Definition of the principle of utmost good faith

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Switzerland: Finma’s new rules on outsourcing for banks and insurance companies

By Rashid Bahar and Martin Peyer On 5 December 2017, the Swiss Financial Market Supervisory Authority FINMA published its new circular 2018/3 Outsourcing – Banks and Insurance Companies. In contrast to the current rules, the new circular not only covers banks and securities dealers but is also applicable to insurance companies…

Switzerland: Banking regulation update 2018

By Peter Hsu and Rashid Bahar In the aftermath of the financial crisis of 2008/2009, Switzerland launched a massive overhaul of its financial regulations. These reforms followed several objectives…

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By Daniel Flühmann and Philippe Seiler Initial coin offerings (ICOs) or token sales as alternative financing methods continue to generate increasing interest – in particular in Switzerland. Initial coin offerings conducted out of Switzerland between January and October 2017 raised between $550 and $650m, which represents approximately one quarter of the volume of ICOs worldwide (including […]

New guidelines for ICOs in Switzerland

By Dr Daniel Flühmann On 16 February 2018, the Swiss Financial Market Supervisory Authority FINMA published a guidance paper on the treatment of ICOs. The Guidelines summarise the principles FINMA applies in assessing ICO projects and, more generally, blockchain tokens, under financial market laws, with a focus on securities regulation and anti-money laundering (AML) laws…

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Sentencing Council publishes gross negligence manslaughter definitive sentencing guideline

The penalties imposed on individuals for fatal accidents in the workplace are set to increase after the Sentencing Council for England and Wales published its definitive sentencing guideline for gross negligence manslaughter. Walker Morris health and safety experts, Stuart Ponting and Robert Starr, consider the new guideline and the implications for employers and directors…

Energy Update – August 2018

This energy update includes the following white papers: CMA publishes final report on Heat Networks calling for new regulation The first National Infrastructure Assessment is published recommending growth in Green Energy NAO report on package recycling Update on Electric Vehicles Amendment Regulations 2018 – in force 24 July 2018 The Mayor of London’s Energy Efficiency […]

Will the revised NPPF lead to more affordable housing?

By Katherine Evans On 24 July 2018, the long-awaited revised NPPF was released. The omission of social rented homes from definition of affordable housing in Annex 2 of the draft revised NPPF has been addressed. Starter Homes are now included in the definition but secondary legislation is still required to set out financial eligibility for […]

Luxembourg publishes law on VAT grouping

As foreseen in our previous newsflash, the law on VAT grouping has officially been published, last Friday. The text – which provides for an entry into force on 31 July 2018 – modifies the general VAT Law. It now enables Luxembourg entities sharing financial, economic and organisational links to set up a VAT group, thus allowing them to […]

Reform of the Portuguese pricing and reimbursement system

By Edward J. Dougherty Following a recent reform in 2015, the Portuguese pricing and reimbursement system is sophisticated and comprehensive. Nevertheless, substantial discretion is allowed to the competent national authority, and this is the source of most challenges for innovators…

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