Regulatory

1) Introduction Significant changes have occurred in the United States’ regulatory environment regarding digital assets since January of 2025. Under President Trump’s administration, federal policy shifted decisively away from the enforcement-heavy approach that characterized the Biden era. This new federal strategy is a complete rethinking of federal agencies’ treatment of cryptocurrency and blockchain technology. It is no longer focused on using enforcement actions and restrictive guidance to shape the cryptocurrency and blockchain industries, but rather on enacting targeted legislation aimed at creating an environment that is welcoming to innovation in digital assets. This article surveys the main recent regulatory developments,…

The collapse of Credit Suisse in March 2023 has served as a powerful catalyst for a renewed and intensified debate on the effectiveness of Switzerland’s ‘too big to fail’ (TBTF) regulatory framework. In response, the Swiss Federal Council has presented a comprehensive package of measures aimed at strengthening banking stability and mitigating the risks posed by systemically important banks in a report on banking stability in April 2024. The Federal Council also emphasized that Switzerland should remain one of the world’s leading financial centers with a stable and competitive financial sector. In June 2025, the Federal Council presented the key…

On 6 June 2025, the Swiss Federal Council published proposed additional powers for the Swiss Financial Market Supervisory Authority FINMA. This article assesses the intended early intervention regime.

The Federal Council welcomes the introduction of a supervisory regime for senior managers of Swiss banks, citing perceived gaps in regulatory accountability. In fact, what is needed is not a new regulatory regime modelled on the British “senior managers regime”, but rather clarification and refinement of the current framework.

This article examines the proposal to grant Swiss Financial Market Supervisory Authority (FINMA) the power to impose fines. The initiative, once seen as unlikely, gained renewed attention after the collapse of Credit Suisse and has since been supported by FINMA and considered by the Federal Council and the Swiss Parliament. While proponents emphasise deterrence, international credibility, and enhanced accountability, critics point to limited effectiveness, potential conflicts with the nemo tenetur principle, and risks to FINMA’s cooperative supervisory model. The article concludes that, if introduced, fining powers should be narrowly circumscribed and confined to legal entities.

On 6 June 2025, the Swiss Federal Council published proposed amendments to the Swiss Capital Adequacy Ordinance, including „more precise information on the term and suspension of interest payments for AT1 capital instruments.“ The authors question the necessity of these changes and warn against using opaque terms and „hard triggers“ without any exemptions.

The Swiss financial market laws provide for a number of regulatory notification and approval requirements which must be adhered to in the context of asset deals involving entities prudentially supervised by FINMA. This article provides an overview of the relevant regulatory requirements which may be applicable in the context of acquiring a portfolio of assets, liabilities and contracts by and/or from a Swiss regulated financial institution.

Digital assets, including cryptocurrencies and tokenized „traditional“ financial assets, are playing an increasingly significant role in financial markets. While the Swiss Bankers Association’s Portfolio Management Guidelines (Guidelines) remain a key reference standard for discretionary asset management, they were developed without consideration for these emerging investment options, raising questions about their compatibility with the framework. This article examines whether cryptocurrencies and tokenized assets can be integrated into portfolios managed under these Guidelines and explores whether a regulatory reassessment may be warranted in light of the evolving investment landscape.

The draft changes proposed in the consultation on the amendment to the Financial Market Infrastructure Act seek to introduce wide-ranging information duties towards the Disclosure Office or FINMA. The nemo tenetur principle and other basic principles of the rule of law, however, warrant specific limits. By Benjamin Leisinger / Reto Ferrari-Visca (Reference: CapLaw-2024-84)