L'essentiel

septembre 4, 2018

Foreign financial sanctions should be deductible in case they have no equivalent in Swiss law

For one year, the Association of Swiss Private Banks (ASPB) has supported the full deduction of foreign sanctions. In the meantime, the Council of States refused this solution, while noting that a middle way should be found between full deduction and absence of deduction. The proposition of the Economic affairs and Taxation Committees of the national Council goes in that direction. The ASPB supports this solution, but wishes a clarification concerning the damages.
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février 22, 2018

Prudential rules must not be identical for all banks

Regulation is a necessary evil to avoid a « wild » practice of certain professions. Many areas, however, suffer from an excess of rules, which obliges them to spend more and more time documenting the execution of their activity - at the expense of the latter. This administrative burden is especially heavy for banks, whereas the Swiss law imposes to respect the principle of proportionality, which means to be limited to what is necessary.
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novembre 28, 2017

Taxation: Switzerland is moving in the right direction

A withdrawal of the Matter Initiative seems likely if the Federal Council definitely abandons its criminal tax law reform. As for the withholding tax, a parliamentarian initiative plans to replace it by a tax levied by banks on interest income. The Association of Swiss Private Banks supports these developments, because the withholding tax hinders international competitiveness and can be improved by focusing on its safeguard function.
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septembre 4, 2017

Foreign financial sanctions must be deductible in Switzerland

At the end of 2016, the Federal Council sent to the Swiss Parliament a draft federal law about the tax treatment of financial penalties. This draft is now in the hands of the Economic Affairs and Taxation Committee of the Council of States. The Association of Swiss Private Banks (ASPB) wants to shed light on the non-deductibility of penal sanctions. According to the ASPB, this measure can only have meaning in a purely Swiss context, since foreign penalties go against the Swiss legal system.
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février 27, 2017

AEoI: a last verification before its implementation!

Since January 1st, 2017, Swiss banks have started collecting tax data for 38 countries. The government proposes to add 41 new countries next year. Which corresponds to Swiss commitments. But an authorisation from Parliament should not exempt the government from verifying again the existence of a "level playing field" and the confidentiality of information before sending client data in September 2019.
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décembre 2, 2016

Counterproposal to the Matter initiative: the paragraph 6 must be removed

The paragraph 6 of the counterproposal allows a bank, with the client’s permission, to disclose his information to the tax authorities. Many banks will then only accept clients who provide this authorisation. While the paragraph 6 is meant to avoid the automatic exchange of information in Switzerland, it will enable it. To be consistent, this paragraph must be removed.
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septembre 14, 2016

FinSA and FinIA shall strengthen the Swiss financial centre

The access to foreign financial markets is vital to a country with a solid financial centre. FinSA and FinIA bring Switzerland closer to that market access. The latest proposals of the independent asset managers point in the right direction.
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février 24, 2016

Switzerland needs a consistent taxation system

Rarely has an issue of such significance been put to the vote, while merely asking for the current situation to be maintained. The initiative "Yes to the protection of privacy", as well as its direct counter-proposal, aim to inscribe in the constitution the current law on tax offences. It is up to the Swiss people to determine the future of banking secrecy for Swiss residents. However, a refusal of the status quo would send a strong signal in favour of further weakening. In any case, Switzerland needs a consistent taxation system.
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novembre 27, 2015

Private Banks want to contribute to Switzerland's quality of life

The banking sector represents approximately 6% of the Swiss GPD and more than 8% of the overall tax income of the country. In order to maintain these revenues, the banks should be given the opportunity to grow domestically.
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août 25, 2015

Weissgeldstrategie: Parliament has better to do than staking laws like Lego

The new draft proposed by the Federal Council to once more revise the Anti-Money LaunderingAct (AMLA) is useless for Switzerland and harmful for its financial centre. Fortunately, the competent commission of the National Council saw through that.
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juin 12, 2015

Automatic exchange of information: why such haste?

The agreement with Australia should not be executed at once. Parliament should ponder the reasonableness of granting an automatic exchange of information to Australia, or any other country outside the EU, before other important financial centres have pledged the same.
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février 1, 2015

FINMA and its regulatory and supervisory activities

The Federal Council has been mandated to draft a report about FINMA by March 2015. This report, entitled “FINMA and its regulatory and supervisory activities”, was published on December 18, 2014. The private banks worry about the Federal Council’s refusal to open discussions on the parliamentary initiative Lüscher.
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septembre 2, 2014

Automatic exchange of information: a reality to harness

The time has come to implement the standard prepared by the OECD. On May 6, 2014, Switzerland announced its willingness to adopt this new standard, along with 65 other countries. It is now up to Parliament to ensure that Switzerland coordinates its position with the other important financial centres instead of positioning itself as the most diligent country to automatically exchange information.
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ARCHIVES

Annual reports

Annual Report 2017

The Association of Swiss Private Banks (ASPB) published its 2017 Annual Report today. In the report, the ASPB reviews and analyses developments between April 2017 and March 2018 which affect the various issues it monitors. Positive changes over the past year include the loosening of certain regulations by FINMA, the adoption of a mechanism to safeguard data privacy in the context of the automatic exchange of information, and the active promotion of the Swiss Financial Centre. Nevertheless, a number of challenges remain, from improving market access to implementing pragmatic international standards and a stable and competitive fiscal framework.
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Press release (EN) Rapport annuel 2017 (FR) Jahresbericht 2017 (DE)

Annual report 2016

The Annual Report 2016 published by the Association of Swiss Private Banks (ASPB) reviews and analyses recent developments in the various issues it monitors and for which it advocates. Switzerland's efforts to adapt its financial regulations are starting to bear fruit, allowing the country to draw a line under its image as a tax haven. For Swiss private banks, the priorities are market access, the promotion of the Swiss financial centre and a sensible implementation of international standards.
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Annual report 2015

The Annual Report 2015 published by the Association of Swiss Private Banks (ASPB) discusses events that influenced the key issues addressed by the ASPB throughout the year to the end of April 2016. This includes market access, the implementation of automatic exchange of tax information and adjustments to the anti-money laundering laws. In a highly interconnected world, Switzerland needs to ensure a level playing field for all financial services providers while refraining from any "Swiss finish".
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Annual report 2014

The Annual Report 2015 published by the Association of Swiss Private Banks (ASPB) discusses events that influenced the key issues addressed by the ASPB throughout the year to the end of April 2016. This includes market access, the implementation of automatic exchange of tax information and adjustments to the anti-money laundering laws. In a highly interconnected world, Switzerland needs to ensure a level playing field for all financial services providers while refraining from any "Swiss finish".
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Agenda

janvier 16, 2019

Press conference 2019, Bern