What is it about?
The trust is a legal institution used primarily in common law states. It is nonetheless an economic and legal reality in Switzerland, playing an important role in areas such as the international private clients business of the Swiss banks, as well as corporate financing. Fiduciary companies and law firms are also active in trust planning and administration. The economic significance of the trust continues to grow, yet at the same time the present legal situation is regarded as unsatisfactory. To place the recognition of trusts on a firm foundation and to create greater legal certainty for all concerned, Switzerland is to ratify the Hague Convention on the Law Applicable to Trusts and their recognition. In addition, Swiss legislation on international private law, as well as the Swiss federal debt enforcement and bankruptcy act, are to be amended accordingly.
What has happened so far?
- On 20 October 2004, the FDJP submitted the federal resolution on adopting the Hague Trust Convention, with an accompanying report, for consultation (press release).
- On 5 December 2005, the Federal Council adopts the Opinion on the ratification of the Hague Trust Convention (press release).
- The Hague Trust Convention enters into force on 1 July 2007. At the same time, the Federal Council enacts parallel amendments to Swiss federal legislation on international private law and dept enforcement and bankruptcy (press release).
For the complete documentation see the pages in German, French or Italian.
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Last modification 11.01.2007