10 April 2019

Arbitrating banking and finance disputes – What are the benefits?

While there has been some growth in the use of arbitration as a means of resolving disputes in the finance sector, court litigation is still by far the preferred-choice of financial institutions in Switzerland.
At the SCAI Conference "Arbitrating banking disputes – Are there tangible benefits?" it was discussed how the wider use of arbitration in the finance sector can be promoted and encouraged. This blog post provides a short overview which kind of banking disputes may be suitable and what advantages choosing arbitration may have.

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19 March 2019

Is there a legal right to a bank account in Switzerland?

Access to payment services is particularly important in these digital times. Often a bank account is required. In the EU, every consumer legally resident in the EU has a right to an account (Directive 2014/92/EU). An account may be refused in the EU if a consumer infringes the rules on combating money laundering or terrorist financing (bank accounts in the EU). There is no general explicit legal provision in Switzerland. Is there therefore no legal entitlement to a bank account in Switzerland?

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18 March 2019

Reform of Swiss Withholding Tax - Paying Agent Tax?

Report of the expert group set up by the FTA released

The seemingly never-ending work on a reform of the Swiss withholding tax has reached another intermediate stage. Following the withdrawal of the federal popular initiative "Yes to the protection of privacy" in January 2018, the expert group appointed by the Federal Department of Finance intensified its work and completed it in December 2018. Following the Federal Council's information session, the expert group's report* was released on 8 March.

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