On 5th July, Loyens & Loeff reported that on 21st June the Swiss Federal Assembly adopted the Federal Act implementing the recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Act) and revised the Swiss Code of Obligations accordingly. The changes include Swiss companies will no longer being able to issue bearer shares and existing bearer shares will automatically be converted into registered shares after a transitional period of 18 months (with certain limited exceptions). It also introduces some clarifications in connection with the beneficial ownership disclosure obligation, with sanctions for non-compliance.
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