissects the additional conditions imposed by the Cabinet, beyond those in Article 10 of the UAE Tax Law, for Investment Funds to gain Corporate Tax exemption as Qualifying Investment Funds. Learn about the specific criteria for Investment Managers and Real Estate Investments Trusts to be considered Exempt Persons from Corporate Tax. Understand the complex conditions under which an Investment Fund can be exempted from Corporate Tax, including the nuanced definitions of Investment Business activities, ownership interest thresholds, professional requirements for Investment Managers, and management stipulations.
Read publication

ADGM: FSRA’s Enhanced Client Classification Rules

On 30 March 2023, the Financial Services Regulatory Authority (the “FSRA”) of Abu Dhabi Global Market (the “ADGM”) published Consultation Paper No.2 of 2023 on its proposed amendments to the Conduct of Business Rulebook, the General Rulebook and the Glossary Rulebook (the “Old Rules”), concerning client classification, client assets and conduct requirements that eventually came into effect on 15 August 2023 (“Enhanced Rules”).
Read publication

Suing for Damages in Switzerland: A Client's Right Against Banks

According to article 398 of the Swiss Code of Obligation of 30 mars 1911 (“CO”), the mandatee generally has the same duty of care as the employee in an employment relationship (paragraph 1). The mandatee is liable to the mandator for the diligent and faithful performance of the business entrusted to him (paragraph 2). He must conduct such business in person unless authorised or compelled by circumstance to delegate it to a third party or where such delegation is deemed admissible by custom (paragraph 3).
Read publication

Brief Reminder on the Right to Hold Deposits in Switzerland

Under the Banking Act (“BA”; SR 952.0), persons who do not hold a banking license may not accept deposits from the public in a professional purpose (cf. art. 1 par. 2 BA) or advertise the acceptance of such deposits (art. 49 par. 1 let. c BA).
Read publication

The Legal 500: Artificial Intelligence Comparative Guide in Switzerland

In Switzerland, a universally accepted description of artificial intelligence remains elusive, as existing definitions often revolve around human intelligence rather than machine-based intelligence. These formulations pose challenges by necessitating the definition of "intelligence," particularly the human variety.
Read publication

The Legal 500: Artificial Intelligence Comparative Guide in the UAE

In 2017, the United Arab Emirates (UAE) designated H.E. Omar Bin Sultan Al Olama as the Minister of State for Artificial Intelligence. Subsequently, in April 2019, the UAE Cabinet sanctioned the National Strategy for Artificial Intelligence 2031 to position the UAE as a global leader in artificial intelligence.
Read publication

UAE Corporate Tax Update

In the last couple of months, the UAE Ministry of Finance released Cabinet Decision No. 55 of 2023 on ‘Determining Qualifying Income for the Qualifying Free Zone Person for the Purposes of the UAE Tax Law and Ministerial Decision No. 139 of 2023 on ‘Qualifying Activities and Excluded Activities for the Purposes of the UAE Tax Law'.
Read publication

Software: IP Regimes and Licensing – A Swiss Overview

The present newsletter aims at analyzing, with a focus on Swiss regulations, the conditions for protection by the two intellectual property protection that could enter into account for software protection, namely copyright and patent. We will also give a brief overview of the different software licensing systems.
Read publication

ADGM Proposes a New Legislative Framework for Distributed Ledger Technology Foundations

On 11 April 2023, the Registration Authority (“RA”) of the Abu Dhabi Global Market published Consultation Paper No. 3 of 2023 titled “Proposal for a Legislative Framework for Distributed Ledger Technology Foundations”. With this Consultation Paper, the RA aims to address market players' growing interest in using ADGM foundations to facilitate distributed ledger technology projects and issuance of non-regulated utility tokens and provide a comprehensive explanation of the Distributed Ledger Technology Foundations Regulations 2023 proposed to that effect.
Read publication

The Financial Technology Law Review Sixth Edition Cryptoassets, NFTs and DAOs: A Swiss Perspective

Switzerland is at the forefront of financial innovation in FinTech and blockchain. Swiss laws do not specifically regulate cryptoassets as a distinct asset class, but instead apply existing regulatory rules to them for their issuance, trading and holding. The ICO Guidelines of the Swiss financial regulator ("FINMA") provide detailed guidance on the regulatory framework for initial coin offerings ("ICOs") and security token offerings ("STOs") under Swiss law, including a checklist for negative clearance applications. FINMA reviews ICOs and STOs for compliance with anti-money laundering ("AML") regulations, investor rights and technical standards.
Read publication

Trademark Protection in the Metaverse The MetaBirkins Case

The metaverse market encounters a knowledgeable success among investors, because of the new commercial opportunities it offers, especially in e-commerce and gaming. In 2023, revenue in the metaverse market is projected to reach USD 54.95 billion. By the end of the decade, the metaverse is forecasted to reach about 700 million people worldwide.
Read publication

New Anti-Money Laundering Act in Switzerland: What You Need to Know

Since 1st January 2023, the new Anti-Money Laundering Act requires financial intermediaries to comply with strict due diligence duties. The law will now explicitly provide for the verification of the identity of the beneficial owner and a general obligation to update client data. The objective is also to improve the transparency of associations exposed to an increased risk of terrorism financing.
Read publication

The New Data Protection Law in Switzerland

Switzerland adopted a new legislation to protect its citizens' data better. It improves the handling of personal data and grants new rights to Swiss citizens. Several obligations for companies accompany this important legislative change.
Read publication

Dubai's Virtual Asset Regulatory Authority and its Marketing Regulations

The Virtual Asset Regulatory Authority is the competent entity in charge of regulating, supervising and overseeing Virtual Assets and Virtual Asset Providers in Dubai. In this article, we will explore the Law and Regulations and explain how marketing VARA-related activities are regulated and enforced by this authority.
Read publication

Swiss Company Law Reform

On 1 January 2023, the new provisions on limited company law came into force. The foundation and capital provisions are now more flexible, the shareholders' rights have also been amended. The provisions have been adapted to the existing accounting law. There will be a transitional period of two years for the adaptation of the articles of association of existing companies to the new law. The articles of association of companies founded after 1 January 2023 must comply with the provisions of the new law as soon as they are incorporated.
Read publication

The International Capital Markets Review: Twelfth Edition

Dominique Lecocq, Pierre-Antoine Keiser and Logaina Omer's publication on Distributed Ledger Technology ("DLT") touches on the technology's relation to the finance industry, its regulatory context and applicable laws in Switzerland and the Abu Dhabi Global Market ("ADGM").
Read publication

The Privacy, Data Protection and Cybersecurity Law Review: Ninth Edition

The 9th edition of The Privacy, Data Protection and Cybersecurity Law Review includes a publication by lecocqassociate's Dominique Lecocq and Logaina Omer about the metaverse and the law. They touch on the legal status of the metaverse internationally, its applicable laws, jurisdictions and frameworks.
Read publication

New regime for Credit Funds introduced by the Dubai Financial Services Authority

The Dubai Financial Services Authority announced several legislative changes made to the DFSA Rules with entry into force on 1 June 2022 and aiming to bring regulatory clarity for a new specialist fund in the Dubai International Financial Centre (DIFC), namely credit funds.
Read publication

Online Identity Management: An Added Value for your Online Presence

Mixing personal and professional life is a risk no one wants to take—especially business leaders whose public image carries significant responsibilities for the company—demonstrating a clear image speed up the process of establishing a business, closing deals, and inspiring workers, among others. However, after the boom of social networks, the rise of remote work and the evolution and transparency of search engines, separating these two aspects has become increasingly difficult.
Read publication

Online Reputation Management over the years and current perspective

Back in 2010, Online Reputation Management activities focused on basic Search Engine Optimisation techniques and copywriting to help gain positions within the Search Engine Result Pages. The Internet was completely different back at that time. Everything is changing now in the era of smartphones, smart speakers and the beginning of the Metaverse.
Read publication

Marketing Foreign Funds in Switzerland

The introduction of the Financial Services Act (FinSA) on 1 January 2020 has brought significant changes in the law on collective investment schemes. The rules for the offering and distributing foreign collective investment schemes in Switzerland have been amended. This article aims to show which new regulations apply in the context of Switzerland's marketing of foreign funds.
Read publication

Switzerland's Data Protection: Brief reminder on the limits to the right to information

On 15 September 2017, the Swiss Federal Council adopted a Message related to the global revision of the Federal Act on Data Protections of 19 June 1992 (FF 2017 6565 ff). According to this Message, the current FADP has been overtaken by technological and societal developments.
Read publication

An avalanche in the Alps: the Revised Federal Data Protection Act is nigh

In Switzerland, the Revised Federal Data Protection Act (Revised FDPA), an update of the Swiss data protection act to align it with the General Data Protection Regulation (GDPR), was approved in 2020 and it will enter into force during 2022 or 2023.
Read publication

Interim Measures in Intellectual Property Matters in Switzerland

When undergoing an infringement of their intellectual property rights, it is paramount that the injured party can react quickly. Interim measures allow such a fast reaction in Switzerland. Such measures differ from ordinary proceedings in four aspects.
Read publication

Switzerland Chapter in The Structured Product Law Review, edition 3

Structured products or otherwise called market-linked investment products are "pre-packaged structured finance investment strategy based on a single security, a basket of securities, options, indices, commodities, debt issuance or foreign currencies, and to a lesser extent, derivatives.
Read publication

Comparative study of eSport legislations in Switzerland, Malta and the UAE

Esports commonly refer to competitive (pro and amateur) video gaming that is often coordinated by different leagues, ladders and tournaments, and where players customarily belong to teams or other “sporting” organisations which are sponsored by various business organisations. During recent years, esports (electronic sports) have become one of the most rapidly growing forms of new media driven by the growing provenance of (online) games and online broadcasting technologies.
Read publication

Limited Qualified Investor Fund: Amendments to CISA for a New Unregulated Fund Category In Switzerland

The Limited Qualified Investor Fund (L-QIF) is an innovative fund product designed to enhance Switzerland's attractiveness and innovative capacity as a fund centre; lecocqassociate provides a full range of financial regulatory, corporate and commercial advice concerning the structuring and incorporation of entities.
Read publication

New Data Protection Rules and Guidance Provided By ADGM

The Abu Dhabi Global Market (ADGM) issued new rules supplementing the Data Protection Regulations 2021 previously adopted at the beginning of 2021.
Read publication

Sequestration of Assets Located In Switzerland and Belonging to a Debtor Domiciled Abroad

The creditor who intends to sequester the assets of a debtor in Switzerland who is not domiciled in that country will have to make sure that he fulfils the conditions set out in this article and that he obtains as much information as possible in this context, in order to convince the judge of the validity of his claim.‍
Read publication

Set Up of a Cryptocurrency Exchange Platform in Switzerland, Malta and Lithuania

A comparative legal review to look into the set-up of cryptocurrency exchanges in renowned jurisdictions: Switzerland, Malta and Lithuania. The set-up of cryptocurrency exchanges is not complicated. We advise that in order to have a sustainable and long-lasting cryptocurrency exchange, it is important to consider the establishment of the exchange.
Read publication

Set Up of Operating a Private Financing Platform in the Abu Dhabi Global Market

A PFP is an online (electronic) platform that allows private companies, such as start ups and small and medium enterprises (“SMEs”) from early to pre IPO stage, to source financing from private and institutional investors to launch and scale their businesses.
Read publication

“Swiss Made” Sells. Which Criteria Should Companies Comply to Use the Swiss Indication of Source?

The “Swissness” trademark legislative amendment came into force on 1 January 2017. It strengthens the “Swiss Made” designation and the Swiss stamp of quality. It aims to reinforce the value of Swiss products used for marketing products, and in turn, contributes to preventing any wrongful use of the Swiss indication of the source.
Read publication

Setting Up a Financial Consultancy or Advisory Firm in the United Arab Emirates

A financial consultancy or advisory firm comprises highly qualified financial advisors and consultants who help individuals and companies make strategic decisions to reach a certain financial goal. In the UAE there are mainly 3 jurisdictions to set up a financial consultancy or advisory, the ADGM, DIFC and Mainland UAE.
Read publication

UAE Economic Substance Rules

On 30 April 2019, the United Arab Emirates (UAE) issued Cabinet Decision No. 31 of 2019 concerning Economic Substance Requirements (Regulations) in response to the European Union Code of Conduct Group’s assessment of its tax framework...
Read publication

New Foreign Ownership Regime For United Arab Emirates Mainland Companies: 100% Foreign Ownership Now Permitted, Albeit With Nuances

The Federal Decree-Law No. 26/2020 On the amendment of certain provisions of Federal Law No. 2/2015 on Commercial Companies (the "Federal Decree-Law No. 26/2020") issued on 27 September 2020 now establishes as a default position the possibility of 100% foreign ownership in the United Arab Emirates
Read publication
We send out newsletters each week with updates and important information.
Thank you for subscribing
Something went wrong while submitting the form.