The Case: Last week, the IRS activated the Foreign Filer Transmitter Control Code (TCC) Registration System. This new system addresses a topic discussed in previous k-flashes, dating back to 2023 and 2024: Swiss and other non-US entities that need to file key US information returns – chiefly, Forms 1042 and…
The Case: The new US federal disclosure requirements for unfinanced purchases (or other transfers) of residential real estate by entities, known as the Residential Real Estate Rule, are now in force. Following the issuance of a Notice of Proposed Rule-Making on 7 February 2024 and the adoption of the final…
The Case: On 26 January 2026, the Swiss State Secretariat for International Finance (“SIF”) posted on its website a new deadline for the implementation of the Model 1 FATCA Intergovernmental Agreement (“IGA”). Accordingly, Switzerland’s conversion from a Model 2 IGA to a Model 1 IGA will be activated on 1…
The Case: On 16 December 2025, the United State Eleventh Circuit Court of Appeals reversed the decision in NSBU v. Yellen, which had found the Corporate Transparency Act (CTA) to be an unconstitutional exercise of congressional power. Under the 2021 law, the US Congress established a federal registry requiring most…
The Case: In 2024, New York enacted its own state-level Beneficial Ownership (BO) Registry based on the federal version that was supposed to come into effect on 1 January of this year. The federal BO Registry established under the Corporate Transparency Act (CTA) remains in limbo since the issuance of…
The case On 21 March, the Treasury Department issued a new interim administrative rule for the Corporate Transparency Act (CTA), eliminating disclosure requirements for both any US Reporting Companies and any US beneficial owners of non-US Reporting Companies. The few...
The case On 27 February FinCEN issued a notice – not posted to their website yet – that "it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI)...
The case On 23 January 2025, the United State Supreme Court issued an 8-1 opinion staying the original injunction issued by the US Federal District Court in the Eastern District of Texas on 3 December 2024. Accordingly, the deadlines for disclosure of Beneficial Owner...
The case On 26 December, in the latest in a series of whipsawing rulings from the federal judges handling the Texas Top Cop Shop case, a second appellate panel reversed the first panel's decision from 23 December (i.e. three days later, one of which was Christmas)....
The case On 23 December, the US Court of Appeals for the Fifth Circuit lifted the nationwide injunction against the Corporate Transparency Act. Thus, the original deadlines are legally back in effect. However, FinCEN opted to extend the deadlines for Reporting...
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The Case: The International Air Transport Association (IATA) has appointed Swiss-Pakistani executive Saadia Zahidi as its next Director General, making her the first woman to lead the global airline body. She will take over in November 2026 from Willie Walsh, former CEO of Aer Lingus and British Airways.
The Case: The criminal proceedings arising from the PostAuto subsidy fraud scandal are expected to be heard by the Bern Economic Criminal Court in 2027. Although a hearing date has not yet been set, the trial is anticipated to take place in the second half of the year given the…
The Case: UBS has disclosed a 5.001% stake in Dottikon ES, held cumulatively through several investment funds, according to a filing published by the Swiss-listed specialty chemicals company recently. The Commentary: Dottikon ES, which is headquartered in Dottikon in the canton of Aargau and is majority-owned by Markus Blocher, develops…
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