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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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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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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