Introduction
Although the London Interbank Offered Rate (LIBOR) is currently the most widely used interest rate benchmark and serves as a price reference for a broad range of financial instruments, the UK Financial Conduct Authority will stop supporting LIBOR at the end of 2021. According to the National Working Group (NWG) on Swiss Franc Reference Rates, the Swiss Average Rate Overnight (SARON) is the proposed replacement standard. The transition period poses several challenges for national and global market participants.
In December 2020 the Financial Market Supervisory Authority (FINMA) published guidance on the LIBOR transition in Switzerland. In this guidance, FINMA requires all supervised institutions (eg, banks, securities firms and insurers) to plan and initiate the necessary actions to implement the transition roadmap outlined therein with the goal to be fully prepared and operationally ready for the planned discontinuation of most LIBOR benchmarks by the end of 2021.
A Swiss prosecutor is probing Saudi king s $100 million gift to Juan Carlos I of Spain.
A Swiss prosecutor is probing whether the late Saudi king broke any laws when he transferred $100 million to a fund controlled by fellow royal Juan Carlos I of Spain in 2008.
Last month, a hearing was held behind closed doors in Geneva to discuss a legal opinion that prosecutor Yves Bertossa sought from scholars on whether the payment by the late King Abdullah could constitute a crime under Saudi law, according to documents seen by Bloomberg. Bertossa first solicited the advice in a July 23 letter to the Swiss Institute of Comparative Law.
Full article Swiss prosecutor Yves Bertossa is seeking from scholars on whether the payment by the late King Abdullah could constitute a crime under Saudi law
Swiss prosecutor is probing whether the late Saudi king broke any laws when he transferred US$100 million to a fund controlled by fellow royal Juan Carlos I of Spain in 2008.
Last month, a hearing was held behind closed doors in Geneva to discuss a legal opinion that prosecutor Yves Bertossa sought from scholars on whether the payment by the late King Abdullah could constitute a crime under Saudi law. Bertossa first solicited the advice in a July 23 letter to the Swiss Institute of Comparative Law.
The scrutiny of King Abdullah, the half-brother of the current king, could roil Switzerland’s longstanding role as a preferred destination for Saudi wealth.