Michel Dérobert, Secretary General of the Swiss Private Bankers Association
Switzerland recently signed two agreements - with Germany and the UK - with a view to introducing a (final) withholding tax which will be collected, in principle from 2013, on assets belonging to residents in these countries, deposited in Swiss banks. It represents a significant step in the implementation of a policy, wanted by the Federal Council and the financial centre, which consists of establishing a framework whereby the clients of Swiss banks can honour their tax obligations without compromising their personal privacy.
Regulation: should the financial centre be redesigned?
Edouard Cuendet, Secretary General of the Groupement des Banquiers Privés Genevois
The debate on regulation and over-regulation has been around for some time and is not limited to the banking and financial sector. In Switzerland and many other countries across the world, a large number of economic activities are subject to heavy and restrictive legislation. For example, in the medical and pharmaceutical sector or food industry.
In the financial sector, regulation must protect the savers and the investors, in the drugs and food industries, the patients and consumers. The logic is irrefutable. Consequently, the discussion must be concerned less with the principle of the regulatory structure than its density and depth.
