Date Time
Reserve Bank and FMA consult on implementing new law to safeguard ‘plumbing’ of financial system
Groups with an interest in the financial market transactions and payments are being asked for their views on how a new law governing the ‘plumbing’ of the financial system should be implemented.
The Financial Market Infrastructure Act became law in May 2021. The new Act governs Financial Market Infrastructures (FMIs) – a set of critical systems that are sometimes referred to as the plumbing of the financial system. These systems allow electronic payments and financial market transactions to occur.
The Reserve Bank of New Zealand – Te Pūtea Matua and the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko are together the regulator of FMIs under the Act. The Act will be implemented over an approximately 18-month transitional period.
Selective opting-up clauses under takeover law: recent Takeover Board and FINMA rulings
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Facebook-Backed Diem Pulls Swiss Stablecoin Application
Law360, London (May 13, 2021, 1:00 PM BST) Digital currency group Diem Association, which is backed by Facebook, has withdrawn its application for authorization in Switzerland as a blockchain-based payment system to allow it to focus on the U.S., the Swiss financial watchdog has said.
The Swiss Financial Market Supervisory Authority said late on Wednesday that Diem Networks GmbH is pulling its application under Switzerland s Financial Market Infrastructure Act, even though the process is at an advanced stage.
Geneva-based Diem, which was formerly called the Libra Association, is made up of the Diem Association, which has 26 members from the payments and technology sector, and Diem Networks, the payment.
Background
Swiss law rules that the ultimate beneficial owners of a Swiss corporation must be disclosed to the company.(1) The legal framework was enacted in 2015 and implemented recommendations of the Financial Action Task Force. It gave rise to controversial discussions. A major concern was that in certain situations, it was unclear from the perspective of both the shareholders and the company who should be reported by the shareholders and recorded in the register of beneficial owners to be maintained by the company as the beneficial owners.
To remedy these practical deficiencies and provide for greater legal security, Parliament enacted a revision of the disclosure provisions. The new legal framework streamlines the notification obligations. Simultaneously, it provides for stricter penalties for non-compliance. The revised law also to a large extent prohibits the use of bearer shares for Swiss corporations.
Switzerland: Swiss Legislative Package on DLT
On 25 September 2020, the Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in the Technology of Distributed Electronic Registers. With this law, various federal laws are selectively adapted, enabling Switzerland to continue to distinguish itself as a leading, innovative and sustainable location for projects in the field of blockchain or distributed ledger technology (DLT). The associated ordinance is currently in the consultation phase until 2 February 2021.
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In brief
On 25 September 2020, the Parliament adopted the “Federal Act on the Adaptation of Federal Law to Developments in the Technology of Distributed Electronic Registers.” With this law, various federal laws are selectively adapted, enabling Switzerland to continue to distinguish itself as a leading, innovative and sustainable location for projects in the field of blockchain or distributed ledger technology (DLT). The associated ord
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