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Portrait ofTina Balzli

Tina Balzli, LL.M. (NYU), LL.M. (NUS)

Partner
Head of Fintech & Blockchain, CMS Switzerland and Co-Head of the CMS Crypto, Digital Assets and FinTech International Focus Group

CMS von Erlach Partners Ltd
Dreikönigstrasse 7
P.O. Box
8022 Zurich
Switzerland
Languages German, English, French

Tina Balzli specializes in banking, insurance, financial and capital markets law, general corporate and commercial law as well as mergers & acquisitions, with a particular focus on fintech and blockchain. She has a long-standing track record of holistically advising leading Swiss and foreign financial institutions as well as up-and-coming start-ups in her areas of specialization and is excellently acquainted with the international and Swiss regulatory landscape within capital and financial markets law.

Tina Balzli acts as lead lawyer for a wide range of financial industry-related matters and represents financial institutions vis-à-vis authorities, such as the Swiss Financial Market Supervisory Authority (FINMA).

Before joining CMS, Tina Balzli was a partner at a Big Four firm in Switzerland, where she led the legal Banking, Fintech & Blockchain practice. Prior to this, she extensively practiced as a financial markets attorney with major Swiss law firms, worked for a financial institution in Hong Kong and acted as research and teaching assistant at the Chair of Civil and Commercial Law at the University of Freiburg i.Ue. She further was a visiting researcher at the Max-Planck-Institute for Comparative and International Private law in Hamburg, Germany.

Tina Balzli holds a Master in Law (lic. iur.; J.D. equivalent) from the University of Freiburg i.Ue., Switzerland with the mentions 'European Law' and 'Bilingual', has been admitted as an Attorney-at-law to all courts in Switzerland and is a certified Swiss Fund & Asset Management Officer. Furthermore, she holds a Master of Laws (LL.M.) in U.S. and Asian Business and Trade Law from the New York University and a Master of Laws (LL.M.) in Corporate & Financial Services Law from the National University of Singapore.

She is the author of various publications (books and articles) on a broad range of legal and regulatory topics related to commercial law in general and financial market laws and regulations. She regularly speaks at conferences on these topics.

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Tina Balzli leads the team and stands out with her experience, personality and her skills.

The Legal 500, Switzerland, Fintech, 2024

Tina Balzli is very solution-oriented and focused.

Chambers and Partners, Fintech Legal, Switzerland, 2024

Tina is an amazing partner both professionally and personally.

The Legal 500, Switzerland, Commercial, Fintech, 2023

Tina is creative, understands issues quickly and provides practical advice in a short time. She is easy to work with and has an outstanding reputation.

The Legal 500, Switzerland, Commercial, Fintech, 2023

Tina Balzli is one of the leading partners in Switzerland for the regulated crypto financial industry.

The Legal 500, Switzerland, Commercial, Fintech, 2023

She is very helpful because a lot of FinTechs have some connection to blockchain and the crypto industry and she is an area expert on these issues. She also knows the licensing procedures of FINMA and the ways of the supervisor extremely well. She is really an accredited expert.

Chambers and Partners, Switzerland, FinTech, 2023

Tina Balzli is one of the most renowned legal experts in the field in Switzerland, and she brings to Fintech a lot of knowledge from the banking/regulatory field.

The Legal 500, Switzerland, Fintech, 2022

Relevant experience

  • Advising clients on the structuring, setting-up, registering and licensing of their banking, Fintech, brokerage, payment service and asset management operations in Switzerland
  • Advising clients on the structuring, issuance and listing of investment products
  • Supporting clients in the structuring, planning and performance of their token generating events in Switzerland from a legal and regulatory perspective
  • Representing clients with regard to a wide range of matters before the Swiss Financial Market Supervisory Authority (FINMA)
  • Advising on compliance issues, the outsourcing of relevant functions as well as the restructuring and liquidation of financial institutions
  • Advising financial institutions on asset and share deals
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Memberships & Roles

  • Zurich Bar Association (ZAV)
  • Swiss Bar Association (SAV)
  • Crypto Valley Association, Member of the Regulatory & Policy Working Group
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Publications

  • "RegTech will permanently change the way companies deal with regulation", in: Bilanz, May 2024
  • "Offen für Neues und fremde Einflüsse – und sich dennoch treu bleiben", in: Handelszeitung Banking, January 2024
  • "Krypto-Branche: Entwicklungen und Chancen trotz Krise!", in: Tagesanzeiger, Recht und Steuern, March 2023
  • "Demokratisierung von Grundeigentum in der Schweiz durch Tokenisierung?", in: IMMO Magazin, January 2022
  • "LIBOR-Ablösung in der Schweiz. Hintergründe, Stand der Ablösung und regulatorische Einbettung", in: Expert Focus, August 2020
  • "Asset Tokenization – Collective Investment Schemes & Custody of Security/Asset Tokens", in: Crypto Valley Association (CVA) (ed.), Asset Tokenization under Swiss Law, December 2019
  • "Länderreport Schweiz: Ausgewählte aktuelle Entwicklungen im Schweizer Finanzmarktrecht", in: Compliance Berater, November 2018
  • "Blockchain und Kryptowährungen", in: Klebeck/Dobrauz (Hrsg.), Rechtshandbuch Digitale Finanzdienstleistungen, Munich 2018
  • "Kommentar zu Art. 3 Abs. 1 lit. r und Art. 3 Abs. 1 lit. t des Bundesgesetzes gegen den unlauteren Wettbewerb", in: Heizmann/Loacker (ed.), 'Kommentar zum Bundesgesetz gegen den unlauteren Wettbewerb (UWG)', Zurich 2017
  • "Fintech Boost in Switzerland", in: International Financial Law Review (IFLR), February 2017
  • "Fund Management 2016 – Switzerland", in: Getting the Deal Through 2016
  • "Kommentar zu Art. 123 – 125 des Kollektivanlagengesetzes", 2nd ed., in: 'Basler Kommentar zum KAG', Basle 2016
  • "Repetitorium Finanzmarktrecht", 2nd ed., Zurich 2015
  • "The Financial Institution Act’s (FIA) wide-reaching reforms", in: International Financial Law Review (IFLR), September 2015
  • "Recent and Future Developments impacting Investment Management in Switzerland", in: JurisNews – Investment Management 3/2015
  • "Fund Management 2015 – Switzerland", in: Getting the Deal Through 2015
  • "Swiss Financial Market Supervisory Authority (FINMA) Position Paper on Distribution Rules", in: CapLaw 3/2012
  • "Repetitorium Finanzmarktrecht", Zurich 2009
  • "Repetitorium Wertpapierrecht", Zurich 2005
  • "Der Zahlungsverkehr der Banken. Oder: Gibt es den Netzvertrag?", in: Amstutz (ed., 'Die vernetzte Wirtschaft', Zurich 2004
  • "Das Vergaberecht der Schweiz, Rechtsgrundlagen und Rechtsprechung", 6th Ed., Zurich 2004
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Lectures list

  • "Tokenized Assets Roundtable Vol. 4", CMS Event, Zurich, 20 April 2023
  • "Tokenized Assets Roundtable Vol. 3", CMS Event, Zurich, 6 July 2022
  • Continuous speaking and panelist engagements at industry events
  • "Blockchain & Law Policy", panelist, CoinGeek Zurich, 9 March 2021
  • "Crypto Custody and the New Swiss DLT Law", Crypto Valley Association (CVA) Virtual Series, 12 November 2020
  • "Custody of Digital Assets in Switzerland", Ledger Vault Series, 29 October 2020
  • "LIBOR what comes next", moderation, PwC Webinar, 25 June 2020
  • "Crypto Regulation & Compliance", Certified Crypto Finance Expert Program, Zurich, recurring since March 2020
  • "The legal framework for DLT and Blockchain in Switzerland", PwC Blockchain & Law Event Zurich, 19 February 2020
  • "Legal/Regulatory Case Studies with Utility & Security Token", Geneva Blockchain Congress 2020, 20 January 2020
  • "Client Classification under FinSA and MiFID II", Academy & Finance, Zurich, 11 December 2019
  • "Asset Tokenization – Collective Investment Schemes & Custody of Security/Asset Tokens", presentation of Crypto Valley Association (CVA) Asset Tokenization Position Paper, Geneva, 2 December 2019
  • "FIDLEV Update", PwC Compliance Officer Roundtable, Zurich, 27 November 2019
  • "Effects of Blockchain on Economy and Society", panelist, 2nd Forum Blockchain for Business, FHS St. Gallen, 19 November 2019
  • "Besteuerung von Krypto-Tokens", Event of the Swiss Federal Tax Authority, Berne, 6 June 2019
  • "Fintech in Switzerland”, Semaine de la digitalisation, University of Lausanne, 15 February 2019
  • "Blockchain & Crypto-Currencies, eine regulatorische Gratwanderung", PwC Compliance Officer Roundtable, Zurich, 16 January 2019
  • "Crypto Exchanges, Brokers & Funds", Academy & Finance, Zurich, 6 November 2018 & Geneva, 14 March 2018
  • "Rechtliche Aspekte digitaler Währungen”, St. Galler Juristenverein, 13 June 2018
  • "ICOs from Switzerland", Blockchain Leadership Summit, Zurich, 9 March 2018
  • "Control of untaxed assets. Current practices and impact of the proposed legislative project for financial institutions (FINIG)?", Zurich, 4 November 2014
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Education

  • 2016 – Swiss Fund & Asset Management Officer, Zurich
  • 2011 – Master of Laws (LL.M.) in U.S. and Asian Business and Trade Law, New York University School of Law
  • 2011 – Master of Laws (LL.M.) in Corporate & Financial Services Law, National University of Singapore
  • 2007 – Bar Admission to all courts in Switzerland
  • 2004 – Visiting researcher, Max-Planck-Institute for Comparative and International Private law, Hamburg
  • 2001 – Master in Law (lic. iur.; J.D. equivalent) with mentions 'European Law' and 'Bilingual', University of Freiburg i.Ue.
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Feed

21/11/2024
CMS Expert Guide to Crypto Regulation in Switzerland
Disclaimer: This chapter was last updated on 15 September 2023 and does not reflect any subsequent developments. The information provided is intended for general informational purposes and should not...
16/09/2024
Update on the Berne Financial Services Agreement: Swiss Federal Council...
Update On 4 September 2024, the Swiss Federal Council approved the dispatch on the Berne Financial Services Agreement (the Agreement). The Agreement is a landmark international treaty that recognises the equivalence of the legal and regulatory frameworks in selected financial sectors of both countries and aims to streamline cross-border financial services between these two major international financial centres. Supplemented by enhanced regulatory and supervisory cooperation to ensure stability, integrity and customer protection, the agreement will facilitate access to each other's markets. Background In particular, the Agreement covers the recognition of equivalence in the areas of banking, investment services, insurance, asset management and financial market infrastructures for sophisticated clients. For asset management services, the Agreement confirms the existing mutual access for marketing, including advertising and offering collective investment schemes to per se professional clients, institutional clients/eligible counterparties and elective professional clients. It also acknowledges the ability of UK and Swiss financial services firms to delegate portfolio and risk management activities to financial services providers in both jurisdictions. With regard to banking and investment services, the Agreement allows Swiss financial service providers to provide financial services, in particular portfolio management and investment advice, to per se professional clients, eligible counterparties as well as high net worth individuals with assets in excess of GBP 2 million either on a cross-border basis or as part of a temporary local operation (without prejudice to UK visa and other entry requirements). For UK financial service providers, the Agreement adds additional flexibility for client advisers acting on behalf of UK investment services firms as such advisers will no longer need to individually register with Swiss registration bodies to serve certain high net worth clients. Instead, their firm can give confirmation on their behalf that they meet the prerequisites for giving business or investment advice to Swiss clients. However, not all high net worth clients as defined under the Swiss Financial Services Act (FinSA) are covered by the Agreement and UK financial service providers that are exempt from the registration requirement under the Agreement must still ensure that some specific requirements prescribed by FinSA are met. Further, temporary presence in Switzerland of UK client advisers is possible (without prejudice to the respective visa and other entry requirements of Switzerland). For central counterparties (CCPs), the Agreement provides for a regulatory recognition by both Switzerland and the UK. This will ensure that Swiss and UK CCPs can provide their services with greater certainty. The Agreement also includes a commitment to firm up current access to trading venues (e.g. stock exchanges and multilateral trading facilities). With respect to non-centrally cleared OTC derivatives, Swiss and UK counterparties will be free to rely on either recognised Swiss or UK risk mitigation rules (subject to UK standards and supervision of initial margin models and variation margin on physically settled FX swaps and forwards applicable to UK counterparties in accordance with UK domestic law). For insurance services, the Agreement allows Swiss insurance undertakings to provide cross-border insurance services to large UK corporate clients. Reciprocally, the Agreement offers the same to UK insurance undertakings in Switzerland. The recognition concerns certain lines of non-life insurance, including liability insurance in specific and selected lines of business for professional policyholders. Provision of life, accident and health insurance, liability insurance for non-covered lines of business, monopoly insurance of any kind or business interruption insurance are not in-scope and do not benefit from mutual recognition. Based on the Agreement, non-tied insurance intermediaries in the UK are also relieved from the new Swiss localisation requirement, which entered into force on 1 January 2024. This gives them an advantage over their competitors from all other jurisdictions, which have to establish a local presence in Switzerland. Timeline The Agreement was signed by the Swiss Federal Council and HM Treasury in the UK on 21 December 2023. Before it can enter into force, the Agreement must be approved by the parliaments of both countries. The dispatch is expected to be debated by the first chamber of the Swiss parliament in its winter session in December 2024, followed by a review by the second chamber in spring or summer 2025. Subsequently, the referendum period will begin. The timetable for this process in the UK Parliament is unknown. The earliest possible date of entry into force of the Agreement is not expected to be before 1 January 2026.
29/07/2024
Swiss FINMA communicates its stablecoin practice
On 26 July 2024, the Swiss Financial Market Supervisory Authority (FINMA) published a new Guidance 06/2024 on stablecoins, which covers the development of its practice and focuses on the clas­si­fic­a­tion...
28/05/2024
RegTech will permanently change the way companies deal with regulations
An interview with Tina Balzli in Bilanz
24/01/2024
Tina Balzli in Handelszeitung: "Open to new and foreign influences – and...
Tina Balzli, partner at CMS Switzerland, spoke with Sandra Willmeroth, editor at Handelszeitung, about her career as a lawyer and her expertise in the areas of banking & finance, crypto and FinTech. To read the full article (in German), click on the  button below. To the article 
08/01/2024
Switzerland and the UK sign agreement on mutual recognition in financial...
On 21 December 2023, the Swiss Federal Council and HM Treasury in the UK announced the signing of an agreement on mutual recognition in specific areas of financial services between Switzerland and the UK referred to as the Berne Financial Services Agreement (the Agreement). The conclusion of this ground-breaking Agreement is the culmination of more than two years of negotiations following the signing of a Joint Statement on 30 June 2020 aiming at enhancing cooperation in financial services between Switzerland and the UK. 
22/12/2023
Switzerland's FINMA publishes guidance on staking
On 20 December 2023, the Federal Financial Market Supervisory Authority (FINMA) published its Guidance on staking (Guidance), which contains a description of various types of staking, and includes the...
06/11/2023
CMS advised Float on the Issuance of a Tokenized Debt Instrument
Zurich,  Novem­ber 2023A team of CMS Switzerland and CMS Luxembourg, lead by partner Matthias Kuert, advised Float Finance AB, Stockholm, Sweden, on legal and tax aspects of a tokenized debt instrument issued under Swiss law by a Luxembourg Special Purpose Vehicle. The instrument labelled FLOAT1 is one of Europe's first private debt asset tokens, and a great example of a tokenized financial instrument issued under the landmark Swiss DLT legal framework. The FLOAT1 token offers investors access to a diversified portfolio of private SME loans to European SaaS and technology businesses. Float worked together with banking partner Sygnum Bank AG, Zurich, Switzerland, and senior lender, Fasanara Capital Ltd, London, England (one of Europe's largest FinTech credit funds), to tokenize and issue the debt instrument within a fully regulated environment. By way of the FLOAT1 token, Float brings illiquid real-world financial assets onto the Polygon Labs blockchain to make them accessible to investors and tradeable. Float, Sygnum Bank, Fasanara Capital and CMS closely collaborated to make the issuance of the FLOAT1 token happen. The CMS team consisted of the following professionals: CMS SwitzerlandDr Matthias Kuert, Lead Partner, Capital Markets / Fintech & BlockchainTina Balzli, Partner, Fintech & BlockchainDr Ferdinand Blezinger, Senior Associate, Corporate / M&AAlina Fancelli, Associate, Capital MarketsMark Cagienard, Partner, TaxDr David Schuler, Senior Associate, TaxCMS Lux­em­bour­gAuréli­en Hollard, Partner, Investment FundsGeorgios Kortesis, Managing Associate, Capital Markets & BlockchainJosé Juan Ocaña, Senior Associate, Capital Markets & Block­chain­Stamat­ina Stylianopoulou, Associate, Capital Markets & Block­chain­Frédéric Feyten, Managing Partner and Partner, TaxAlejandro Domínguez Becerra, Senior Counsel, TaxSarah Lemaire, Managing Associate, TaxVicente Chapa, Associate, Tax
14/07/2023
Legal experts on Markets in Crypto-Assets (MiCA) regulation
The European Parliament's approval of new crypto licensing regulations has been largely well-received by the industry, marking a significant first step towards a uniformly regulated digital asset market. The anticipated Markets in Crypto Assets (MiCA) regulation, designed to safeguard consumers and maintain financial stability, is set to come into effect in mid-2024, a move that has garnered initial positive responses. While MiCA applies exclusively in the European Union (EU), its global relevance is undeniable. It positions the EU as a leader in managing this complex domain, providing the world with a regulatory framework for further refinement. Consequently, legal experts and enthusiasts from CMS specialising in crypto and other digital assets have collaborated to provide their perspectives on various facets of MiCA. This webpage serves as a repository for articles encapsulating the present state of affairs. For legal support pertaining to crypto and other digital assets, reach out to your regular CMS liaison or send an email to crypto@cmslegal. com.
20/04/2023
Tokenized Assets Roundtable Vol. 4
For the fourth time, CMS is organizing a Tokenized Assets Roundtable, covering the developments and opportunities in the crypto and Blockchain industry, despite the current "crypto winter". The event...
12/04/2023
CMS Switzerland recommended by The Legal 500 EMEA 2023
Rankings of CMS Switzerland in The Legal 500 EMEA 2023 Edition
09/03/2023
CMS Switzerland: A proud founding member of the Swiss Metaverse Association
Together for an innovative and world-leading Swiss metaverse ecosystem: 47 partners from business, science and administration found the Swiss Metaverse Association. They want to learn together, exchange ideas, create proofs of concepts, and advocate for favorable framework conditions so that Switzerland is among the world's best as a future location for metaverse. And CMS Switzerland is a part of it. The goal of this association, recently founded in Bern, is to create a broad-based metaverse ecosystem and to advocate for attractive framework conditions in Switzerland, so that new business models, companies and jobs can be created. The Swiss Metaverse Association (short: Metassociation) is chaired by Tina Balzli, Partner and Head of Fintech & Blockchain at CMS Switzerland, and Alexandra Hofer, Senior Consultant at furrerhugi."With this association, we are laying important foundations to position Switzerland as an innovative and forward-looking location that enables metaverse projects. As an association, we network the relevant players, initiate projects, and promote dialogue and education," says the newly elected co-president, Tina BalzliGreat need to talk about the metaverseThe project "Metassociation" was initiated jointly by Lorenz Furrer, Managing Partner at furrerhugi, and Daniel Diemers, Partner at SNGLR Group. Daniel Diemers also sits on the board of the Swiss Metaverse Association. The 47 founding members include organizations, banks, international companies, startups, universities, associations and individuals. In the past meetings with the founding members, it has become clear that the metaverse opens many possibilities and opportunities, but also brings with it questions and challenges - accordingly, the members' need to exchange ideas and pursue interesting questions is very great."We are very pleased that the Swiss Metaverse Association has been so well received. With the 47 founding members, the association has diverse expertise in very different areas - this adds great value. Together, we can now help shape a future digital world that benefits everyone," says co-president Alexandra Hofer. Addressing questions around the metaverse pro­act­ivelyVari­ous events are planned within the framework of the Swiss Metaverse Association, and working groups are being formed to address specific issues and topics. Current priorities include the following topics: Tax, the Industrial Metaverse, Regulation, Arts and Culture, Research and Education, Insurance and Banking, Technology and Infrastructure, Health, and Tourism and Sports. Additionally, it is planned to write a white paper and create a Swiss Metaverse Ecosystem Map. Board member Daniel Diemers, Head Expert Tribe, explains, "We want to learn together, develop ideas, find synergies, work out the challenges and opportunities of the metaverse, and thus ensure that Switzerland becomes one of the most attractive and best metaverse locations in the world."For more information, visit the website www. metassociation. ch