On 28 September 2018, the Swiss Parliament passed the “Federal Act on Tax Reform and AHV Financing (TRAF)”. Parliament amended the Tax Proposal 17 put forward by the Federal Council to include a social equalization measure concerning AHV financing.
Switzerland’s private banks are emerging from a dark period in their history. The weight of regulatory change over the past ten years has proved too big a burden for some. And structural change in the industry has caused others to go out of business or be absorbed by competitors.
It’s sink or swim for DPOs as the GDPR creates a tsunami of challenges. With the stakes high, DPOs face great personal risk if they get it wrong. Still, they lack the resources, in-house know-how and authority to pull together the necessary expertise to deal with the rising tide of urgent requests.