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Insights – 26.05.2025

CMTA publishes its debt tokenization standard

CMTA publishes its debt tokenization standard

The Capital Markets and Technology Association (CMTA), a Geneva-based non-profit organization that develops standards for the use of distributed ledger technology in capital markets, has published a standard for the tokenization of debt instruments using distributed ledger technology. The document offers practical guidance on how debt instruments can be issued as ledger-based securities pursuant to Article 973d et seq. of the Swiss Code of Obligations. In particular, it provides direction on how debt securities issued by both Swiss and non-Swiss entities can be tokenized under Swiss law. The release of the standard comes at a time when tokenized securities are gaining traction in Switzerland, with FINMA having granted its first license for a DLT-based trading facility in March.

Insights – 20.05.2025

Swiss sanctions against Russia – Further alignment with the EU – Implementation of the 16th Sanctions Package

Swiss sanctions against Russia – Further alignment with the EU –…

In a continued effort to align with European Union ("EU") sanctions, on 14 May 2025, the Swiss Federal Council implemented additional measures transposing the core components of the European Union's 16th sanctions package adopted on 24 February 2025. The new Swiss measures entered into force on 15 May 2025 and reinforce the existing framework through enhanced trade restrictions, territorial extensions and service bans. These include, inter alia, the expansion of Article 28e UKRO to non-government-controlled areas of Ukraine and reinforced prohibitions on Russian infrastructure and financial messaging services.
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