Federal Council brings part of DLT bill into force
Bern, 11.12.2020 - During its meeting on 11 December 2020, the Federal Council brought into force, with effect from 1 February 2021, the parts of the DLT bill that enable ledger-based securities to be introduced. In addition, from that date, the ombudsman affiliation requirement will apply only to those financial service providers that serve private clients.
In September 2020, Parliament adopted the Federal Act on the Adaptation of Federal Law to Developments in Distributed Ledger Technology (DLT bill). This blanket act will adapt various federal laws such that Switzerland can continue to develop as a leading, innovative and sustainable location in the blockchain and DLT area.
The amendments to the Code of Obligations, the Federal Intermediated Securities Act and the Federal Act on International Private Law that are envisaged in the DLT bill will now enter into force from 1 February 2021. These provisions enable the introduction of ledger-based securities that are represented in a blockchain. The remaining provisions of the DLT bill will probably enter into force on 1 August 2021.
In addition, it is envisaged that financial service providers serving solely institutional or professional clients will no longer have to affiliate to an ombudsman as of 1 February 2021. Financial institutions that provide no financial services at all do not have to be affiliated to an ombudsman.
Address for enquiries
Frank Wettstein, Communications,
State Secretariat for International Finance SIF
Tel. +41 58 462 38 56, email@example.com