How can Swiss companies turn into digital operations champions?

PwC Global Industry 4.0 Study 2018

Get the Swiss results here.

Digital transformation is the most critical challenge for industrial companies worldwide. PwC’s new study “How to Be a Digital Operations Champion – Global Industry 4.0 Study 2018” shows that as far as Swiss companies are concerned, they have not quite exploited their full potential yet.

The study evaluates the digital ecosystems of companies and to what extent new technologies have been implemented. At the same time it highlights the influence of new technologies on the workforce and corporate culture. The companies that were included in this study were also asked about the digitalisation projects they were planning to realise over the coming five years. The study is based on a survey of 1,155 industrial companies in 26 countries around the world – with a separate country report on Switzerland.

One conclusion of the study is that world-class digital champions are relatively rare in Switzerland, and too many Swiss businesses consider themselves digital novices. The Asia/Pacific region is leading the digital transformation, Europe, generally, is struggling to keep up.

Using digital technology is crucial to be able to compete. Over 40% of companies have already implemented key new technologies, over 70% are planning to do so over the next five years. Revenue increases of 15% and efficiency gains of 12% are expected from digital technology implementation over the same period.

The use of new technologies can therefore bring tangible competitive advantages. Plans for digital solutions and their subsequent introduction are focusing on areas such as predictive maintenance of assets and products, integrated end-to-end supply chains and the use of robotics.

Graph 1: Benefits of Investing in Digital Technologies. Average benefits over the next five years by world region.

Digital champions, i.e. around 10% of global manufacturing companies, are offering their customers digital ecosystems that link their operations and technology to their customers. New technologies are being deployed comprehensively to enable collaboration along the entire value chain. Digitalisation offers large companies the opportunity to increase production in mature markets and close to customers.

Regional differences indicate that the Asia/Pacific region is leading the digital transformation. APAC companies are most advanced on the path to digitalisation and highly optimistic about the benefits of applying digital technologies (58%). American companies (54%) are positioned slightly behind Asia, while Europe (42%) is struggling to keep up.

Manufacturing execution systems and robotic process automation are rather wide-spread among Swiss companies. At the same time, their digital corporate culture is well advanced. However, when it comes to integrated end-to-end supply chain planning and artificial intelligence, the Swiss are lagging behind their competitors, in particular compared to Asian and American companies. The 50 Swiss companies interviewed in the study are markedly less digitalised than their international competitors. Too many Swiss businesses consider themselves digital novices, and digital champions are relatively rare in Switzerland. Exhibiting their confidence in the new technologies, Swiss industry decision-makers are expected to take considerable steps towards a more stringent implementation of Industry 4.0 over the next five years. In addition, a trend towards shifting certain production steps back to Switzerland is gaining momentum.

Roger Müller, Head Digital Operations PwC Switzerland, explains: “Of the Swiss respondents, almost half (41%) believe that the future will see more products produced in their own country. Increased automation could support Switzerland’s competitiveness by lowering production costs and allowing companies to move production back to mature markets and thus closer to their customers.”

Graph 2: New technologies: what is the Swiss status quo? Question: To what extent have you implemented the following technologies within your company? (50 companies in Switzerland, in comparison with 1,155 companies worldwide)

Artificial intelligence, a widely-discussed topic, is beginning to be implemented. A mere 15% of companies worldwide – and only 1% in Switzerland – are on record for already having implemented or piloted AI solutions, mainly in the areas of production and R&D. Artificial intelligence has the potential to revolutionise the quality of operational decision-making. The challenges of introducing artificial intelligence solutions are that employees are unfamiliar with these new technologies, which makes their implementation challenging and their benefits uncertain. What is more, there is a lack of transparency and trust. In many cases, the technology in question is not mature enough and usable solutions are not yet ready for the market.

 

Register here to download the study

PwC’s Experience Center Opening, 14 June 2018

Would you like to learn more? Participate in the Grand Opening of PwC’s Experience Center. For more information click here.

 

Contact

Roger Müller
Head Digital Operations
PwC Schweiz
Tel. +41 58 792 16 37
roger.mueller@ch.pwc.com

Disclose 27, Focus piece 6: Audit 4.0, Part 2, Audit 4.0, Part 2, High-Performing Auditors

Disclose – PwC’s online magazine

«It takes people, digital technologies and trust to achieve top performance.»

Reading our latest issue of Disclose (disclose.pwc.ch/27/) you’re sure to get an adrenaline rush as we investigate a topic with particularly close connections to sport: high-performing organisations.

Focus piece 6 gives you an insight into the topic Audit 4.0, Part 2, High Performing Auditors:

In the wake of digital transformation there’s been a huge explosion in demand for cost-efficiency, greater security and transparency, and fact-based decision-making. This is forcing companies to realign their financial function, and revolutionising auditing – both of which are now expected to make a better-quality and more useful contribution. CFOs and auditors are morphing from backward-looking guardians of quality to data agents.

Read the full report here.

Contact

René Rausenberger
Partner, Head of Technology-driven Audit
PwC Switzerland
Tel.: +41 58 792 22 66
rene.rausenberger@ch.pwc.com

Blockchain Taskforce makes recommendations to strengthen Switzerland as an international blockchain hub

At this year’s Blockchain Summit on 26 April 2018 in the heart of the well-known Crypto Valley in Zug, Federal Councilor Johann Schneider-Ammann received a white paper on the topic “Strengthening Switzerland as a Blockchain Hub” and a position paper on the legal classification of ICOs. The publications were written by the Blockchain Taskforce, a group of around 50 personalities from politics, business and science. The documents contain a series of recommendations on how laws and framework conditions in the Blockchain and ICO field should be adapted in order to strengthen the Swiss Blockchain/ICO location in the best possible way.

The Blockchain Task Force concludes, among other things, that

  • for practical and economical reasons, the possibility of digital transfer of ownership of tokens should already be possible to date applying a broad interpretation of the existing law. Alternatively, a change in the law is proposed;
  • the current Anti-Money Laundering Act does not need to be amended. It is sufficient to consistently apply the existing law to the new technology;
  •  a so-called “sandbox” (an experimental space with lower regulatory requirements) for blockchain start-up companies should be created (similar to the existing Fintech sandbox);
  •  it is extremely important that Blockchain companies can open a bank account without further ado. This is currently only difficult to achieve;
  • new standards (so-called “best practice rules”) for the issuance of tokens and transactions on the blockchain are to be introduced. FINMA should define when tokens should be regarded as securities within the meaning of the Financial Market Infrastructure Act or as deposits within the meaning of the Swiss Banking Act;
  • general criteria for the term “token” should be established. With a so-called “Token Map” a group of criteria and terms shall be proposed, which can be used in connection with the design and evaluation of blockchain-based projects, which issue their own tokens.

The Blockchain Task Force also announced that it would continue its activities but change its name to Swiss Blockchain Institute. An ICO will be launched to finance future activities of the institute.

Further information at:

Starkung des Blockchain-Standorts Schweiz

Positionspapier zur rechtlichen Einordnung von ICOs

Contact Us

Guenther Dobrauz
Partner, Leader of PwC Legal Switzerland
Office: +41 58 792 14 97
Email: guenther.dobrauz@pwc.com

Tina Balzli
Director, PwC Legal Switzerland
office: +41 58 792 15 54
Email: tina.balzli@ch.pwc.com

Mark Schrackmann
Assistant Manager, PwC Legal Switzerland
Office: +41 58 792 25 60
Email: mark.schrackmann@ch.pwc.com

Orkan Sahin
Assistant Manager, PwC Legal Switzerland
Office: +41 58 792 19 94
Email: orkan.sahin@ch.pwc.com

PwC Healthcare Roundtable – 1st quarter 2018

DaisY: Setup and operational management of an outpatient surgery center


Image source

The PwC Healthcare Round tables organized quarterly by PwC, are exchange platforms for hospital directors from French-speaking Switzerland. Topics are announced a few weeks in advance and will cover digitalization, outsourcing, the “supply chain” concept, “fee per procedure” payment, coding and pricing, as well as integrated care.

At our Q1 2018 Round table, we were delighted to host Brian Oosterhoff, operations manager of the DaisY outpatient surgery center of the eHnv (Etablissements hospitaliers du Nord vaudois). Mr. Oosterhoff provided the group with his unique insights and lessons learned on the setting up and operational management of an outpatient surgery center.

Quick overview

Ambulatory (outpatient) surgery is suitable for a large number of procedures and is not limited to minor surgery. All types of patients are eligible for this type of procedure and age is not a limiting factor. Indeed it is even recommended to use outpatient surgery for the elderly to avoid the loss of independence and cognitive decline related to hospitalization. In each case, it is imperative to analyze the patient’s context and environment to ensure that someone is available upon the patient’s return home. The evaluation is done by the surgeon and the anesthesiologist before the surgery.

A little less than 10 years after its opening, DaisY treats more than 3’500 cases per year, has an operational staff of around 15 full-time equivalents (without surgeons) and generates an income of CHF 5.6 million with an EBITDA margin of around 6%.

The most important surgeries in terms of volume are related to ophthalmology and orthopedics, far ahead of general surgery and gynecology. The center receives an average of 17 interventions per day, which results in a room occupancy rate of around 70%. The “length of stay” of a patient is on average 3.5 hours.

Success factors

Brian Oosterhoff draws in part on the 10 key recommendations in making day surgery happen published by the European Observatory on Health Systems and Policies in 2007.

By adapting them to the particular context of DaisY, he mentions in particular the following points as success factors:

  • Separate the flows between outpatient and inpatient surgery. The building of separate infrastructures is the best way to do this;
  • Separate the healthcare teams and combine it with a major investment in staff training. Indeed, specific skills are essential. The branch is organized in MOOC (Massive Open Online Courses) and in congress thanks to the International Association for Ambulatory Surgery. The training goals are multiple and cover the particularities of outpatient surgery such as analgesia as well as the follow-up of the patient so as not to make him/her sick thanks to “care maps” which allow the results to be as predictable as possible;
  • Invest in flexible infrastructure. The flexibility of the staff but also of the equipment is essential. The DaisY centre has been equipped with armchairs that can be converted into an operating table; this saves time. The admission and preparation of the patient are also very important. The medical staff takes care of this task but also of more technical work such as operating protocols script/typing as well as post-surgery follow-up of the patient. Always at the infrastructure level, the positioning of a sterilization unit near the operating theater is important (even if a large part of the equipment is for single use) as well as the open architecture that allows optimization of the work of the anesthesiologist. It should also be noted that surgeons dedicate a full day to the center in order to avoid going back and forth between the center and the hospital.

Challenges

Several major challenges hinder the use of outpatient surgery. We can quote, among others:

  • Pricing: considering outpatient surgery as standard and inpatient surgery as an exception comes up against a pricing problem in Switzerland. The new TARMED has a significant negative impact. Based on the type and number of interventions perfomed in the past, DaisY estimates that its revenues may decrease by approximately 20%. However, it is expected that due to the price decrease, a certain compensation through increasing volumes may occur. Therefore, the actual future impact is unclear at the present time;
  • The setting up of follow-up care of the patient: patients safety net and wellbeing are crucial in the field of outpatient surgery. Medical follow-up by a general practitioner at the patient’s home, often cited as an indispensable relay, is really not necessary if the patient is well informed about normal and abnormal situations in which it is imperative to call;
  • The balance between medical and administrative work: The part of the work dedicated to administrative processes such as the collection of statistics or indicators for medical societies takes up a lot of valuable health professionals’ time. The positive effects of simplifying clinical processes should not be offset by making administrative tasks more complex;
  • The alignment of incentives: this should not cost the patient more (which is fortunately not the case in Switzerland) and the hospital should not earn less for outpatient procedures than it would earn for the equivalent procedure if conducted as an in-patient procedure. The current context requires them to offset the deterrent effect of the tariff by reducing operating costs. This is possible in a dedicated center, separate from the hospital complexity and equipped with an efficient and flexible team.

In addition, the development of outpatient surgery must be accompanied by a reduction in inpatient capacity in order to ensure consistency. There are many advantages to reducing the number of beds. It has long been known that hospitals are particularly problematic places in terms of:

  • hospital-acquired infections (“Up to 7% of hospitalized patients will present with a healthcare associated infection during their treatment”);
  • loss of independence for elderly patients (“Loss of self-control, profound isolation, dependence on others, fear of death, and loss of usual frames of reference (during hospitalization for example), are all factors that can affect the patient’s independence”);
  • medication errors.

Perspectives & conclusion

Brian Oosterhoff stresses the importance of continuing the shift to outpatient surgery by increasing the number of surgical procedures performed on an outpatient basis but also by encouraging a transfer to office-based surgery. The participants were in complete agreement on the concept, even if the implementation remains quite different from one structure to another.

The digitalization of the patient’s journey as well as the simplification of processes (standardization of equipment for example) should continue to support the shift to ambulatory care by improving efficiency. This element was very well understood and anticipated by the participants even if the challenges are considerable, mainly in terms of coordination and integration of the different IT systems. Optimizing resources (mainly purchasing) and strengthening the degree of autonomy of all actors are of course crucial in this context.

In conclusion, the potential of outpatient surgery is still under-exploited in Switzerland but a step in the right direction has been taken with the February 2018 decision by the Federal Department of Home Affairs (FDHA) that six groups of interventions would be covered exclusively via outpatient care in the future. This decision aims to create a uniform regulation of these interventions for all insured persons in Switzerland, with an entry into force on 1 January 2019.

Nevertheless, the exclusive nature of the list may slow-down or limit any industry-wide shift towards ambulatory procedures in Switzerland, which until now has been led by a few pioneering centers. To further incentivize the usage of these innovative acts, DRG-type financing, but without its lower limit, could be the key to success.

Quarterly PwC Healthcare Roundtables

Are you interested in participating at our next PwC Healthcare Roundtable on 16 May 2018 in Morges? Do not hesitate to contact us (pascale.boyer.barresi@ch.pwc.com) and we will be happy to keep you informed of the theme as well as of subsequent events in the French-speaking part of Switzerland. We look forward to seeing you there!

Contact Us

Pascale Boyer Barresi, CFA
Senior Manager
Deals | Valuation & Modelling | Healthcare & Life Sciences
+41 58 792 97 42
pascale.boyer.barresi@ch.pwc.com

AI will transform project management. Are you ready?

Around 200 years ago the industrial revolution changed society in unimaginable ways for the time. Today another revolution is under way, with even farther-reaching consequences. Artificial Intelligence (AI), experts are predicting, will change everything about the way we produce, manufacture and deliver.

In this article, we will explain how AI is set to change project management practice, what obstacles need to be overcome, and how project managers can prepare themselves to stay relevant in a fully integrated, automated and predictive project management world.

Read more about AI

Contacts

Marc Lahmann
Assurance Director
+41 58 792 27 99
marc.lahmann@ch.pwc.com

Manuel Probst
Assurance Senior Manager
+41 58 792 27 62
manuel.probst@ch.pwc.com

Disclose 27, Focus piece 5: Audit 4.0, Part 1, Finance functions and processes

Disclose – PwC’s online magazine

«It takes people, digital technologies and trust to achieve top performance.»

Reading our latest issue of Disclose (disclose.pwc.ch/27/) you’re sure to get an adrenaline rush as we investigate a topic with particularly close connections to sport: high-performing organisations.

Focus piece 5 gives you an insight into the topic Audit 4.0, Part 1, Finance functions and processes:

Most of the repetitive tasks carried out by the Finance function can be standardised and automated across systems using robotic process automation (RPA). This development has long been predicted. But it has only become reality now that data and such a wide variety of digital tools are available. This way digitisation is fundamentally transforming the Finance function, from number cruncher to sparring partner.

Read the full report here.

Contacts

Paul de Jong
Partner, Head of Systems & Process Assurance, PwC Switzerland
Tel.: +41 58 792 76 58
paul.l.de.jong@ch.pwc.com

Dr Christian B. Westermann
Partner, Data & Analytics Leader, PwC Switzerland
Tel.: +41 58 792 27 97
christian.westermann@ch.pwc.com

Initial coin offerings (ICOs) in Liechtenstein

At a glance
• An initial coin offering (ICO) or a token sale is when a company sells a predefined number of digital tokens to the public in a limited period of time.
• The ICO market has grown very rapidly in recent months and has been a new avenue for blockchain-based start-ups and projects to get the funding needed to launch their projects.
• In September 2017, the Financial Market Authority Liechtenstein (FMA) published a fact sheet on ICOs which stated that depending on their specifications, tokens may constitute financial instruments subject to financial market law.

Download PDF

 

In detail
1. What are ICOs?
Initial coin offering (“ICO”, also referred to as token generation event, token launch or token offering) is a term describing a limited period in which a company sells a predefined number of digital tokens (crypto coins) to the public, typically in exchange for major crypto-currencies (as of today, mostly Bitcoin and Ether). On the side of the token issuer, the collected funds are typically used to finance a project (e.g. the building of a software/ blockchain-based platform). In exchange for the financing, the investor receives a token which may be connected with the right to receive a dividend, a voting right, a licence, a property right or a right to participate in the future performance of the issuer. Usually, tokens are tradable on cryptocurrency exchanges.

2. Token characteristics 
Tokens (coins) can have different functions, which triggers the way in which we treat them from a legal and regulatory perspective. Four main forms exist to date (including many hybrid combinations).

  • Security token
    Tokens with a security character (e.g. debt, equity or derivatives) with an income generating component and potential rights vis-à-vis the issuer (e.g. governance, participation, ownership).
  • Digital currency
    Tokens with an attributed value. They can be used to buy and sell goods and services and can be used to store value (although they can be very volatile).
  • Asset-backed token
    Tokens that provide underlying exposure to real world assets (e.g. gold, diamond, securities, cash, real estate, etc.)
  • Utility token
    Tokens with a utility character provide access to a blockchain-based platform, product or service. They are not primarily designed as a means of an investment.

3. What are the characteristics of an ICO?
In general, an ICO has the following structure:

  • Publication of a white paper describing a project or product as well as the funding via ICO. The white paper also describes the intended use of the tokens to be issued. Software and the technical specifications are published on open source platforms like GitHub.
  • A smart contract is set up, usually based on the Ethereum blockchain. The smart contract is needed to generate and distribute the tokens later on.
  • During a fixed time period, cryptocurrency payments (usually Ether or Bitcoin) are accepted by way of the smart contract.
  • Using the public key for those payments (similar to a digital account number), the smart contract generates the new tokens and makes them available to investors.
  • The tokens may be stored by third parties (wallet providers) and/or made tradable with the help of cryptocurrency trading platforms.
  • Once the funded project is complete, the investor can sell the tokens or exchange them for services.

4. What are the key challenges of an ICO?
Regulators worldwide are starting to look into ICOs, but only few have actually taken action (e.g. China, USA, Singapore). It is expected that the US SEC/EU ESMA and other major regulators will soon regulate the ICO space, particularly from a capital markets, tax and KYC/AML perspective. A further challenge is that many ICOs still lack proper cybersecurity, which can represent a major threat for investors. As most ICOs raise money in the form of cryptocurrencies, high volume transactions provide an attractive target for criminals. Besides ICOs, several cryptocurrency wallets (where tokens/coins get stored) have been hacked recently.

5. How does Liechtenstein treat ICOs from a legal/regulatory
perspective?
In September 2017, the Financial Market Authority Liechtenstein (FMA) published a fact sheet on ICOs which stated that depending on their specifications, tokens may constitute financial instruments subject to financial market law. This may include tokens that have characteristics of equity securities or other investments. In principle, activities relating to financial instruments are subject to licensing by the FMA on the basis of special legislation and may require publication of a prospectus. In all cases, the specific design and de facto function of the tokens are decisive. Any AML/KYC obligations also depend on the specific design. Connecting factors for FMA jurisdiction exist, for instance, if a company’s registered office or branch is in Liechtenstein and/or if relevant activities are pursued on the Liechtenstein market.

6. How is an ICO taxed in Liechtenstein?
Liechtenstein offers a favourable tax system with modest tax rates for issuers of tokens (typically using a foundation structure or a special purpose vehicle), for ICO entrepreneurs and for investors. Careful structuring of the ICO is necessary to manage potential issuance stamp tax consequences (in case of issuance of equity tokens) as well as VAT and corporate income tax consequences (in case of issuance of utility tokens). Since there is no gift tax in Liechtenstein, employing a charitable foundation structure is an option worth considering in detail. Taxation of ICO entrepreneurs and investors domiciled in Liechtenstein depends on the categorisation of a specific token. Capital gains on digital currency tokens should generally be exempt from income tax (due to taxation of notional income from wealth instead of effective investment income).

Contacts

Guenther Dobrauz
Partner, Leader of PwC Legal Switzerland
Office: +41 58 792 14 97
Email: guenther.dobrauz@pwc.com

Martin Meyer
Director, Leader of Financial and Private Wealth Services PwC
Liechtenstein
Office: +41 58 792 42 96
Email: martin.meyer@ch.pwc.com

Mark Schrackmann
Assistant Manager, PwC Legal Switzerland
Office: +41 58 792 25 60
Email: mark.schrackmann@ch.pwc.com

Orkan Sahin
Assistant Manager, PwC Legal Switzerland
Office: +41 58 792 19 94
Email: orkan.sahin@ch.pwc.com

Artificial Intelligence & Project Management: Beyond human imagination!

12. April 2018 – An event by PMI Switzerland Chapter and PwC Switzerland

Around 200 years ago the industrial revolution changed society for good. Today, another revolution is under way, with potentially even farther-reaching consequences.

Experts are predicting that Artificial intelligence (AI) in industry will change everything about the way we produce, manufacture and deliver. Cognitive computing, machine learning, natural language processing: these different terms have emerged as the technology has progressed in recent years.

What they all encapsulate is the idea that machines could one day be taught to learn how to adapt by themselves, rather than having to be spoon-fed every instruction for every eventuality. Now, according to many, that day has arrived. AI will change the world.

At this event, Marc Lahmann and Manuel Probst will show how AI is set to change project management practice. They’ll also be explaining how project managers can prepare themselves to stay relevant in a fully integrated, automated and predictive project management world.

Agenda –  12 April, 2018
18:00 Registration
18.30 Presentation
19:30 Q&A
20:00 Networking Apéro

Event Language: English

Professional Development Units: 2
– Leadership
– Strategic & Business Management
– Technical Project Management

Please be aware that at the event photos of the audience are made and published on the PMI Switzerland homepage as well as on Facebook. The event may also be live broadcasted over Facebook. With your attendance you accept these conditions.

Event fee discounts: If your are PMI-CH member, please log in with your PMI-CH member account at www.pmi-switzerland.ch and enter the event from there in order to benefit from the membership discount.

Cancellation policy: 100% refund is possible for a ticket if cancelled 5 days before the event.

Registration

Contacts

Marc Lahmann
Director and Leader Transformation Assurance
+41 58 792 27 99
marc.lahmann@ch.pwc.com

Manuel Probst
Senior Manager Transformation Assurance
+41 58 792 27 62
manuel.probst@ch.pwc.com

FinTech Action Plan – European Commission launches measures for a more competitive and innovative financial marketplace

For many financial services companies, financial technology (short “FinTech”) and technological innovation in general offer tremendous opportunities in terms of access to finance, operational efficiency, cost savings and competition. On March 8th 2018 the European Commission presented an action plan with a total of 23 measures to make better use of the opportunities offered by technological innovations in the financial services sector. The EU wants to become a global hub for FinTech in the future.

The Action Plan has three main objectives:

  • to support innovative business models to scale up across the single market;
  • to encourage the uptake of new technologies in the financial sector; and
  • to increase cybersecurity and the integrity of the financial system.

The FinTech Action Plan

In order to achieve the above mentioned objectives, the following measures are planned, among others:

  • The Commission will operate a FinTech laboratory in which European and national authorities will be able to collaborate with technology providers in a neutral environment.
  • Continuation of the already opened EU Blockchain Observatory and Forum. The Forum will report on the opportunities and challenges of crypto assets later in 2018 and is already working on a comprehensive study of distributed ledger and blockchain technologies.
  • The use of innovative technologies to interconnect national databases is intended to promote the digitization of information published by listed companies in Europe. In the future, this will enable investors to access essential information in order to make their investment decisions easier.
  • In order to improve the exchange of information on cyber security, the Commission will organise regular workshops.
  • The Commission will present a best practice guide on regulatory sandboxes based on guidance from the European Supervisory Authorities. A sandbox is a safe and controlled space where FinTech companies can test innovations in the market, with or without regulatory relief.

Regulation on Crowdfunding

In the field of crowdfunding, the European Commission has put forward a comprehensive proposal for a regulation which will create a European legal framework for this form of financing for the first time. The European Commission wants to make it easier for start-ups and small businesses to raise funds from investors via the internet. Due to different regulations, it is currently difficult for platforms to expand into other EU countries. Crowdfunding should therefore be subject to uniform rules in the future and the ownership of the license of one country should be sufficient to operate the respective platform throughout Europe.

In contrast, investors should be protected by clear rules on disclosure of information, governance and risk management rules and a coherent approach to the oversight of crowdfunding platforms.

The EU member states and the European Parliament still have to approve the proposal.

Contact Us

Günther Dobrauz
Partner
Leader PwC Legal Switzerland
+41 58 792 14 97
guenther.dobrauz@ch.pwc.com

Tina Balzli
Head Banking
Director
Legal FS Regulatory & Compliance Services
+41 58 792 15 54
tina.balzli@ch.pwc.com

Mark A. Schrackmann
Assistant Manager
Legal FS Regulatory and Compliance Services
+41 58 792 25 60
mark.schrackmann@ch.pwc.com

Digital Client On-boarding in Financial Services

Get up-to-date on the most important changes during the consultation phase

On 18 March 2016 the FINMA Circular 2016/7 “Video and online identification” en-tered into force. With the circular FINMA enabled financial intermediaries to on-board new customers using video conferencing and online procedures.

According to FINMA, initial experiences in connection with video and online identifi-cation have shown that some of the rules are not yet or are no longer optimally suited to financial markets or financial intermediaries. The circular is therefore being amended to take into consideration the feedback as well as the technological changes that have occurred in the interim. Currently the draft of the new circular is in consultation phase.

Read more

Contacts

Christian Hug
Risk Assurance, Senior Manager
christian.hug@ch.pwc.com
Tel. +41 58 792 23 66

Claudia Hösli
Risk Assurance, Senior Manager
claudia.hoesli@ch.pwc.com
Tel. +41 58 792 14 85

Marco Schurtenberger
Risk Assurance, Senior Manager
marco.schurtenberger@ch.pwc.com
Tel. +41 58 792 22 33