Threat of penalties for unreported transactions with foreign trusts as IRS launches new Audit Program   The Internal Revenue Service (IRS) has launched a new program that puts under scrutiny informational forms involving U.S. person’s transactions with foreign trusts, with the aim to improve compliance with respect to the timely and accurate filing of information...Read More

FINMA releases clarification upon trustees’ licence   Following requests coming from various interest groups of the Swiss trust sector, FINMA recently released clarifications with respect to the information to be submitted by operators as part of the application for a trustee licence. The application form made available on FINMA’s platform required to provide details on...Read More

New Bermuda Trusts Act grants more clearness to Bermuda Law users   Bermuda’s House of Assembly recently passed amendments to Bermuda’s Trusts Act 1989. The provision sees the strengthening of the firewall preventing orders from foreign courts to affect Bermuda assets, further clarifying the jurisdiction of the Supreme Court on Bermuda trusts and on foreign...Read More

FINMA authorises SO-FIT as supervisory organisation under FinIA and FinSA   Earlier in July, the Swiss Financial Market Supervisory Authority (FINMA) granted the first authorizations to the Geneva-based Surveillance des Instituts Financiers (OSIF) and the Surveillance Financière-based Organization based in Neuchâtel (OSFIN) to act as supervisory bodies under FinIA and FinSA. It has now been...Read More

EU-US Privacy Shield invalidated by CJEU. Troubles for FATCA?   On July 20, the Court of Justice of the European Union (CJEU) invalidated the EU-US Privacy Shield arrangement (drafted in 2016 by the European Commission). The deal had previously allowed the transfer of personal data from EU parties to US counterparts, providing a self-certification mechanism...Read More