As of today, the test phase of the Transparency Register for legal entities is operational, allowing the Federal Office of Justice to assess its technical infrastructure and related processes ahead of its entry into force on 1 October 2026, as decided by the Federal Council on 12 June 2026. From that date, statutory deadlines under the LETA will apply, requiring in-scope legal entities to report their beneficial owners to the Transparency Register.
As set out in the explanatory report to the Ordinance on the Transparency of Legal Entities and the Identification of Beneficial Owners, a trust does not constitute a legal entity and is therefore not subject to the LETA (https://lnkd.in/eeNMt9_i).
Therefore, under the new Swiss regulation, trustees are not required to submit filings to the Transparency Register. Instead, they are only required to retain information on the beneficial owners of the trust, either under the AMLA when acting in a professional capacity, or under Articles 15 and 16 of the LETA when acting on a non-professional basis.
An exception is provided for cases where the trustee holds a participation exceeding 25% of the share capital or voting rights in a legal entity subject to the LETA. In such cases, the entire ownership chain of the legal entity must be traced to identify the natural persons ultimately exercising control. These individuals are deemed the beneficial owners of both the trust and the underlying company and must therefore be reported to the Transparency Register.
Based on the initial comments of the Swiss authorities, the LETA also appears to apply to cases where a foreign company has a branch in Switzerland registered in the Commercial Register, is effectively managed in Switzerland, or own a fund in Switzerland.
We will continue to monitor developments and provide updates as further information becomes available.
“The authorities have clarified that trustees are not required to report information to the Transparency Register. Instead, details regarding the beneficial owners remain confidential and must be maintained by the trustees themselves.”
— Andrea Baroni
Andrea Baroni
Capital Trustees
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