The General Data Protection Regulation (the “GDPR”), after years of preparation, has been approved by the European Parliament on 14 April 2016 and entered into force on 25 May 2018. The GDPR replaced Directive 95/46 EC on the protection of individuals with regard to the processing of personal data and on the free movement of such data.

Explore the intricacies of Swiss insider trading laws and the stringent penalties imposed by FINMA. Learn about the definition of Insider Information, prohibited activities, and recent enforcement actions in Switzerland's evolving financial market regulations.

Coming into force from May 2018, the EU General Data Protection Regulation (the “GDPR”) will profoundly alter the way businesses and consumers look at the data they hold. Being informed about why it’s coming into play and what the regulation is solving will help both organisations and individual citizens understand how they should approach data protection...

Les premières recommandations en matière d’outsourcing en Suisse ont été mises en place en 1999 par la circulaire de la Commission fédérale des Banques : Externalisation d’activités (outsourcing). Cette circulaire a été révisée une première fois en 2008 par la circulaire FINMA 2008/7 « Outsourcing – banques » afin de s’adapter à l’évolution technologique et informatique des années qui ont suivi l’entrée en vigueur de la législation de 1999 et à une augmentation de la demande en matière d’outsourcing. La nouvelle circulaire FINMA 2018/3...

On 21 June 2017, the European Commission proposed a Council Directive amending Directive 2011/16/EU regarding mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangement (the “Proposal”). The Proposal provides new transparency rules for intermediaries that design or sell potentially harmful tax schemes...

Internet is the way of life now. You open your eyes in the morning by searching for your smartphone. The day starts right from snoozing your alarm to setting your alarm at night on your smartphone. During your 17 hours of awakening during the day, the information you consume is immense and most of it is unwanted. But, in this article let us analyse how someone’s unwanted becomes your wanted and vice-versa...

On 1 February 2017, the representatives of the Gulf Cooperation Council (the “GCC”) signed the Unified Value Added Agreement for the GCC, meaning that a formal Value Added Tax (the “VAT”) system is going to be introduced in all six member states of the GCC in accordance with the Unified Value Added Agreement. Every Member State must follow certain principles mutually agreed, but each Member State will draft its own legislation...

A bank was charged for having violated the Article 305bis of the Swiss Criminal Code (“SCC”) (in connection with the Article 102 (2) SCC) and was subsequently subject to a search of its premises. During the course of the proceedings conducted by the Federal Prosecutor’s Office, an internal bank document which sets out the various compliance operations performed in the case in question...

The New EU Shareholder Rights Directive 2017/828 EC (the “Directive”) was adopted by the European Parliament on the 14 March 2017 and was further adopted by the European Council on the 3 April 2017. The Directive has been provided as an amendment to Directive 2007/36 EC, the Shareholder Rights Directive which was enacted on the 11 July 2007 and which set out rules on the exercise of certain rights of shareholders in their respective listed companies...

On the 6th March 2017 the Dubai Financial Services Authority (the “DFSA”) has released its Consultation Paper (112) with guidance on how its regime will accommodate and regulate testing financial technology (“FinTech”) innovations. Since the release there have been a number of developments that have led to amendments in the DFSA General Module Rulebook and cooperation between the DFSA and international authorities...

The Financial Institutions Act, Chapter 376 of the Laws of Malta (the “Act”) which was enacted on the 15 November 1994 stipulates that no business of a financial institution shall be transacted in or from Malta except by a company which is in possession of a licence granted under the Financial institutions Act by the Malta Financial Services Authority (the “MFSA”)...

The Swiss holding company is a company whose main purpose is to provide the consolidated management unit over a long term (for a minimum of one year) of investments in the capital (“Participations”) of one or various companies based in Switzerland and abroad. The Federal Law on the Harmonisation of Direct Taxes dated 14 December 1990 (“LHID”)[1] is rigorous in respect of the two above mentioned criteria since the simple notification of the holding status in the objectives in the articles of association are not sufficient...

With the exception of the “natural obligations”, debt obligations are always connected to a legal action which guarantees the execution of a transaction between parties to a commercial relationship. However, the creditor sometimes needs to secure their position with additional guarantees. Hence, collateral securities exist in order to facilitate the trade relationship. We will focus on the essential features of two personal securities; the Contract of Surety and the Guarantee of Performance by a Third Party.

The Malta Retirement Programme was designed to attract nationals of the EU, EEA and Switzerland who are not in an employment relationship and are in receipt of a pension as their regular source of income. It was introduced as a special tax status regime for EU, EEA and Swiss pensioners who become Maltese residents.

The Malta residency and Visa Programme (the “MRVP”) has been launched by parliamentary Secretary for Competitiveness and Economic Growth in 2015 through L.N. 288 of 2015. Recently it has been amended by L.N. 189 of 2017 which granted Maltese Residency by Investment...

Dans le cadre de la surveillance des marchés financiers, la FINMA collecte des données sensibles potentiellement pertinentes regroupées dans un fichier couramment appelé la Watch List visant d’instrument d’enforcement afin de juger de la garantie irréprochable de certains acteurs financiers (voire Newsletter du 16 septembre 2016)...

When conducting business in Switzerland, one should be conscious of the laws in place to protect individuals’ and companies’ data. The main regulation of data protection in Switzerland is found in the Federal Act on Data Protection of 19 June 1992 (“DPA”) and the corresponding Ordinance to the Federal Act on Data Protection of 14 June 1993 (“DPO”)...

The Dubai International Financial Centre (the “DIFC”) and the Dubai Financial Services Authority (the “DFSA”) have developed a strategy in order to encourage and support the growth of the local DIFC fund management industry. The supportive and secure legislative and regulatory environment is the reason behind why the DIFC has been chosen by approximately two hundred...

The nature of data protection measures inherently requires that when data is being moved from one state to another, each jurisdiction must have equivalent protections and sanctions. Switzerland and the European Union have similar protections in place to protect and define the limits of data protection. While it can be argued that data protection in the European Union and Switzerland are fundamental rights...

During the process of the Dubai Financial Services Authority (the “DFSA”) supervision it was found that there were some unintended gaps and overlaps in the regulation, especially with regards to ‘arranging’ activities. The lack of scope has given rise to some entities trespassing into areas which they are not regulated for...

The Markets in Financial Instruments Directive (the “MiFID”) has been a piece of legislation which was, and still is, of fundamental importance to financial markets across Europe. Despite this, areas of the financial market in Europe remained opaque and unregulated. Backed by the regulatory success of MIFID as the first step in the right direction...

Driven by the United Arab Emirates (the “UAE”) National Innovation Strategy and Dubai Plan, and the Dubai International Financial Centre (the “DIFC”) 2024 strategy, the emergence and developments of Financial technology (“FinTech”) is being used to transform and leverage the DIFC into a global FinTech innovation hub...

L’imposition d’après la dépense, plus communément appelée « forfait fiscal » (le « Forfait » ou les « Forfaits ») désigne une procédure de taxation simplifiée, destinée aux personnes physiques, ressortissantes d’un pays étranger et résidant en Suisse. L’une des conditions primordiales consiste à ce que les personnes dites « au forfait » n’exercent aucune activité lucrative en Suisse.

The Common Reporting Standards (the “CRS”), developed by the Organization for Economic Cooperation and Development (the “OECD”), is a global reporting standard for the automatic exchange of information. In December 2016, the Ministry of Finance (the “MoF”) in the United Arab Emirates (the “UAE”) released a document titled Guidance Notes for the Common Reporting Standard (the “Guidance Notes”)...

Over 80 developing countries and other non-OECD/non-G20 economies united together to develop the BEPS package in order to develop a modern and international tax framework under which profits are taxed where economic activity and value creation occur...

En droit suisse, un papier-valeur est un titre auquel un droit est incorporé d’une manière telle qu’il est impossible de faire valoir ce droit ou de le transférer indépendamment du titre. Il s’ensuit, d’une part, que celui qui possède le titre peut se prévaloir du droit incorporé et, d’autre part, que le transfert du droit incorporé nécessite le transfert de la possession du titre.

Les plans d’intéressement des employés de sociétés ont été mis en place depuis le début des années 1980 sous l’influence anglo-saxonne[1]. De manière générale, l’idée consiste en une implication du collaborateur dans le fonctionnement de la société dont il est l’employé. En effet, ce dernier reçoit des options lui permettant, à certaines conditions bien déterminées, d’acquérir des actions de la société en question.

This article presents an overview of the laws and regulations in place with regard to posting online and on social media in the UAE. The body responsible for the management of the telecommunications and information technology sectors in the UAE is The Telecommunications Regulatory Authority established in 2003 as per the UAE Federal Law by Decree No. 3 of 2003.

On the 28 January 2016, the European Commission (the “Commission”) released a proposal for a Council Directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market. The Commission’s proposal is a key part of its consolidated Anti- Tax Avoidance Package...

Update for employers with regard to the proper payment of wages under the current UAE Employment Law regime Further to the United Arab Emirates (“UAE”)’s commitment towards protecting and ensuring employee and worker rights in the country, the Minister of Human Resources & Emiratisation (formerly the Ministry of Labor)(the “Ministry”) issued Ministerial Decree No. 739/2016 on the Protection of Wages...

Depuis plusieurs années déjà, la corruption fait partie, à l’instar du blanchiment, des préoccupations majeures des organisations internationales sur le plan pénal. Afin de se conformer aux obligations contenues dans les principaux traités internationaux en matière de corruption, la Suisse a révisé ses dispositions à plusieurs reprises, d’abord en 2000, puis en 2006.

Les dispositions légales régissant les marchés financiers exigent que les organes les plus importants d’un assujetti présentent toute « garantie d’une activité irréprochable ». A cet effet, l’autorité fédérale de surveillance des marchés financiers (la « FINMA » ou l’ « Autorité ») gère un fichier de données avec des informations personnelles pouvant être capitale pour évaluer si une personne présente ou non toute garantie d’une activité irréprochable, un sésame indispensable pour exercer son activité.

Avant l’entrée en vigueur de l’art. 42c de la Loi sur la surveillance des marchés financiers du 22 juin 2007 (« LFINMA »), l’ensemble des transmissions d’informations destinées à être communiquées aux autorités étrangères par un assujetti tombaient, dans la plupart des cas, sous le coup de l’art. 271 du Code Pénal, relatif aux actes exécutés sans droit en faveur d’un Etat étranger.

The Malta Financial Services Authority (the “MFSA”) has just launched a new regime of notification of funds applicable to Alternative Investment Funds AIFs which are promoted to professional investors and/or qualifying investors. AIFs falling within the scope of the notification process (the “Notified AIFs”) shall be managed by an Alternative Investment Fund Manager (the “AIFM”) authorized and regulated under Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers (the “AIFM Directive”)...

Legal uncertainty regarding inheritance has always been a concern for non-Muslims in the United Arab Emirates (the “UAE”) as to the legal procedure follows the death of a non-Muslim, and the distribution of the deceased’s assets. This current perceived uncertainty stems from the fact that non-Muslims’ assets, might be distributed in fixed shares (eg. son gets double the daughter) according to the heirship rules of Sharia Law...

Iran had long been a country that was unable to participate in the global economy and financial markets due to the imposition of an extremely stringent sanctions regime, most notably by the United States (the “US”). However, On 14 July 2015, the P5+1 (i.e. China, France, Russia, the United Kingdom and the US, plus Germany), the European Union, and Iran reached a Joint Comprehensive Plan of Action...