Latest Blog Posts
Entry into Force of the Federal Act on the Transparency of Legal Entities: Transitional Periods and Practical Preparation for Reporting Obligations
Beneficial Owners Under the Transparency Register Explained
Reporting Duties of Shareholders and Beneficial Owners under LETA
Which Legal Entities Are Subject to Reporting Obligations under the Legal Entity Transparency Act (LETA)?
The New Obligations of Swiss Companies under the Transparency Act
Transparency Act and Transparency Register: What Swiss SMEs Need to Know
Frequently asked questions
Who within the company is responsible for determining beneficial ownership and carrying out the verification with the required due care?
The most senior member of the governing body. That person may delegate the task but remains responsible for the proper filing of the report (Art. 12 LETA).
What happens if a shareholder does not cooperate in determining the beneficial ownership?
The company documents the steps it has taken (Art. 8 para. 2 LETA) and states in the report that the verification was unsuccessful (Art. 9 para. 3 LETA, Art. 21 LETO). An intentional breach of the cooperation and reporting obligations may result in a fine of up to CHF 500,000 for the shareholder concerned (Art. 43 let. a LETA).
Is a copy of an identity document always required?
The company must establish whether the person concerned has an OASI number. Only if that is not the case must it obtain a copy of the passport, identity card or foreign national identity card (Art. 10 para. 2 LETO).
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