NEWS 2023

REGULATORY REFORMS 2023 (including comments on measures taken in connection with the situation in Ukraine)

The precious metals industry is an extremely complex industry. On the one hand, the complexity is due to the fact that the legal framework extends over several overarching laws and ordinances and, on the other hand, that there is no industry-specific legal literature that can be consulted when clarifying questions. In addition, the term precious metals industry includes several other industries, which are themselves subject to a specific regulatory framework. The overview attached to this newsletter does not claim to provide in-depth information on all aspects of the precious metals industry. Rather, it is intended to provide the reader with an overview as broad as possible of the regulatory provisions, based on the legislative amendments that have been passed by the Swiss Parliament.

– PRESS RELEASE 8.7.2022 –

Efficient implementation of ethical and moral goals is only possible if regulatory requirements are intact and unambiguous.

Precious metals play a fundamental role in our society, as they are used in various sectors such as – among many others – electronics, medicine, the automotive industry and energy-saving processes. They provide a high standard of living and are becoming increasingly relevant in technological progress. Despite the fact that the precious metals sector is subject to very strict rules, precious metals – or their extraction, processing, acquisition and transport – are often the subject of public criticism.

– PRESS RELEASE 4.7.2022 –

False information and contradictory statements by the Swiss competent authorities regarding the implementation of sanctions in connection with the Russia-Ukraine conflict are poison for the Swiss financial center. The current discussions regarding the import of Russian gold are an example of this.

On 28 February 2022, the Swiss Federal Council decided to adopt the European Union’s (EU) sanctions against Russia and thus strengthen their effect.  The Swiss Ordinance of 4 March 2022 on Measures in Connection with the Situation in Ukraine (SR 946.231.176.72) contains all Swiss measures and is legally binding.

Over the last few months, various operational companies and political circles have been discussing the meaning and scope of certain measures in connection with the above-mentioned ordinance.  The restrictions on the import and export of gold has also caused much media ink to flow, some of the debates fueled by three tons of gold with the designation of Russian origin allegedly imported in May 2022 from the United Kingdom into Switzerland. Is the import of gold of Russian origin per se prohibited (as claimed by Fabio Molina, member of the Swiss National Council, in his question to the Swiss Federal Council on 8 June 2022) or is there a misunderstanding on the scope of the sanctions adopted?