Financial Regulatory Forum

Swiss regulator says UBS,CS face special regulation

September 30, 2009

finma-logo   ZURICH, Sept 30 (Reuters) – Switzerland’s two global banks UBS and Credit Suisse may face tighter regulation than other domestic and international competitors, the country’s banking regulator FINMA said in a strategy paper published on Wednesday. (more…)

Merkel signals caution towards change with new German coalition

September 28, 2009

Angela Merkel, German Chancellor and leader of the conservative Christian Democratic Union party (CDU) and Guido Westerwelle, leader of the pro-business Free Democrats (FDP) meet at the Chancellery in Berlin September 28, 2009. Merkel's conservatives vowed on Monday to seal a coalition deal, including tax cuts, with the pro-business Free Democrats (FDP) within a month after winning Germany's election (Bundestagswahl).    REUTERS/Wolfgang Rattay (GERMANY) By Madeline Chambers
BERLIN, Sept 28 (Reuters) – German Chancellor Angela Merkel signalled on Monday she would resist pressure for radical reforms from her likely new coalition partners, the pro-business Free Democrats (FDP), and stick to a path of gradual change.

Swiss banks propose universal withholding tax

September 17, 2009

A Swiss flag is pictured on top of the Dresdner Private Banking building in Geneva March 18, 2009. Swiss Foreign Minister Micheline Calmy-Rey will meet her French counterpart Bernard Kouchner, starting a series of meeting in European countries about the pressure on Switzerland to ease its banking secrecy.  REUTERS/Denis Balibouse (SWITZERLAND BUSINESS POLITICS)   By Lisa Jucca, European Wealth Management Correspondent
   ZURICH, Sept 17 (Reuters) – Swiss bankers on Thursday called for the introduction of a broad withholding tax on earnings generated by foreign wealth to end international pressure on bank secrecy at a time when client inflows are flat.

Indonesia passes law on VAT, luxury sales tax

September 16, 2009

Indonesia's finance minister, Sri Mulyani Indrawati, arrives for the G20 Finance Ministers meeting at the Treasury, in central London September 5, 2009, REUTERS/Dominic Lipinski/Pool      By Dicky Kristanto and Andreas Ismar
JAKARTA, Sept 16 (Reuters) – Indonesia’s parliament on Wednesday passed a revised law on value added tax (VAT) and sales tax on luxury goods, which could boost corporate mergers and spur the country’s fledging Islamic markets.

France asks banks for more foreign transfer details

September 8, 2009

PARIS, Sep 8 (Reuters) – France wants its banks to provide more details on the identity of people transferring money to tax havens and wants a new legal framework to be finalised by the end of September, the budget ministry said on Tuesday. (more…)

Switzerland signs tax deal with UK

September 8, 2009

UBS/TAX   ZURICH, Sept 7 (Reuters) – Switzerland and the UK have signed a new treaty giving British tax authorities more access to banking information and taking the Swiss one step closer to being taken off an international list of tax havens. (more…)

Global reinsurers to lobby for distance from banks

September 7, 2009

deniskessler   MONACO, Sept 7 (Reuters) – Eleven of the world’s biggest reinsurers will work to find common positions on tax, solvency, accounting and other rules and avoid being tarred with the same regulatory brush as banks, the group said late on Sunday. (more…)

Australia to reform tax on financial securities

September 4, 2009

australian_flag    SYDNEY, Sept 4 (Reuters) – The Australian government plans to change the law to clarify that dividends paid to holders of debt-like securities may be eligible for a tax credit, under reforms to tax arrangements for financial securities.

ANALYSIS-Canada seen weak, uncommitted in UBS case

September 4, 2009

UBS/TAX   By Andrea Hopkins
   TORONTO, Sept 3 (Reuters) – Efforts by Canadian tax officials to pursue Swiss bank UBS <UBSN.VX> <UBS.N> won’t amount to much because politicians are distracted by a possible election and the country lacks enforcement clout.

Cayman Islands says competition prompts UK stance

September 3, 2009

cayman-islands-flag   By Lorraine Turner
   LONDON, Sept 3 (Reuters) – The UK government’s move to block loans to the Cayman Islands is designed to disadvantage a competitive rivalry in financial services at a time when the UK sector itself is under threat, said the head of the islands’ regulatory agency on Thursday.