Abolition of the bearer share as of 01.11.2019
The Federal Act on the Implementation of Recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) entered into force on 01.11.2019.
The amendment to the law not only leads to a de facto abolition of the bearer share. It also provides for a fine for shareholders or companies that fail to report the beneficial owners or to keep the share register and the list of beneficial owners of shares. In addition, the law obliges legal entities with their head office abroad and actual administration in Switzerland to keep a register of their holders at the place of actual administration.
Read here the article by Gabriela Loepfe-Lazar and Alexander Schwartz with an overview of the most important changes and consequences if the required adjustments and notifications are not made.