The Financial Action Task Force (FATF) puts Malta on its grey list for ongoing sloppy anti-money-laundering procedures and other shortcomings. FATF is the global money laundering and terrorist financing watchdog (found on FATF’s website). As a inter-governmental body, FATF sets international standards to prevent “dirty business” and 200 countries and…
The European Council has called for the swift enactment of Switzerland’s proposed corporate tax reform package. The recommendation was one of a number of conclusions adopted by the Council regarding the EU’s relations with the Swiss Confederation. The Council said that it welcomes the passage by the Swiss Federal Assembly…
From 2019, interested parties can apply for the new FinTech licence. The Swiss Financial Market Supervisory Authority FINMA is responsible for granting this licence. It has published guidelines aimed at simplifying the application process. To boost innovative financial companies, the Swiss parliament has introduced the new FinTech licence (persons under…
In mid-June 2018, the Swiss parliament launched a new licensing category, known as the FinTech licence, with the aim of promoting financial market innovation. This new licensing category under the Banking Act (BA) will apply to institutions which accept public deposits of up to CHF 100 million but which do…
India is to receive bank account information from HSBC after Switzerland’s highest court ruled that the bank is obligated to provide data requested where the leaked data has not been purchased. The information was leaked in 2008 by Herve Falciani, who worked for HSBC’s Swiss private bank. The Indian authorities…
Currently there is no legally recognised classification of tokens, neither in Austria nor on a European or international level. The literature differentiates between three different types: Security / Investment Tokens (hereafter referred to as “Security Tokens”) Payment / Currency Tokens (hereafter referred to as “Payment Tokens”) Utility Tokens This classification…
The Swiss Financial Market Supervisory Authority FINMA has launched enforcement proceedings against envion AG. FINMA has evidence that the company may have breached financial market law in relation to an ICO. FINMA launched enforcement proceedings against envion AG in July 2018. The proceedings focus in particular on possible breaches of…
The increasing use of new technologies and IT systems creates numerous advantages, but also dangers. Due to global networking and the high data density that technical progress brings with it, any financial intermediary can become a potential target for cybercrime. The FMA therefore attaches great importance to the topic of…
Austrian Banking Act (BWG; Bankwesengesetz) deposit-taking business Where capital is not collected in the form of crypto assets, but are instead collected in the form of a currency that is legal tender and the ICO foresees the repayment of such funds, then the activity requiring a licence of deposit-taking…
In guidelines published today, the Swiss Financial Market Supervisory Authority FINMA sets out how it intends to apply financial market legislation in handling enquiries from ICO organisers. The guidelines also define the information FINMA requires to deal with such enquiries and the principles upon which it will base its responses,…
The Swiss Financial Market Supervisory Authority FINMA has published the amended circular “Public deposits with non-banks”. Changes made to the circular define more clearly the new FinTech regulations on sandboxes and the extended timeframe for settlement accounts introduced by the Federal Council. The circular enters into force on 1 January…
The rates of value-added tax (VAT) in Switzerland will be reduced effective 1 January 2018. VAT rates will be reduced to 7.7% (standard VAT rate) and 3.7% (special VAT rate for accommodation) as of 1 January 2018. The “reduced rate” of 2.5% will remain unchanged. Please bear in mind that with…
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