Global Financial Strategy

Search the site   >>Advanced search
First for financial regulatory news and views
HOME   |   REGISTER   |   SUBSCRIBE   |   NEWS   |   ANALYSIS   |   INTERVIEWS & FEATURES   |   EVENTS   |   MUTTERS   |   JOBS   |   MY ACCOUNT
EUROPE   |    US & CANADA   |    ASIA PACIFIC   |    MIDDLE EAST & AFRICA   |    LATIN AMERICA & CARIBBEAN   |    OFFSHORE   |    SINGAPORE   |    HONG KONG
TRADING   |    CASINO MARKET   |    BANKING   |    INSURANCE   |    FINANCIAL REPORTING   |    TAXATION   |    MACROECONOMIC   |    PROFILES   |   CONTACT   |   
  • MF Global spoke of 'strong' finances
  • EC: No corp gov powers for ESAs
  • FSA appoints senior investment bank adviser
  • GFS has now closed
  • Czechs join UK on fiscal compact sidelines
  • Davos stalemate on EU's IMF funds
  • Tucker: Resolution regime 'top priority'
  • Saudi Arabia increases central bank role
  • FSB urges Canada for one securities regulator
  • CFTC set for committee to scrutinise HFT
  • Fitch downgrades Belgian banks
  • What corruption really costs
  • UK FSA pushes for Mifid II rethink on OTCs
  • Shanghai boosts global financial status
  • Canada aligns credit rating rules with EU
  • Bowles blasts lack of women at ECB
  • Sarkozy to introduce French FTT in August
  • Barnier warns on further bonus reforms
GFS LinkedIn
GFS Facebook
GFS Twitter
GFS RSS feed
You must be logged in to use this function.


Swiss Finma defends role in UBS furore

Monday 29 November 2010 – by Will Henley


The Swiss Financial Market Supervisory Authority has defended its impartiality following a tax evasion crisis involving UBS bank.

Responding to a parliamentary report in May which suggested that the regulator had been leaned on by the Swiss government, Finma insisted that it acted “independently”.

It also resisted calls to reinvestigate ex-UBS employees over the handling of the firm’s client data.

“Decisions made by Finma are determined solely by the issue in question and the authority’s legal mandate and are neither guided by pressure from third parties nor influenced by the institutions under its supervision”, the regulator said in a statement.

Finma argued that its predecessor, the Swiss Federal Banking Commission, advised the government’s Federal Council “clearly and in good time” that it would “ultimately” be obliged to order the disclosure of client data under the country’s Banking Act.

Related articles:
UK and Swiss continue tax deal talks
Swiss banker escapes jail over stolen data
‘Double dip recession in Asia now unlikely’
Switzerland signs tax collaboration pact
Swiss regulators call for banks to hold 19% capital

While insisting that no new investigation was necessary, Finma however said that it would demand a declaration from individual ex-UBS employees that they had “no knowledge of any breaches of duty” under Swiss law.

UBS, which was hit by a series of writedowns on toxic assets following the financial crisis, was accused of helping wealthy American investors of evading tax using offshore accounts.

The 69-page report by the parliamentary Control Committees of the National Council and the Council of States in May suggested that the government had pressurised Finma to order UBS to hand over client data on individuals suspected of evading US tax.



WHAT DO YOU THINK?
 
Name:
   
Email:
   
Comment:
   
Post as Anonymous
  Display name
   
Please, enter security code
   
 

No comments yet.
Login Register Most read Most commented
Username

Password

>> Forgotten your password?
>> Sign Up  

GFS is pleased to offer you a two-week free trial. You will receive a daily email bulletin of the latest regulatory news and analysis and a weekly email round-up. Please complete the free trial form. You will also receive full access to our online site.

EDITOR’S CHOICE

  • Diamond warns against ‘Balkanisation’
  • ABI: UK insurers must keep EU links
  • EU Parliament site hit by hacktivists
  • George Soros: New year, same crisis
  • FSB: Swiss regulator needs more teeth
  • OCC: Deriv fears are an overreaction
  • ‘Major wave’ of Solvency II drafts in May
  • IMF paper urges Aus bank capital boost
  • BoE: Limit bonuses to boost bank capital
  • 2012 vision: Increased regulatory exposure looms
  • Barnier offers hope to NYSE/Boerse
  • Esma rushes short selling consultation
  • Bowles re-elected as Econ chair
  • Hoogervorst hints at accounting slowdown
  • Asia in the year of the dragon
  • Barnier: FTT will not be forced on UK
INTERVIEWS & FEATURES

STRAW POLL

Will markets in 2012 have a tougher time than 2011?

Yes

No

Don’t know

View results

FIND A REGION
 
Global Financial Strategy - [email protected] | Home | Legal | Contact design by SDV