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It’s unclear how firms’ inclination to deal with a systematic internaliser squares with the obligation to provide the best possible service for the client

With under a month to go, banks are wasting valuable implementation time bickering with clients over new contracts

The Swiss Bankers Association is calling on the government to consider all options if equivalence is not granted for its alternatives to the directive

China and Hong Kong are strengthening coordination of regulatory enforcement for their capital markets

The US pharmacy company has agreed a large breakup fee should the deal fall through, suggesting confidence that it will proceed unscathed

Uncertainty around the UK’s future relationship with the EU is believed to have affected M&A activity. Clarity is needed to ensure levels pick up again

The commodities trader has financed its inventory using capital markets, in response to tighter capital requirements under Basel III

The CBOE exchange listing has again raised the discussion that cryptocurrencies should be regulated

The corporate tax systems of most European countries contain rules that provide some form of fiscal relief on income from participations. Under these rules, income, gains or losses from participations are often fully or partly disregarded. Switzerland also recognises participation relief in corporate taxation, yet its rules stand in sharp contrast to the ones commonly encountered, as they treat participations a priori as ordinary taxable assets. This provides both opportunities and pitfalls which taxpayers should be aware of.

As of January 1 2017, the amendment to the Slovak Commercial Code introduced a new corporate form – the simple joint-stock company (JSA). It is a simpler form of the joint-stock company with some specific features, including: reduced share capital of a minimum of just €1 ($1.20); the possibility of a one-person board of directors; the ability to issue various classes of shares; and, the ability to agree on an exit from the company. Two new statutory concepts were also introduced: the shareholders' agreement and option rights in the sale of shares.