Insights

As crypto-currencies are currently still little regulated and their value fluctuates relatively strongly, this not only entails certain business risks - there are also risks in the audit of the financial statements, for example the valuation uncertainty. If a company holds a significant part of its assets in cryptocurrencies such as Bitcoin or Ethereum, there are several things to consider. In addition to the profession of auditing, specific knowledge about the crypto ecosystem and blockchain is necessary. In the article "Cryptos challenge auditors", Christian Bögli and Michael Merz explain which audit risks exist for companies with cryptocurrencies and how they can be minimised.

New financial market regulation, especially in regard to the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA), has been in effect in Switzerland since the beginning of 2020. It affects investment and asset advisors, asset managers, managers of collective assets and everyone who is involved in financial services as well as offering and marketing financial instruments – including fund sales. After roughly one and a half years and numerous difficulties associated with the coronavirus pandemic, the time has finally come to take stock of the situation among affected financial service providers of every kind. In this June 2021 edition of the B2B panel, Veronika Britt, Senior Manager at Grant Thornton Switzerland/Liechtenstein, explains what to look out for particularly when it comes to financial market regulation and how Grant Thornton can support your business:

The Financial Institutions Act (FinIA) and the Financial Services Act (FinSa) entered into force on 1 January 2020. These laws are specified by specific ordinances published by the Federal Council on 6 November 2019. Various transitional periods are provided for the implementation of the new requirements for asset managers. What do you as an asset manager need to bear in mind?

For trustees, the processes and procedures applying to AEOI and FATCA audits vary significantly from those affecting banks and insurance institutions. Although two different systems are involved, a legal entity is often classified according to the same criteria. A divergence between AEOI and FATCA classification should be subject to close scrutiny. For example, under FATCA a foundation is always to be classified as a financial institution (FFI) if one of its bodies is itself an FFI. The additional AEOI requirement, whereby a body must manage the assets at its own discretion, does not apply under FATCA.

On 1 January 2020, the Financial Institutions Act (FINIG) and the Financial Services Act (FIDLEG) will enter into force. They are specified by ordinances, published by the Federal Council on 6 November 2019. For the implementation of the new requirements that will apply to asset managers, there are various transition periods. We are happy to support you efficiently to implement the new regulatory requirements.

Bitcoin, distributed ledger technology (Blockchain or DLT), cryptocurrencies, tokens, wallets, public & private keys. The relative importance of these new terms stands in contrast to the vocabulary used previously in the financial world. A bridge thus needs to be built between these recent developments and long-standing definitions. The industry is increasingly concerned with the following key issues:

FINANCE FORUM LIECHTENSTEIN AM 9. MÄRZ 2017

Regulierungskosten clever minimieren

Regulierungskosten clever minimieren

Regulierungskosten clever minimieren