Switzerland to ratify Hague Trust Convention
FDJP opens consultation proceeding
Press Release, FDJP, 20.10.2004
Bern, 20.10.2004. Switzerland is planning to ratify the Hague Trust Convention in the light of the growing importance of trust business. On Wednesday, the Federal Department of Justice and Police (FDJP) submitted the corresponding bill for consultation before 31 January 2005.
For the reasons given above, Switzerland is planning to ratify the Hague Convention on the Law Applicable to Trusts in the near future. The FDJP bill also provides for an amendment to Swiss federal legislation on international private law, which currently contains no special provisions on trusts. The bill proposes that regulations on the jurisdiction and recognition of foreign decisions be incorporated in to the Swiss international private law act (IPRG), as should a number of additions relating to disclosure under private law. At the same time, the Swiss debt enforcement and bankruptcy act (SchKG) would be amended to take account of the segregation of trust and trustee assets provided for under trust law.
In informal pre-consultation talks business associations, selected authorities and representatives of law faculties came out in favour of rapid ratification of the Hague Trust Convention and approved in principle the amendments to current Swiss law.