Nicolas Pictet, Associé, Pictet & Cie, Président de l’ABPS
Les grands virages législatifs se négocient aujourd’hui en dehors de nos frontières. Pour ne pas subir il faut participer. Pour être à la page il faut anticiper. Nous sommes aujourd’hui victimes d’une course de rattrapage. D’une façon ou d’une autre la Suisse doit retrouver sa place dans le monde et redevenir une force de proposition. Un pays isolé ne peut en effet protéger avec efficacité une industrie globalisée.
In December 2013, the Swiss Federal Council launched a process of consultation on the draft Financial Market Infrastructure Act (FMIA). The Association of Swiss Private Banks (ASPB) recognises the necessity to adapt Swiss legislation to international standards and emphasises that this adaptation should aim to maintain the competitiveness of the Swiss financial centre.
The OECD and the G20 have endorsed automatic exchange of information to fight against tax evasion worldwide. On 6 May 2014, the Swiss Federal Council announced that it intends to adopt the new standard, along with 65 other countries. Its implementation in Switzerland must steer clear from excessive naiveté.
On 27 June 2014, the Swiss Federal Council submitted for consultation two new draft acts on financial services (FSA) and financial institutions (FinIA). Under the guise of a conceptual restructuring, these drafts include many provisions prejudicial to the Swiss financial industry. Their texts need further pruning before they are submitted to Parliament in 2015. However, Parliament can first focus on passing the Financial Markets Infrastructure Act (FMIA), which is urgent.
Christoph B. Gloor, Partner, La Roche & CO SCA, Basel
Switzerland has shown it can be highly competitive. Its strength lies in its openness and stability, as well as in the predictability of its legal framework.
The Swiss financial centre ranks first in the world of wealth management. To maintain its lead, our country must have the discipline to compare itself, in all areas that count, with its competitors, which would be only too eager to take its place.
On the occasion of their joint press conference, the Association of Swiss Private Banks (ASPB) and the Association of Swiss Asset and Wealth Management Banks (VAV/ABG) presented the future outlook and framework conditions required to maximise opportunities for the Swiss wealth management industry. Though the financial sector is currently undergoing rapid change, it is more than ready to meet the challenge.
On 19 February 2014, the Federal Council decided to apply the OECD standard on the exchange of information on request to all states with an existing double taxation agreement (DTA) that does not include said standard. The consultation on the draft law to implement this decision will extend until 5 February 2015. The ASBP views this project as unnecessary and contrary to the interests of Switzerland.