Law

Amendment of the Cartel Act: Partial Revision
On May 24, 2023, the Federal Council adopted the dispatch concerning the partial revision of the Cartel Act (23.047). The primary objective of this partial revision is to modernize Swiss Merger Control, aligning it with international standards. Additionally, the revision seeks to enhance Civil Antitrust Law and streamline the objection procedure for practicality. In connection with these goals, the Federal Council has directed the Federal Department of Economic Affairs, Education, and Research (EAER) to present a proposal for Institutional Reform in the first quarter of 2024. The Council of States completed its deliberations on the partial revision of the Cartel Act in the second quarter of 2024. The National Council’s Economic Affairs and Taxation Committee is expected to discuss the partial revision at the beginning of October 2024. SwissHoldings expressly appreciates the fact that the long-requested Institutional Reform is now part of the revision.
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Amendment of the Cartel Act: Institutional reform
As part of the revision of the Cartel Act, the reform of the competition authorities will be addressed in a separate procedure, as requested by various parties during the consultation process. This approach should ensure that the revision of the Cartel Act does not once again fail due to obstacles. The EAER, which was entrusted with this task by the Federal Council, prepared more concrete implementation proposals for the reform on March 15, 2024. Based on the final report of the commission of experts, the Federal Council has instructed the EAER to submit a consultation draft by mid-2025.
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Draft Register of Beneficial Owners
The draft for a Federal Law on the Transparency of Legal Entities seeks to enhance the integrity of Switzerland as a financial and business hub. The proposed measures include the establishment of a Federal Register of Beneficial Owners and other specific interventions to enhance the effectiveness of combating money laundering and white-collar crime. These measures are designed to align with the international standards set forth by the Financial Action Task Force and the Global Forum on Transparency and Exchange of Information for Tax Purposes.
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Revision of the Financial Market Infrastructure Act (FMIA)
As per a report from the Federal Department of Finance (FDF), the Financial Market Infrastructure Act (FMIA) has, by and large, demonstrated its efficacy thus far. The Federal Council is presently undertaking a routine and comprehensive assessment, with a specific focus on enhancing transparency and legal certainty in designated regulatory domains. The consultation on this was opened on June 19 and will last until October 11, 2024.
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Statements & Positions

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Contact

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

Dr. Manuela Baeriswyl

Head Legal

 

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