Practical legal, regulatory, and operational intelligence for in-house counsel managing corporate legal functions across Switzerland and the broader European market.https://untervorbehalt.ch/enhttps://untervorbehalt.ch/en/19-paket-schweizer-sanktionsautonomie-vollzug/https://untervorbehalt.ch/en/19-paket-schweizer-sanktionsautonomie-vollzug/By Federal Council decision of 25 February 2026, Switzerland adopted the 19th EU sanctions package against Russia and Belarus. The operational dividing line with EU practice has collapsed; remaining differences lie in enforcement granularity.Mon, 18 May 2026 00:00:00 GMTeu-19-sanktionspaketrussland-belarus-sanktionenbundesrat-uebernahmesanktionen-verordnungCasimir von Firn, MLawhttps://untervorbehalt.ch/en/csddd-vor-nufg-schweizer-exporteure-vertraglich-gebunden/https://untervorbehalt.ch/en/csddd-vor-nufg-schweizer-exporteure-vertraglich-gebunden/On 1 April 2026 the Bundesrat opened the NUFG consultation, but the EU CSDDD already binds Swiss exporters with significant EU revenue through contractual clauses in their EU customers' agreements — and cobalt illustrates why Switzerland's statutory minerals catalogue is already obsolete.Mon, 18 May 2026 00:00:00 GMTcsddd-umsetzunglieferketten-sorgfaltkobalt-rohstoffekonzernverantwortungsinitiativeCasimir von Firn, MLawhttps://untervorbehalt.ch/en/finma-01-2026-krypto-aussonderung-wandert-zur-wallet/https://untervorbehalt.ch/en/finma-01-2026-krypto-aussonderung-wandert-zur-wallet/FINMA Supervisory Notice 01/2026 grounds the segregation of crypto-based assets in operational reality. Institutions that still manage them through internal client accounts and pooled wallets lose their off-balance-sheet treatment — and with it the exemption from full capital backing.Mon, 18 May 2026 00:00:00 GMTkrypto-verwahrungfinma-aufsichtsmitteilung-2026segregation-pflichtkryptobasierte-werteCasimir von Firn, MLawhttps://untervorbehalt.ch/en/investitionspruefgesetz-screening-risiko-term-sheet/https://untervorbehalt.ch/en/investitionspruefgesetz-screening-risiko-term-sheet/The Investment Screening Act was marketed as a 'light touch' measure; parliamentary deliberations have turned it into a genuine change-of-control filter. M&A teams that have priced in EU-level requirements since 2020 can no longer treat Switzerland as a closing footnote.Mon, 18 May 2026 00:00:00 GMTinvestitionspruefgesetzforeign-direct-investmentm-a-control-changeinvestment-screening-schweizCasimir von Firn, MLawhttps://untervorbehalt.ch/en/iran-verordnung-jcpoa-drehbuch-abgeloest/https://untervorbehalt.ch/en/iran-verordnung-jcpoa-drehbuch-abgeloest/The comprehensive revision of the Iran Ordinance of 12 December 2025 resets Switzerland's Iran regime to its pre-Vienna Agreement level and adopts the EU package of 29 September 2025. Iran compliance from March 2026 operates under a Russia-style architecture; frameworks from the JCPOA decade are operationally obsolete.Mon, 18 May 2026 00:00:00 GMTiran-verordnung-totalrevisionjcpoa-rueckabwicklungiran-sanktionenseco-sanktionspraxisCasimir von Firn, MLawhttps://untervorbehalt.ch/en/vuepf-nach-proton-verhaeltnismaessigkeit-ueberwachung/https://untervorbehalt.ch/en/vuepf-nach-proton-verhaeltnismaessigkeit-ueberwachung/Judgment A-5373/2020 of the Bundesverwaltungsgericht draws a line that has held for five years: providers of derived communication services do not bear the full obligations that apply to telecommunications service providers. The failed 2025 VÜPF revision and the revised May 2026 draft confirm that proportionality, as a legal requirement governing retention obligations, is non-negotiable.Mon, 18 May 2026 00:00:00 GMTproton-verfahrenbuepf-ueberwachungfernmeldegeheimnisbundesverwaltungsgericht-protonDr. iur. Servatius von Tatzenberghttps://untervorbehalt.ch/en/amlo-finma-three-clauses-burden-before-9-june/https://untervorbehalt.ch/en/amlo-finma-three-clauses-burden-before-9-june/FINMA's partial revision of the AMLO-FINMA, in consultation until 9 June 2026, rewrites three clauses on ownership transparency, sanctions controls and correspondent banking. The drafting shifts the documentary burden of proof for KYC and monitoring gaps onto the financial intermediary.Sat, 16 May 2026 00:00:00 GMTamlo-finma-teilrevisiongeldwaeschereifinma-konsultationkyc-pflichtenCasimir von Firn, MLawhttps://untervorbehalt.ch/en/mbaer-appeal-survived-finma-not-washington/https://untervorbehalt.ch/en/mbaer-appeal-survived-finma-not-washington/FINMA's early-February 2026 licence revocation against MBaer Merchant Bank AG carried suspensive effect on appeal. FinCEN's Section 311 notice did not — and once a Swiss merchant bank loses its U.S. dollar correspondent line, the rest is paperwork.Sat, 16 May 2026 00:00:00 GMTmbaer-merchant-bankfincen-section-311finma-lizenzentzugkorrespondenzbankenCasimir von Firn, MLawhttps://untervorbehalt.ch/en/tbtf-take-three-bankg-botschaft-spa/https://untervorbehalt.ch/en/tbtf-take-three-bankg-botschaft-spa/The Bundesrat's Botschaft on the BankG-Revision arrived on 22 April 2026 carrying three measures: USD 20 billion of additional CET1, a Senior Manager Regime, and a FINMA Bussenkompetenz. Together they re-paper the Verwaltungsrat's relationship to its supervisor under Swiss federal law. Two near-term events — the Ständerat vote and FINMA's first publication under the new aktive Kommunikationskompetenz — will preview how the Revision actually reads.Sat, 16 May 2026 00:00:00 GMTbankg-revisionfinma-eingriffsrechtecredit-suisse-falloutsenior-manager-regimeCasimir von Firn, MLaw