Financial Regulatory Forum

Swiss regulator says UBS,CS face special regulation

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…)

Banks see damage from tighter Swiss regulation

UBS/TAX   By Emma Thomasson
   ZURICH, Sept 25 (Reuters) – Swiss bank UBS <UBSN.VX> said new capital rules could put the country’s financial industry at an international disadvantage as it struggles to rebrand itself after bank secrecy was relaxed. (more…)

U.S. tax evaders rush to beat amnesty deadline

By Kim Dixon
WASHINGTON, Sept 14 (Reuters) – Rich Americans who have evaded taxes by hiding foreign holdings have about a week to turn themselves in to an Internal Revenue Service amnesty program or gamble they will not be caught.
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ANALYSIS-Canada seen weak, uncommitted in UBS case

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.
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Canada presses UBS for details of account holders

UBS/TAX   By David Ljunggren and Andrea Hopkins
   OTTAWA/TORONTO, Sept 2 (Reuters) – Canadian government officials pressed representatives of Swiss bank UBS <UBSN.VX> <UBS.N> on Wednesday for details of Canadians who might be account holders, a spokeswoman for the Canada Revenue Agency said.
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Offshore private banking model is dead after UBS probe, experts say

By Lisa Jucca, European Wealth Management Correspondent
ZURICH, Sept 1 (Reuters) – A U.S. tax probe against Swiss bank UBS has killed traditional offshore banking and wealth managers will have to improve their offers to survive, bankers and industry experts said on Tuesday.

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U.S. files formal request for UBS client data

U.S. President Barack Obama (C) walks alongside his friend Eric Whitaker (R) as Robert Wolf, Chairman and CEO of UBS Group Americas (L), drives past in a cart as they play golf at Farm Neck Golf Course at Oak Bluffs on Martha's Vineyard, Massachusetts, August 24, 2009.          REUTERS/Jason Reed  ZURICH, Aug 31 (Reuters) – The United States has launched the formal process to get account details of 4,450 American clients of UBS suspected of tax evasion, the Swiss finance ministry said on Monday.

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UBS has no plans to buy back toxic assets from SNB

UBS/TAX   ZURICH, Aug 27 (Reuters) – Swiss bank UBS currently has no plans to buy back toxic assets which were transferred to the country’s central bank last autumn as part of a government rescue package, a spokeswoman said on Thursday. 
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UBS chair says clients ‘not harmless victims’-paper

UBS/TAX   ZURICH, Aug 23 (Reuters) – Clients of UBS facing disclosure of their accounts to U.S. tax authorities were not harmless victims, and legal cases against former UBS bankers did not affect the bank, its chairman told Swiss Sunday newspapers.
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UBS to disclose U.S. bank details, others face scrutiny

SWITZERLAND/ By Jason Rhodes and Kim Dixon
BERNE/WASHINGTON, Aug 19 (Reuters) – Switzerland will hand over details of about 4,450 UBS bank accounts to U.S. authorities, settling a tax dispute that has threatened Swiss banking secrecy, the two governments said on Wednesday.

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