The government recently published a proposal to modernise Swiss succession law. Although the proposal is less ambitious than initially hoped for, if adopted, it will have a significant impact on Swiss and foreign individuals residing in Switzerland. The proposal's main change is the reduction of the compulsory share of certain heirs and, as a result, an increase in the freely disposable share of a testator's estate.
The Swiss Parliament recently enacted the Federal Act on Financial Institutions, which will fundamentally overhaul the existing financial services regulatory framework. In particular, the act will create a new supervisory regime governing all financial institutions and provide for new supervision over independent asset managers and trustees. Under the new regime, Swiss trustees and foreign trustees active in Switzerland must obtain a licence to carry out their activities.