Insights

Insights

"We believe that personal development is a journey, not a destination, driven by each individual's own initiative. We are curious to learn, take time and initiative to do so and share out knowledge with others" - lecocqassociate Spirit

We therefore take pride in supporting our people in every way we can to achieve this goal, together. We invest from day one in our team members’ continuing professional development and encourage all associates to publish insights in journals that relate to their areas of expertise.

Sophie Bonifas

Sophie Bonifas

May 31, 2021

New Foreign Ownership Regime For United Arab Emirates Mainland Companies: 100% Foreign Ownership Now Permitted, Albeit With Nuances

The Federal Decree-Law No. 26/2020 On the amendment of certain provisions of Federal Law No. 2/2015 on Commercial Companies (the "Federal Decree-Law No. 26/2020") issued on 27 September 2020 now establishes as a default position the possibility of 100% foreign ownership in the United Arab Emirates

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Romain Rolland

Romain Rolland

May 27, 2021

DIFC Consultation Paper No. 138 on Regulation of Security Tokens

The Consultation Paper No. 138 of the Dubai Financial Services Authority (“DFSA”) it's relating to the regulation of security tokens (“Consultation Paper”). For a period of 30 days, the regulator will be collecting feedback from the public on its proposed regulatory framework around security tokens a specific form of crypto-asset/token.

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Hooriya Qazal Rajput

Hooriya Qazal Rajput

May 26, 2021

Setting Up An Asset Management Firm In Abu Dhabi Global Market Or Dubai International Financial Center

An Asset Management Firm traditionally pools and invests funds from High Net Worth Individuals ("HNWI") and/or rich families through various types of assets which include equities, real estate, bonds and other classes of assets depending on the type of Asset Management Firm. Other than big individual portfolios, asset management firms also manage pension plans, hedge funds, and other pooled structures like mutual funds or exchange-traded funds.

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May 23, 2021

The Deadline for Converting Bearer Shares into Registered Shares Has Expired: How to Proceed?

Following international pressure from the Global Forum on Transparency and Exchange of Information for Tax Purposes of the Organisation for Economic Co-operation and Development (the "OECD"), Switzerland has amended its legislation to abolish certain types of shares.

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Sofiana Bird Loustaunau

Sofiana Bird Loustaunau

May 17, 2021

Economic Substance Regulations in the United Arab Emirates

Regulations are required by certain businesses and companies in the UAE to maintain an adequate economic presence relative to the activities they undertake. The Regulations also require an assessment be made in order to determine whether an Economic Substance Notification (“Notification”) and/or an Economic Substance Report (“Report”) should be filed for a specified financial year.

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Hooriya Qazal Rajput

Hooriya Qazal Rajput

April 27, 2021

Securitization Vehicles

In the past, securitizations were being abandoned due to the financial crisis. However it is re-surfacing, attracting both investors and issuers alike due to the current global volatile environment. It is important to take note that these structures are complex and require professional and sound advice and overview of the entire securitization process...

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Dominique Lecocq

Dominique Lecocq

April 25, 2021

Being a Full Bank, a Light Bank, or a Non-Bank in Switzerland

Understand the conditions and exceptions of a Full Bank, a Light Bank, or a Non-Bank in Switzerland. These Financial Institutions are regulated by the principle law – the Financial Market Supervisory Act (“FINMASA”) which aids as an “umbrella law” for other regulations surrounding financial market supervision.

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April 13, 2021

Defamation Offences Analysis in Switzerland, Malta and UAE

The purpose of this analysis is to compare the different limitation periods applicable to defamation offences in Switzerland, Malta and the United Arab Emirates, as well as the periods after which the entry of the offence in the criminal record can be removed.

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Joris Fasel

Joris Fasel

March 25, 2021

Portfolio Managers and Trustees - Delegation of Tasks under FINIA

Portfolio managers and Trustees are in the process of filing their licence applications with FINMA. In this context, several questions arise, particularly in relation to the organisation of the company. This article will examine under what conditions and in what form portfolio managers can delegate certain tasks to third parties...

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Sophie Bonifas

Sophie Bonifas

March 21, 2021

Set Up Trading Construction And Steel Equipment companies in the United Arab Emirates

This article provides a comparison between different free zones in the United Arab Emirates which allow an entity to conduct the activity of trading construction and steel equipment. It includes Visa and Immigration Costs, Registry and Incorporation Costs, Audit Requirement, Minimum share Capital.

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Romain Rolland

Romain Rolland

March 11, 2021

New Data Protection Regime in ADGM and Comparison with DIFC

A guide for comparing the Dubai International Financial Centre ("DIFC") Data Protection Law and the Abu Dhabi Global Market (“ADGM”). Updated after the announcement made by the ADGM that it has enacted the Data Protection Regulations 2021 (the “ADGM DP Regulations”), which will replace the current ADGM Data Protection Regulations 2015.

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March 8, 2021

Corporate Financial Crimes comparative Analysis within companies in Switzerland, Malta and the United Arab Emirates

The purpose of this analysis is to compare the different limitation periods applicable to the various offences relating to corporate financial crimes within companies in Switzerland, Malta and the United Arab Emirates, as well as the periods after the expiration of which the entry of the offence in the criminal record can be deleted.

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March 8, 2021

Tax Related Offences comparative analysis within Switzerland, Malta and the United Arab Emirates

The purpose of this analysis is to compare the different limitation periods applicable to the various offences relating to the taxation of individuals and legal entities in Switzerland, Malta and the United Arab Emirates, as well as the periods after the expiration of which the entry of the offence in the criminal record can be deleted...

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March 2, 2021

The European Digital Strategy

The European Commission has tried to regulate e-commerce and the related challenges offered by internet giants “GAFAM” - an acronym for Google, Amazon, Facebook, Apple and Microsoft, the biggest internet-based corporations, from time to time also Netflix and/or Twitter are added. This article will try to summarise some of the main elements of those legislations.

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Joris Fasel

Joris Fasel

March 1, 2021

Securities Token Offering (STOs) in Switzerland

In Switzerland, the government’s general attitude towards cryptocurrencies is positive. Switzerland sees an opportunity to take a global lead in this sector and evolve as an innovative and sustainable location for fintech and distributed ledger technology. Laws and regulations are flexible and accommodating towards new technologies such as Security Token Offering in Switzerland.

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Joris Fasel

Joris Fasel

February 23, 2021

Access to Personal Data Under The New Financial Services Act And Data Protection Act

This article will examine the obligations of financial services providers in Switzerland to allow their clients access to a copy of their file or any other document relating to the established business relationship within the meaning of the Financial Services Act and under the Federal Data Protection Act.

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January 21, 2021

The Use of Artificial Intelligence and Machine Learning by Market Intermediaries and Asset Managers according to the IOSCO Consultation Report

Market intermediaries and asset managers that use artificial intelligence (“AI”) and machine learning (“ML”) are recommended to abide by guidelines and measures set forth by the International Organisation of Securities Commissions (“IOSCO”) published on 25 June 2020.

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Dominique Lecocq

Dominique Lecocq

Lucile Hostettler

Lucile Hostettler

January 10, 2021

The Structured Products Law Review - Switzerland (Edition 2)

The turnover of structured products issued or distributed by major financial institutions negotiated on the national and international markets amounts to 82 billion Swiss francs, and there are currently around 12,000 structured products in Switzerland tradable at SIX Swiss Exchange...

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December 14, 2020

Fight Against Money Laundering And Terrorist Financing In Switzerland: The Latest Legislative Changes

Switzerland attaches great importance to the integrity of its financial centre. At the international level, Switzerland is committed to the development of standards to combat money laundering and terrorist financing and ensures their systematic implementation at the national level...

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December 8, 2020

Why Ethics Is Key To Reputation Managemenet

Online reputation management is significantly important, given that majority of the world spend a good amount of time on the internet these days. Word of mouth and recommendations are simply not enough anymore, so companies need to manage their reputation online to have a positive representation of their brand...

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November 30, 2020

The Introduction Of The Regulatory Sandbox By The Malta Financial Services Authority

The Malta Financial Services Authority (“MFSA”) introduced the FinTech sandbox as a platform for sddm, FinTech operators to test the innovation for a specified period of time within the financial services sector under certain prescribed conditions...

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November 24, 2020

Cyber Mobs And The Need Of A Contingency Plan

Cyber mobbing and bullying are often a by-product of political propaganda and fabricated conglomerate tug of war to create noise in the internet. This tactic is used to confuse the common readers with a flood of unverified information...

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November 15, 2020

Google's Right To Be Forgotten

At the end of January 2012, the European Commissioner for Justice, Fundamental Rights, and Citizenship, Viviane Reding, announced the European Commission’s proposal to create a sweeping new privacy right—the “right to be forgotten.” In Europe, the intellectual roots of the right to be forgotten can be found in French law...

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November 15, 2020

Instagram: Les Publications Sponsorisées Et La Publicité Déguisée

Instagram est une application permettant le partage de photos et de vidéos. Instagram compte plus d’un milliard d’utilisateurs actifs chaque mois. Aujourd’hui, de plus en plus de sociétés font appel aux services d’influenceurs afin de promouvoir leurs produits ou leurs services sur les réseaux sociaux...

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November 10, 2020

The Risk Of Fraudulent Investments In Switzerland

In Switzerland, no financial transaction is completely risk-free. It is always possible to come across unauthorized and fraudulent financial intermediaries in the financial market who deceive investors in order to enrich themselves at their expense...

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Hooriya Qazal Rajput

Hooriya Qazal Rajput

November 10, 2020

Structuring A Special Purpose Vehicle

A Special Purpose Vehicle (“SPV”) is separate legal entity or a subsidiary created by a company for strategic reasons which include joint ventures, asset securitization, tax optimisation or to isolate financial and operational risks – where in the case the parent company goes bust, the SPV can keep operating.

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October 10, 2020

Be Ready For Brexit

After a controversial referendum held in 2016, the British citizens voted for leaving the European Union (the “EU”). In the following months and years, the government of the United Kingdom (“UK”) activated the procedures requested by article 50 of the Treaty on the Functioning of the European Union in order to leave the EU...

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May 22, 2020

Key changes Of EUS Fifth Anti Money Laundering Directive

The Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843) (the “Directive”) has been adopted and entered into force on 9 July 2018. The rules set out in the Directive are not directly applicable to the Member States, but are to be transposed into national law...

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Romain Rolland

Romain Rolland

May 10, 2020

Incentives Introduced In UAE: COVID-19

On 4 April 2020, the UAE Central Bank rolled out a stimulus package amounting to approximately AED 256 billion meant to assist lenders in alleviating financial pressure on their customers...

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May 6, 2020

Documentation Retention Obligations Under Swiss Anti-Money Laundering And Data Protection Legislation

Money laundering is the concealment of the origin of funds coming from criminal activities in such a way as to make it impossible to trace their origins and to inject said funds into the normal legal circuits of the economy...

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Florencia Lorca Weyer

Florencia Lorca Weyer

April 26, 2020

The Challenges Of Automated Individual Decision-Making And Profiling's Regulation

Data protection is an area of law that is evolving rapidly. In the European Union (“EU”), the General Data Protection Regulation (EU) 2016/679 (“GDPR”) was implemented on 25 May 2018. Switzerland is currently in the process of revising its Federal Act on Data Protection (“FADP”)...

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Sofiana Bird Loustaunau

Sofiana Bird Loustaunau

April 20, 2020

Force Majeure In The Uae: Legal And Practical Measures

After the World Health Organization ("WHO") declared COVID-19 to be a pandemic, measures have been put in place across the globe for individuals and organisations in order to reduce the risk of transmission of the virus...

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Sarah Cachia

Sarah Cachia

April 16, 2020

Force Majeure Under Maltese Law: The Legal Consequences Of Covid-19

On 11 March 2020, the World Health Organisation (the “WHO”) declared the coronavirus disease or Covid-19 a pandemic, further urging countries to take drastic measures to contain the spread of the virus...

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Alexandre Merlo

Alexandre Merlo

April 15, 2020

Coronavirus (Covid-19) And Force Majeure Under Swiss Law

As the Coronavirus (Covid-19) epidemic continues to spread in Europe, the Federal Council has decided to classify the situation as an extraordinary situation according to the Federal Act of 28 September 2012 on the control of transmissible diseases in Humans (Epidemics Act, LEp), which implies that employers are required to take additional protective measures and develop a pandemic plan...

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March 20, 2020

Federal Act On Electronic Identification Services

The current widespread use of the Internet and extensive availability of high-performance mobile devices have resulted in an increasingly easier dematerialisation of transactions. This socio-economic change is promoted by modern Internet users...

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March 8, 2020

Dubai: Registering A DIFC Will

Having a will in place is an extremely important step of your financial planning process. It provides certainty over your assets and is an essential part of your estate planning. Owning assets in the UAE further extenuates the importance of having a will in place, especially for expats...

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