BERNE, April 22 (Reuters) – Switzerland may have to force its large banks UBS<UBSN.VX> and Credit Suisse<CSGN.VX> to change their structure in order to limit the risks for the economy should either collapse, a government commission said on Thursday. (more…)
Financial Regulatory Forum
ZURICH, March 9 (Reuters) – Former UBS <UBS.N><UBSN.VX> chairman Marcel Ospel is willing to give evidence to a parliamentary committee into the Swiss government’s bailout of the bank during the financial crisis, daily Blick reported on Tuesday. (more…)
ZURICH, Feb 11 (Reuters) – The Swiss government will probably have to turn to parliament to resolve a legal impasse threatening a deal struck with the United States to hand over data from UBS AG clients, a minister was quoted as saying.
The Swiss government had raised the option of parliament retroactively approving the deal, involving UBS clients suspected of dodging taxes, after a Swiss court ruled in favour of a UBS client seeking to prevent her account data from being given to the U.S. tax agency.
But the government’s preferred solution has so far been to negotiate a way out, hoping the United States would drop the issue if more than 10,000 UBS clients had turned themselves in voluntarily.
By Lisa Jucca
ZURICH, Feb 1 (Reuters) - Shares in UBS AG fell to a 6-1/2 month low on Monday after the justice minister underscored the risk to the Swiss economy should the bank’s settlement of a U.S. tax dispute unravel.
Traders said news Germany was considering buying data of 1,500 possible tax evaders with Swiss bank accounts from an informant also weighed on the shares.
UBS settled a damaging tax row with the United States in August by agreeing to transfer data on 4,450 clients to U.S. tax authorities. But that deal is in question after a Swiss court ruled last month that most of the data cannot be transferred.
By Kim Dixon
WASHINGTON, Jan 29 (Reuters) – The Swiss court ruling in favor of a U.S. client who stashed funds in a UBS account sets a higher hurdle to aggressive efforts by the U.S. government to go after other banks helping wealthy tax cheats — but the banks are not out of the woods yet.
A Swiss court ruled last week that the client’s failure to file a tax form did not constitute “fraud or the like,” a requirement for data to be revealed under a double taxation agreement with the United States.
The ruling puts in jeopardy Switzerland’s delivery of 4,450 UBS client accounts to U.S. authorities, as agreed in August.
DAVOS, Switzerland, Jan 27 (Reuters) – Switzerland and France settled a row over stolen bank records on Wednesday that was blocking a treaty aimed at helping Paris catch tax cheats.
Switzerland said in December it would freeze the tax treaty talks after French authorities obtained tax-sensitive client information from a former HSBC employee, which it said helped identify 3,000 suspected French tax evaders.
“We have found an agreement,” Swiss Finance Minister Hans-Rudolf Merz said after talks with French Budget Minister Eric Woerth on the sidelines of a World Economic Forum meeting.
BERNE, Jan 27 (Reuters) – The Swiss government is to talk to the U.S. authorities in a bid to resolve a legal impasse that has threatened to derail a key tax deal over UBS client data, it said on Wednesday.
A UBS client last week won a Swiss court appeal to prevent her account data from being given to the U.S. taxman, throwing doubt on Switzerland’s ability to deliver details of 4,450 UBS client accounts to U.S. authorities as agreed in August.
“The cabinet is convinced that it can definitively overcome the continuing legal and sovereignty conflict with the United States with all its damaging consequences for Switzerland’s economy and as a financial centre,” the government said.
ZURICH, Jan 25 (Reuters) – U.S. President Barack Obama’s proposals to split traditional banking activities from riskier areas will harm U.S. banks without international co-ordination, a prominent Swiss banker said in Monday’s Financial Times. (more…)
ZURICH, Jan 22 (Reuters) – A client of Swiss bank UBS won an appeal to prevent her account data being handed over to U.S. authorities as part of a deal to give details on 4,450 clients to the U.S. taxman, a court said.
The Swiss administrative court said on Friday the existing double taxation agreement with the United States only allowed for data to be disclosed in cases of “fraud or the like”.
While the pilot case throws doubt on whether Switzerland will be able to hand over all of the 4,450 accounts the United States wants, an alternative criterion allowing for the deal to stand if at least 10,000 clients come forward voluntarily could make this irrelevant.