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Swiss entity represented by NKF prevails in administrative proceedings commenced against it by SECO

July 2014

The State Secretariat for Economic Affairs SECO has decided to terminate its extensive investigation proceedings conducted against a Swiss entity with major global operations for an alleged circumvention of sanctions without taking any action. In a case with an extremely complex and intertwined factual set up taking place in several different countries, the Swiss entity, represented by NKF, succeeded in demonstrating to the authorities that the alleged misconduct lacked any basis and that, in particular, most of the alleged activity was not even comprised by the sanctions, which the SECO had initially deemed circumvented.

The NKF Team comprised Daniel Eisele (Partner), Tamir Livschitz (Senior Associate) and Lukas Beeler (Associate).

Legal Developments by:
Niederer Kraft Frey AG

  • GrenzĂĽberschreitende Finanzdienstleistungen

    Der Finanzbereich ist auch in der Schweiz einer der am stärksten regulierten Wirtschaftzweige. Sich darin zurechtzufinden ist nicht immer einfach. Nachfolgende Ausführungen sollen dazu einen Einstieg vermitteln. Sie zeigen, dass die Schweiz im Gegensatz zum Ausland und abgesehen vom Bereich der kollektiven Kapitalanlagen und der Versicherungsprodukte, was die Zulässigkeit von grenzüberschreitend angebotenen Finanzdienstleistungen anbelangt, ein sehr liberales Regime kennt.
    - Niederer Kraft & Frey

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