The term creative destruction by Joseph Schumpeter describes the process of creating net economic growth in a capitalist system. The entrepreneur creates greater economic value from his radical ideas and innovations than is destroyed by the replacement of established ways. This destruction is seemingly a positive news for the financial services industry.
At the moment there is no loss of appetite amongst investors. However, the fact that so-called secure investments offer poor yields has caused something of a belly ache. There is a clouded view of the future.
On 13 April 2016, the Swiss Federal Council initiated the consultation on the multilateral agreements on the exchange of country-by-country reports and the federal act required for its implementation. According to this timeline, a first exchange will happen in 2020. Earlier exchange could take place on a voluntary basis.
After an impressive (monetary wise) 2014 Foreign Corrupt Practices Act enforcement year, we have seen a rather slow 2015. Last year, 11 companies paid around USD 133 million, while the year before ten companies paid a striking USD 1.6 billion to resolve FCPA cases. So what is in for 2016?
Die Digitalisierung lässt den meisten Unternehmen keine Ruhe und. Nicht nur das. Sie beunruhigt sie gar – wahrscheinlich nicht ganz zu Unrecht. Denn Politik und Behörden versuchen die digitale Transformation rechtlich einzufangen und greifen dabei auch zum beliebten Mittel der „Sanktion“.
The European Parliament ratified the EU General Data Protection Regulation (GDPR) text on 14th April 2016. The GDPR will enter into force 20 days after its publication in the EU Official Journal. Its provisions will be directly applicable in all member states after two years, but also Switzerland is affected.