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In ESG

Switzerland: Update for Switzerland-based businesses on the practical implications of Swiss and EU regulations on supply chain due diligence

by , , and 1 Min Read

On 1 January 2022, Switzerland introduced due diligence and reporting requirements to address risks in the supply chains of Switzerland-based businesses related to child labor and so-called conflict minerals. On 24 May 2024, the European Council adopted the EU Corporate Sustainability Due Diligence Directive (CS3D), which imposes EU-level due diligence requirements in the value chain (i.e., upstream and downstream), on top of existing regulations in this area at the EU member state level.
In this update, we provide an overview of the evolving regulatory landscape of supply chain due diligence requirements in Switzerland and the EU, as well as their practical implications, and we suggest action items for Swiss businesses with respect to supply chain governance and compliance programs. In doing so, we refer to further materials prepared by our environmental, social and governance (ESG) team across our EU offices.

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In ESG

Switzerland: European Court of Human Rights identifies shortfalls in Swiss climate mitigation measures and access to justice

by , , and 9 Mins Read

The European Court of Human Rights (“ECtHR”) has ruled on a case brought against Switzerland by the Swiss association KlimaSeniorinnen on behalf of its members and four individual women of the association. The ECtHR found that Switzerland has violated Art. 8 of the European Convention on Human Rights by failing to take timely and sufficient action to adopt and implement relevant legislation and measures to mitigate climate change. The ECtHR also held that, from a procedural perspective, Switzerland failed to grant effective access to court to challenge the insufficient implementation of mitigation measures. In this contribution, we summarize the background of the case and the ECtHR’s decision and analyze its possible impacts.

In AML & Financial Services Regulatory

Switzerland: Draft Investment Screening Act

by , and 1 Min Read

On 15 December 2023, the Federal Council adopted a draft Investment Screening Act (the “D-ISA”). To date, Switzerland has no overarching regulation for the review of foreign investments as prevalent in other countries. The D-ISA intends to introduce sector-specific investment control in Switzerland to prevent takeovers of Swiss companies operating in critical sectors by foreign state-controlled investors (public or private investors that are directly or indirectly controlled by a state) if these takeovers endanger or threaten public order or security in Switzerland.

In Employment

Switzerland: New national basis for the taxation of teleworking abroad by cross-border commuters

by , and 4 Mins Read

On 1 March 2024, the Swiss Federal Council published the dispatch on the taxation of teleworking in an international context. The new regulations serve as a national basis for the taxation of teleworking by cross-border commuters to ensure the implementation of the new international treaty regulations with France and Italy in Switzerland. These changes will affect the taxation of salaries of employees who are not resident in Switzerland for tax purposes but who work in Switzerland and are subject to an international supplement agreement regulating telework in a cross-border context.

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In Employment

Switzerland: A recent decision by the Federal Supreme Court confirms a reasonable balance between employers’ obligations and employees’ rights in internal investigations under Swiss law

by 3 Mins Read

When reports come in through whistleblowing channels or concerns about employee conduct otherwise arise, a recurring issue has been whether internal investigations must consider the principles of criminal procedural law. In a recent decision, the Federal Supreme Court held that this was not the case and confirmed a reasonable balance between the obligations of employers and the rights of employees provided for by Swiss law.

In ESG

Switzerland: New guideline on green marketing published by Swiss Unfair Competition Commission

by 6 Mins Read

With the publication of a new guideline on green marketing, the Swiss Unfair Competition Commission has provided greater clarity in the assessment of the admissibility of marketing communications with environmental or climate-related content. In particular, the Guideline sets out clear rules on the requirements for admissible marketing communications with an environmental reference and the associated requirements for evidence. In a legal environment characterized by vague legal provisions and considerable discretion given to the competent authorities, this new Guideline provides important clarification.

In

Switzerland: New obligation to report cyber incidents

by 1 Min Read

The Federal Information Security Act (ISA), which only entered into force on 1 January 2024, is already being amended with an obligation to report cyberattacks for operators of critical infrastructures. On 18 January 2024, the deadline expired for challenging the amendment by way of a public referendum. This means that the amended version will become law, with the new obligation to report cyberattacks expected to come into force in 2025, although an exact date has not yet been set.

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In AML & Financial Services Regulatory

Switzerland: Revised SIX regulations on management transactions and ad hoc publicity

by , and 3 Mins Read

SIX Exchange Regulation has revised certain regulations concerning ad hoc and management transaction disclosures. The new rules will enter into force on 1 February 2024. The updated regulations include, as the only substantive change concerning listed equity securities, management reporting obligations relating to transactions by related persons, even in cases where there is no direct involvement of a manager or board member in the transaction. The remainder of the amendment concerns a more granular description of how to report management transactions to the issuer.

In Antitrust / Competition

Switzerland: New Swiss Motor Vehicle Ordinance

by , and 7 Mins Read

On 29 November 2023, the Swiss government enacted a new Ordinance on the Competition Law Treatment of Vertical Agreements in the Motor Vehicle Sector (referred to as the Motor Vehicle Ordinance). In December 2023, the Swiss Competition Commission (COMCO) released Explanatory Notes to accompany the new Ordinance. The new Ordinance and Explanatory Notes are scheduled to come into force on 1 January 2024, and are set to replace COMCO’s current Motor Vehicle Notice and Explanatory Notes.

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