Switzerland discusses on Global Forums’ recommendations

On 21 November 2018, the Swiss Federal Council adopted a bill regarding the implementation of the Organisation for Economic Co-operation and Development (“OECD”) Global Forum’s recommendations (Link-German).

The bill includes the topic of bearer shares, which would only be permitted if the company has securities listed on a stock exchange or if the shares are structured as book-entry securities.

The bill also deals with the exchange of information requirements on the confidentiality of administrative cooperation requests and on the party-capability and process-capability of parties, which will be subject to administrative cooperation information requests. The bill further clarifies the procedures of administrative assistance requests that are based on stolen data.

The Swiss Federal Department of Finance plans to publish instructions on the conversion of bearer shares into registered shares and on structuring them as book-entry securities.

The bill will be discussed by the Swiss parliament in early 2019.

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