On 17 January 2018, the Swiss Federal Council published a draft bill which proposes the conversion of bearer shares into registered shares by operation of law and thereby would abolish bearer shares. The draft bill addresses, amongst others, the concerns raised in Global Forum’s Peer Review relating to Switzerland regarding the transparency of ownership of bearer shares. The wording of the contemplated legislation is currently subject to a legislative consultation process and expected to be discussed in Parliament in winter 2018. Any respective changes in Swiss law are not to be expected before mid 2019.