Page 5 - ASSET MANAGER 10 (EN)

ASSET MANAGER • NO. 10/2019
SECO • 5
MONEY LAUNDERING ACT
In connection with digital financial transactions, the Money Laundering Act (AMLA, SR 955.0) was mentioned occa- sionally. In many digital business models, (third-party) public funds are accepted or facilitated in their transfer, whereby one is regarded as a financial intermediary and is subject to the MLA. The comments go in two directions: One submission considers this to be a burden for some innovative companies and calls for restrictions in its appli- cability, since, for example, the telecom industry only offers services for transactions but is not a financial intermedi- ary. Other respondents, in contrast, see no need for ac- tion. The Swiss financial centre could not afford exclusion of fintech financial service providers or intermediaries from money laundering provisions. Such innovative, not-yet-es- tablished companies especially would pose an increased risk of money laundering, as they would be misused for illegal purposes.
RETAIL TRADE
The Swiss retail trade is currently undergoing a structural change as a result of digitisation, for example, due to in- creasing online trade. Online trading also makes it easier for Swiss consumers to shop abroad, accentuating exist- ing challenges, such as the relatively high Swiss prices.
Product declaration
In this context, some submissions call for the reduction of the Swiss Finish in Swiss legislation in many areas (e.g. food, wood, beauty products), Switzerland has stricter declaration requirements than the EU does. This trade barrier would lead to products having to be repackaged for Switzerland or declaration details having to be affixed manually. Digital makes little sense in a scalable trading model. Consumers would, in many cases, procure goods directly abroad anyway, and foreign traders would be able to circumvent the stricter Swiss regulations in this way.
Consumer protection
According to EU legislation, consumers have the right to return goods purchased online for 14 days without giving a reason and with a refund of the purchase price. Accord- ing to one submission, this circumstance is also known to Swiss consumers, and it is increasingly being used as a reason to shop abroad. Thus, it was necessary to introduce
a moderate right of return for online trading in Switzerland. Such a right of withdrawal would slightly reduce the com- petitive disadvantage of Swiss online trade.
Pharmaceuticals
Barriers to the electronic delivery of pharmaceutical drugs are as follows: In Switzerland, patients would have practi- cally no opportunity to order medicines electronically. This is in contrast to other sectors and other European coun- tries, where the delivery of non-prescription medicines is widespread. In mail-order sales of pharmaceutical prod- ucts, a medical prescription is always required, even for non-prescription pharmaceuticals. In a pharmacy or drug- store, however, the patient can obtain such medicines with- out a doctor's prescription; here the principle of personal responsibility applies. Furthermore, an electronic order is only possible if the doctor sends the original prescription that was issued to the mail-order pharmacy. It would not be enough for the patient to send an electronic copy of the prescription. However, it is unrealistic, for example, to visit a doctor beforehand to order Bepanthen ointment and ask the doctor for a prescription (which, incidentally, unneces- sarily burdens the health insurance system). Therefore, the need for a prescription for delivering non-prescription phar- maceuticals by mail considerably restricts the development of digital business models.
The opinions expressed in the survey welcome these changes in principle, but at the same time, demand that the Federal Council regularly review and adjust dispropor- tionate regulations. In general, these submissions call for an environment with as few regulatory hurdles as possible so that companies can implement innovation and pilot new business models as simply and effectively as possible.
Based on the responses to the survey, the Federal Council has decided to examine measures for reducing barriers in the legal formalities in greater detail. The aim is to further reduce barriers to digital business models and improve the environment for the digital economy.
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