Note: the Swiss cases referred to below are not reported by LexisNexis®. Introduction and the Structure of this Note The issue of immunity most frequently arises with respect to diplomats, but also consular officials and employees. Foreign states enjoy immunity, as do numerous intergovernmental and international organisations pursuant to headquarter agreements with the Swiss Confederation. The assets of foreign central banks are protected by immunity. The same applies to state cultural property, whether such property is brought to Switzerland with or without a return guarantee. Foreign state-owned enterprises and (ordinary) foreign state-owned banks, on the other hand, do not enjoy immunity. Immunity operates as a shield only. To the extent that an individual, an entity, or a state enjoy immunity, the host state may not exercise its jurisdiction vis-à-vis such individual, entity, or state, and it may not enforce against their assets. Yet the individual, entity, or state concerned is not banished from legal life. It may decide to participate in legal transactions in this jurisdiction. Swiss law distinguishes, like most jurisdictions,