DAC6 impacts multinational groups across all industries – here’s why!

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With the summer holidays coming to an end, it is the perfect time to continue or start thinking about how the latest amendment to the EU’s Directive on Administrative Cooperation (“DAC6”) impacts your organisation and initiate the necessary steps to ensure operational readiness in anticipation of the first reporting in summer 2020.

Many people are surprised when they hear that DAC6 affects not only tax advisors, lawyers and financial services providers, but also multinational groups across all industries (even if headquartered in Switzerland). In this blog, which is part of a series, we provide examples of how multinational groups could be involved in reportable arrangements, discuss reporting obligations, and share our views on what should be done next.

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Posted on 2/09/2019 | 0 Comments

Banking going to Cloud – International Regulations

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In our recent published global paper “Getting Cloud Right – How can banks stay ahead of the curve?” we explained the key components of a successful cloud journey and the major steps that need to be undertaken.
In this blog we give some insights on international regulations that may impact the use of cloud services in Switzerland – the US CLOUD Act and the General Data Protection Regulation (GDPR).

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Posted on 8/08/2019 | 0 Comments

Join our event to get ready for FATCA group requests – on 5th of September in Zurich and 12th of September in Geneva.

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Register and join our event “Getting ready for FATCA group requests” on 5th of September in Zurich and 12th of September in Geneva.

We will provide useful background information, practical advice on the applicable requirements as well as tips on how to best prepare in anticipation of the FATCA group request.

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Posted on 6/08/2019 | 0 Comments

The surprising longevity of negative interest rates: What now for Swiss retail banks?

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Negative interest rates were meant to be a temporary emergency measure - just like ultra-low interest rates. Once the financial crisis had passed interest rate rises would surely come, as they always had. But nothing is as permanent as a temporary government programme, as the economist Milton Friedman observed. Ultra-low interest rates have been in place now for 11 years and negative rates for 4 years.

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Posted on 5/08/2019 | 0 Comments

Process Mining and Digital Discovery in banking – monetising your operational data

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Becoming a truly insight-driven organisation

In most industries, executives would object to retaining assets in their company that are not utilised, such as an employee not given any tasks or a factory left idle. In the banking industry, however, firms often do not make use of one of their most valuable assets: their data − specifically, all the data generated by the ongoing business, which could tell a story about how efficiently certain processes are executed, where the operating model has imbalances, where process delays are a common, and which process failures or breakdowns impact negatively on their customers’ experience and overall satisfaction.

In recent years, virtually all incumbents in the global banking market have embarked on major transformation programmes to become insight-driven, customer-centric and more agile in adapting to recent market trends. It remains to be seen which players will lead the way, which will follow and which will get lost on the way. Those that fall behind with their efforts at transformation will find themselves less competitive on asset utilisation, with a lower level of automation, and with less transparency in their processes and organisation.

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Posted on 29/07/2019 | 0 Comments

Join our Business Travellers Event to discuss challenges in the Financial Services Industry on 11 September, Geneva

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Register and join our Business Travellers Event with a focus on the Financial Services Industry on Wednesday, 11 September 2019 in Geneva. We will discuss the current regulatory and compliance landscape for international business travellers.

What is the event about? 

  • Global trends driving increased risk in relation to business travel;
  • The growing regulatory burden on employers and employees, and the increased efforts by authorities to enforce these regulations;
  • Steps employers are taking to monitor business travel risks and improve governance; and
  • Current market best practice - prioritising compliance risks, quantifying costs and addressing duty of care considerations;
  • Permanent establishment risks in relation to business travel.

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Posted on 23/07/2019 | 0 Comments

BREAKING NEWS: US Senate approves Swiss-US double tax treaty protocol

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On July 17, 2019, the US Senate approved the long-overdue 2009 protocol to the Swiss-US double tax treaty, the core element of which concerns administrative assistance.

Formally, the protocol will enter into force once the instruments of ratification are exchanged, which is likely to happen in the course of the coming months.

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Posted on 18/07/2019 | 0 Comments

Five things a private bank should do today

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In a series of blogs we have highlighted how Swiss private banking executives see the future of wealth management in 2030 and discussed the implications. In this blog we outline a number of key steps that in our view every private bank should be taking today.

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Posted on 17/07/2019 | 0 Comments

The Swiss Federal Council kicks off Swiss withholding tax reform

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On 26 June 2019, the Swiss Federal Council informed about its intentions to reform the Swiss withholding tax system. The need for such a reform is two-fold: Firstly, the reform aims at strengthening the Swiss debt capital market. Secondly, it strives to increase tax honesty of Swiss resident individual investors.

The key parameters established by the Swiss Federal Council in its 1.5-page communication partially piggyback on the ideas presented in an expert board’s report early this year, which was discussed in a prior blog post.

The Swiss Federal Council mandated the Federal Department of Finance to prepare a consultation draft, which should be available in autumn.

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Posted on 15/07/2019 | 0 Comments

Banking going to the Cloud – Main Swiss regulations to consider

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The cloud is not the future or an emerging trend any more: it is the present and is a critical tool for financial institutions if they are to stay competitive in today’s challenging business environment. In our recent published global paper “Getting Cloud Right – How can banks stay ahead of the curve?” we explained the key components of a successful ‘cloud journey’ and the major steps that need to be undertaken.

In this blog we give some deeper insights into Swiss banking-related regulations on banking secrecy and the supervision of outsourcing.

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Posted on 11/07/2019 | 0 Comments

DAC6: The clock is ticking… Less than 1 year until go-live

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The latest amendment to the EU’s Directive on Administrative Cooperation (“DAC6”) requires EU intermediaries (and in certain cases relevant EU taxpayers) to report on cross-border tax arrangements that are potentially aggressive or abusive, so-called “reportable cross-border arrangements” (RCBAs).

After the go-live on 1 July 2020, DAC6 will require reporting within 30 days after the start date of a new RCBA. In addition, DAC6 includes a retroactive element requiring reporting of all arrangements going back to 25 June 2018 by 31 August 2020.

Even though member states are still transposing the Directive into local law, affected institutions should kick off their implementation efforts now. Delaying implementation bears the risk of not being ready in time for the first reporting and will additionally increase the review backlog for RCBAs subject to the retroactive reporting obligation.

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Posted on 8/07/2019 | 0 Comments

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