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According to the EY 2019 Global Wealth Research, more than one-third of the high-net-worth clients globally are considering to switch provider in the next three years. Clients switch for value, but their definition of value is complex. To better help providers build solutions that meet the changing expectations, EY surveyed 2,000 wealth management clients across 26 countries to understand what matters most to them.
After a legislative process of more than ten years since the financial crisis, the Swiss supervisory regulations on consumer protection will enter into force on 1 January 2020. These rules aim to provide an equivalent legal basis to the respective EU-legislation. In June 2018, the Swiss parliament has adopted the final drafts of the Financial Services Act (FIDLEG) and the Financial Institutions Act (FINIG). In addition, the consultation process of the drafts of the related Financial Services Ordinance (FIDLEV), the Financial Institutions Ordinance (FINIV) and the Supervisory Organisation Ordinance (AOV) has been completed at the beginning of February 2019. Small inconsistencies in these ordinances are planned to be adjusted by the Federal Department of Finance until autumn 2019.
The information in this brochure gives a general overview of taxation at federal level and in the canton of Geneva taking into account 2019 rates, unless otherwise indicated. It is aimed at readers with a sound knowledge of Swiss tax law and of the relevant legislation in Geneva and is intended as a source of reference material.
At all stages of their growth, FinTechs require expert legal and regulatory advice. EY FinTech lawyers work as part of the multidisciplinary FinTech team across the globe which helps FinTechs navigate and overcome the most pressing legal, commercial, technical, and financial challenges in an industry where change and innovation are key to success. Whether you are just starting out, or are already a major player, they can help you meet your growth objectives and support you in building the future of financial services. Find out how EY professionals may support FinTechs at each stage of their development here.
Interbank offered rates (IBORs) play an integral role in the global financial markets. In the aftermath of the financial crisis, their reliability and robustness were undermined by alleged manipulation and liquidity decline in the interbank unsecured funding markets.
Since 2009, the official sector and market participants have undertaken a series of initiatives to restore the governance and oversight of major interest rate benchmarks. Markets across the globe have taken steps to reform their existing rates in line with the Financial Stability Board (FSB) and the IOSCO Principles.
Regardless of the sector, location or size of the business, our employees are undisputedly one of our most important economic assets and contribute significantly to our success. It is therefore important to create the right incentive systems to ensure that valued employees remain on board on a sustained and long-term basis.
Following a lengthy reconciliation process between the National Council and the Council of States, on 15 June 2018 the Parliament adopted the new law on the statute of limitation. The referendum period continues to run until 4 October 2018. The law was revised, amongst other reasons, due to the fate of persons exposed to asbestos, whose claims had already become time-barred under existing law, long before symptoms of their asbestos-related illness became apparent.
Over the last decades, we have seen an enormous rise in the number and the value of international disputes between professional volleyball clubs and their players. This unpleasant situation did result from the fact that too many clubs did not comply with the financial obligations toward their players. In 2013, FIVB decided that a new regime was necessary and introduced the Financial Dispute Resolution System.
The information in this brochure gives a general overview of taxation at federal level and in the canton of Geneva taking into account 2017 rates, unless otherwise indicated. It is aimed at readers with a sound knowledge of Swiss tax law and of the relevant legislation in Geneva and is intended as a source of reference material.
Our latest edition of EY's luxury and cosmetics financial factbook finds that contrary to the reduced M&A activities of Swiss watch brands, the watch component industry provides further potential consolidation opportunities due to anticipated transitional changes on the supply side and market pressure to increase the value add of a luxury watch.
On 6 September 2017, the Swiss Federal Council initiated the consultation on the revised corporate tax reform 17. Moreover, the Swiss Federal Tax Administration stated its position on the effects of the Automatic Exchange of information on voluntary disclosures. In this issue we will inform you about these and some further important tax developments.
The new EU Data Protection Regulation will take effect on 25 May 2018. Alongside enhanced documentation and reporting requirements for data processers, it also imposes draconian fines of up to 4% of the total worldwide annual turnover of groups, subject to a maximum of EUR 20 million. This article presents the implications of the new EU legislation for Swiss enterprises.