Law

Amendment of the Cartel Act: Partial Revision

The partial revision of the Cartel Act (23.047) aims to modernize Swiss merger control. There is currently still a difference of opinion regarding the examination of the individual cases in cases of competition agreements (Art. 5 KG). The EATC-S will continue the dispute resolution procedure on October 23/24, 2025. SwissHoldings supports the position of the National Council on this point.

Amendment of the Cartel Act: Institutional reform

In parallel with the revision of the Cartel Act, the Federal Council is pushing ahead with the institutional reform of the competition authority. This is intended to resolve problems in administrative proceedings, in particular the separation of the decision-making and investigative authorities. The consultation ended on October 6, 2025. SwissHoldings submitted its comments on October 1, 2025. SECO is evaluating the feedback and will present an overview in the first half of 2026. SwissHoldings supports the reform and calls for a clear separation of the investigative and decision-making authorities.

Draft Register of Beneficial Owners

The bill provides for a federal register of beneficial owners and other targeted measures to combat money laundering and economic crime more effectively. The bill was divided into two drafts: Draft 1 covers a transparency register, while Draft 2 covers the partial revision of the Anti-Money Laundering Act. Both drafts were adopted in the final vote during autumn session. It is scheduled to come into force at the beginning of 2026. SwissHoldings supported the bill in principle and emphasized the importance of timely implementation before the FATF country review in 2027.

Revision of the Financial Market Infrastructure Act (FinMIA)

The Financial Market Infrastructure Act (FinMIA) is undergoing a periodic and general review. A report by the FDF shows that it has proven successful for the most part. However, transparency and legal certainty in certain regulatory areas should be strengthened in particular. A consultation on the revision was conducted in 2024 and the message is expected for early 2026. SwissHoldings welcomes an improvement in derivatives regulation in principle but decidedly rejects the weakening of self-regulation.

Motion Rüegsegger “Introduce Sector Inquiries. Resolve Structural Competition Issues”

Motion 24.4590 Rüegsegger wants the instrument of sector inquiry to be introduced as a supplement in the Cartel Act. This would enable COMCO to analyze markets preventively for structural competition problems even without concrete suspicion. The Federal Council requested rejection of the motion on February 19, 2025. SwissHoldings rejects the motion, as it considers COMCO’s existing instruments sufficient and does not deem an expansion of competencies necessary.

Parliamentary Initiative Roduit "Non-compliance with mandatory working conditions consti-tutes qualified unfair competition and must be prosecuted criminally"

The parliamentary initiative demands that intentional violation of mandatory working conditions should also be criminally prosecuted under the UCA. In April 2025, the LAC-N opened a consultation whose deadline expired on August 20. Subsequently, the body will draft a proposal. SwissHoldings commits to compliance with mandatory working conditions but rejects the Roduit initiative, as existing protective provisions are sufficient.

Parliamentary Initiative Burkart “More flexibility for working from home.”

The parliamentary initiative ‘Burkart’ aims to adapt the legal framework for home office and flexible working arrangements to the digital world of work. On September 23, 2025, the National Council entered into the bill and decided on a right to be unreachable, a working time window of 17 hours, a rest period of 9 hours, and up to 9 Sundays of telework per year. The matter will be discussed by the EATC-S on October 23/24, 2025. SwissHoldings supports the bill as a step towards greater flexibility in labor law.

Motion Gössi “Better protection of intellectual property from AI misuse.”

The motion calls for an opt-in mechanism whereby copyright-protected content may only be used for training AI systems with the express consent of the rights holders. The National Council approved a more openly worded version in its 2025 autumn session. On October 7, 2025, the SECC-S also voted in favor of this version, which means that the matter will now go to the Council of States. SwissHoldings warns against Switzerland choosing an opt-in system, as this could hinder research and development and weaken international connectivity.

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Consultation response: Closing of a criminal liability loophole in the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading (FinfraG)

The proposal aims to create a new criminal provision, structured as a misdemeanor, in case of violation of the obligation to publish a true...

Dr. Gabriel Rumo

Director and Law

+41 79 712 20 20
gabriel.rumo@swissholdings.ch

Felix Küng

Legal Manager

+41 31 356 68 64
felix.kueng@swissholdings.ch .ch

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