Mon, Mar 19, 2018
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Zurich Baker & McKenzie partner gives briefing on regulatory change in Swiss financial world

Wednesday, March 13, 2013

Beverly Chandler, Opalesque London: Marnin Michaels, Practice Group Leader of the Baker & McKenzie Zurich Wealth Management practice, has given a presentation on various types of information exchange agreements that are currently in play globally and their impact on western currencies, particularly as reference currencies.

The briefing began with a discussion of recent developments impacting the Foreign Account Tax Compliance Act (FATCA), examining the new regulation particularly from the Swiss viewpoint. In particular, Michaels looked at the Swiss-US intergovernmental agreement (IGA). Michaels stated, "The intergovernmental agreement may not be perfect, but for the Swiss marketplace was probably the best result that could have occurred."

Michaels also commented that from a tactical perspective it is clear that the Swiss government focused on industries in which they were likely to get movement rather than areas where it is not realistic to expect significant results. "For example, the insurance, fund management and pension industries have effectively been removed from the entire FATCA discussion" he said. "This is extremely significant for very large portions of the financial services sector in Switzerland."

Michaels then discussed in detail the impact on the wealth management sector of the FATCA final regulations issued in January. Of particular concern is that the final ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Performance - Hedge fund mojo is back with investor hopes at six-year high, These hedge funds produce the most consistently great results[more]

    Hedge fund mojo is back with investor hopes at six-year high From Hedge funds on the heels of a surprisingly strong performance in 2017 are raising hopes for an encore. Investors expect their managers to return 8.5 percent in 2018, according to a Credit Suisse Group AG sur

  2. Investing - Hedge funds amass big bets against world's leading advertisers, Investor Elliott Management buys tiny stake in Wipro[more]

    Hedge funds amass big bets against world's leading advertisers From Hedge funds have amassed bearish bets of more than $3bn against the world's largest advertising companies in an attempt to profit as the industry undergoes ongoing wrenching disruption and slowing growth. Funds i

  3. News Briefs - Investcorp to launch a $100 million PE fund for Omani pension funds[more]

    Bahrain-based investment firm Investcorp will soon launch a $100 million fund dedicated to Oman's Pension Funds as part of its investment plan. 'The Opportunities Fund' will be focused on private equity investments in the U.S. and Europe and will target mid-sized companies across a broad range of se

  4. DoubleLine's Gundlach sees U.S. 10-year Treasury yield rising, weighing on stocks[more]

    From Reuters/ Jeffrey Gundlach, the chief executive of DoubleLine Capital and known on Wall Street as the "Bond King," said on Tuesday the yield on the U.S. 10-year Treasury note will likely move higher and pressure riskier assets including equities and junk bonds. Gundlach, on an

  5. SEC charges Theranos CEO Holmes with fraud[more]

    Bailey McCann, Opalesque New York: The SEC has charged Elizabeth Holmes, founder and CEO of Theranos and its former President Ramesh "Sunny" Balwani with raising more than $700 million from investors through an elaborate, years-long fraud in which they exaggerated or made false statements about t