Consulting

Anti-money laundering regulations to be adjusted


The third Anti-Money Laundering Directive as a legal framework is based on standards established by the Financial Action Task Force (FATF) and states that it falls into the responsibility of the EU to protect the financial system against money laundering and terrorist financing. One of the obligations internationally agreed upon is that the EU Commission will review and appropriately adjust its legislation. In the meantime, a corresponding report has been approved by the Commission. The Commission plans to propose a fourth Anti-Money Laundering Directive this autumn, following the conclusion of the public consultation period on June 13, 2012.

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Consulting

Job Market Remains the Major Challenge


Signs are once again pointing to a recovery of the world economy. But this is of limited validity for the job market. In its "World of Work Report 2012" presented in Geneva at the beginning of May 2012, the International Labour Organisation (ILO) predicts that employment in industrialised nations will only recover to the pre-crisis level in 2016 – assuming that the growth trend does not weaken.

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Consulting

Slight Growth Expected in the EU for 2013


"A recovery is in sight," is how Olli Rehn, Commission Vice President responsible for the economy, summarised the EU spring report released on 11 May 2012. Nevertheless the economic situation remains fragile since, as Rehn noted, the position of various member states differs.

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Consulting

EU Looking for Ways to Regulate Shadow Banks


So-called 'non-banks' are by no means demonized by the European Commission. In fact the contrary is true as, from the Commission's perspective, they represent an additional source of financing and offer investors alternatives to bank deposits. However, they also present a risk to the entire finance system. The EU wishes to counteract this risk potential by regulating the shadow banking system.

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Consulting

Switzerland Financial Community to Balance Legal Compliance and Attractiveness to Investors

On 22 February 2012 the Swiss government (Bundesrat, federal council of Switzerland) reviewed and stated its support for the discussion paper "Strategy for a Competitive Financial Community Conforming to Tax Laws". The stated goal is to continue offering favourable and competitive conditions for the financial community in Switzerland while simultaneously finding international acceptance from the investors' home countries that are concerned about their taxes.

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Consulting

Switzerland must adjust to lower growth in the EU

Even Switzerland, long impervious to crisis, is facing uncertain economic years ahead, to which it must proactively adapt. That is the most important message contained in the OECD Economic Survey of Switzerland which was presented on January 24th 2012 in Berne by OECD General-Secretary Angel Gurría and Swiss Federal Councilor Johann N. Schneider-Ammann.

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Consulting

EU Commission wants to obligate rating agencies


EU Internal Market and Services Commissioner Michel Barnier, speaking in Straßburg on 15 November 2011, declared that ratings must no longer be allowed to aggravate market volatility. He presented EU Commission proposals for a directive as well as a regulation for the stricter control of rating agencies. No business is conducted on the bond market without a credit rating from a rating agency. This is not only a long-standing practice, but also demanded by government regulation in some countries – for example the provisions of the SEC regulatory authority in the USA.

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