The Federal Act on the Implementation of Recommendations of the Global Forum on Transparency and Exchange of Information for Tax Purposes (the "Act") has come into force on November 1, 2019.
The change of legislation does not only lead to a de facto abolition of bearer shares. 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 register of beneficial owners of shares.
In addition, the law obliges legal entities with their head office abroad and effective administration in Switzerland to keep a register of their holders at the place of the effective administration.
Read Gabriela Loepfe-Lazar’s and Alexander Schwartz’s article which contains an overview of the most important amendments and of the consequences if the required adjustments and notifications are not made.