Annual Report - SwissBanking

Transcription

•SwissBanking
Annual Report
2012/2013
2 | Annual Report 2012/2013 Contents
Financial Services Act
Improving information and transparency – without a “Swiss finish”
more …
The Swiss financial centre
What the future holds for banks
more …
16
Chairman’s Foreword
4
Reports from the
Commissions
40
Areas of Responsibility
within the Office
48
EMIR
European Market Infrastructure
Regulation more …
Association Business
52
30
Accounts
56
Organs of the Swiss
Bankers Association
64
Bank Institutions
68
Utility Infrastructure
Providers, Associations
and Federations
76
The Swiss Bankers
Association
84
8
Foreign Account Tax Compliance
Act (FATCA)
Data “hunger” is becoming the
international standard more …
E-mail contact
24
Corporate taxation
The end of tax planning?
more …
34
Video
•SwissBanking
4 | Annual Report 2012/2013 Chairman’s Foreword
Patrick Odier
Dear Reader
R
eading the headlines over the last twelve months, one could have the impression that the Swiss fi nancial centre is doomed. I do not deny that we are facing major challenges. The eff orts to newly position the banks in Switzerland demand our full attention, but there are many bright spots as well. This annual report addresses several future initiatives which are very promising. Let me begin by briefl y outlining our future strategy again here. Fiscal compliance, regularisation, legal certainty, market access – all of these issues are addressed day after day in the media, are hot topics for our politicians and have us all on tenterhooks. What was true yesterday is no longer true today, and by tomorrow it will already be forgotten. So, it makes sense to summarise again what we are trying to achieve strategically. Our overriding goal is to strengthen the fi nancial centre as a whole so as to preserve and create additional jobs and added value in Switzerland. To succeed at this, the general framework conditions in the areas of taxation, regulation and supervision have to be such that they support the growth of the Swiss fi nancial centre for both domestically and internationally oriented banks over the long term. A tax-compliant fi nancial centre is just as necessary as market access, in particular access to the European Union (EU) internal market, in order to be able to serve clients across borders without any additional restrictions. The banks defi ned these goals and conditions in 2009, and they still apply today. What has changed during this time is the means used to realise this strategy. Fair competition through global
standards
In many different tax-related issues it is becoming ever more apparent that an automatic exchange of information (AIE) in one form or another is at the centre of developments. This is the case with FATCA (Foreign Account Tax Compliance Act), for example, but also within the EU, where there are no longer any countries categorically opposed to an automatic exchange of tax information. However, at the time this annual report was published, it was still unclear who will exchange what information with whom and under what conditions. The “AIE”, as it is so efficiently called in technocrat speak, is at present hardly more than a political buzzword and is still far from being a fiscal reality or a global standard. Recent statements made would have us surmise that the Organisation for Economic Cooperation and Development (OECD) is resolutely working at full speed to formulate standards of information exchange. Switzerland, as a founding member of the OECD, must actively work to ensure that these standards are formulated in line with the principles of legal certainty, competitive neutrality and transparency. In the interest of fair competition, anonymous structures that can be used to avoid taxation also have to be addressed on the basis of beneficial ownership. If a global standard of automatic information exchange is created which is oriented on these principles, even Swiss banks will be willing to participate. Legal certainty for clients,
employees and banks
The discussion about increased transparency with regard to taxation is an issue that Switzerland must address right now, especially in its relationship with the EU. We support taking a proactive approach towards Switzerland’s European neighbours and are prepared to implement measures, as part of an agreement on the taxation •SwissBanking
6 | Annual Report 2012/2013 of interest, which are equivalent or
even identical to those in force in the
EU. However, in return, a bridge leading into tax compliance must be established for EU clients, which may offer different opportunities depending
on the country. Germany, for instance,
offers voluntary self-disclosure without penalty; other EU member states,
such as Spain and Belgium, have amnesty programmes in place; the UK
and Austria have regularised all assets through a withholding tax agreement. In the tax dispute with the US,
legal certainty is a central point both
for clients and for the banks and their
employees. In view of this, the decision of the Federal Council to take responsibility by establishing guidelines
for the cooperation between banks
and the US is to be welcomed.
Switzerland cannot go it alone
Switzerland should not take a unilateral approach that isolates us and
could potentially seriously impair our
competitiveness. Developments at EU
and OECD level have to be given consideration. Consequently, Switzerland
should focus on contributing to and
observing international standards. Efforts towards a “Swiss finish” should
be abandoned, however. We therefore
demand that work be stopped on the
Federal Council’s proposal to introduce
enhanced due diligence obligations
aimed at preventing the receipt of untaxed assets. Because if client data is
going to be provided to the responsible authorities in the tax domicile of
the client, then it is not necessary to
put even more responsibility on the
banks to clarify the client’s tax compliance. That task is the responsibility of
the tax authorities in the client’s country of domicile. This also applies should
Switzerland agree to an automatic
exchange of information with other
countries. It does not make sense to
implement legal provisions that will
become obsolete in the near future. It
is also out of the question that Swiss
banks be required as part of their due
diligence to retrospectively clarify old
client holdings and report them to foreign tax authorities or even be forced
to dissolve client relationships.
Access to the EU market is a
prerequisite for growth
Growth of the financial centre remains
the overriding strategic goal regardless of what taxation problems have
to be solved. In our opinion, the condition for this – market access – is being put at risk by the increasing ten-
dency of the EU to isolate itself from
third countries. In our view, it is therefore imperative that along with the
tax issues, non-discriminatory regulations regarding third-party countries
be agreed under MiFID II (Markets in Financial Instruments Directive),
AIFMD (Alternative Investment Fund
Managers Directive) and EMIR (European Market Infrastructure Regulation). Our government has to actively
approach the EU on this issue. It is the
goal of the banks to have an agreement
with the EU that regulates the provision of cross-border services in place by
the medium term. The Swiss banks
are conscious of the fact that in the political relations between Switzerland
and the EU, institutional questions –
acceptance of EU rights and obligations, their interpretation and monitoring, and resolution of disputes
– first have to be answered. However,
improving access to the EU market is
vital for long-term, stable growth and
a healthy Swiss financial centre.
I would also like to express my appreciation to the many specialists of the
banks who in addition to their regular
responsibilities also participated in the
committees and working groups of the
Swiss Bankers Association (SBA).
Patrick Odier, Chairman
The challenges and workload facing us in the past business year were
more demanding than ever. I would
like to thank Claude-Alain Margelisch
and everyone at our offices for their
outstanding work and tireless efforts.
•SwissBanking
8 | Annual Report 2012/2013 The Swiss financial centre
What the future holds for banks
•SwissBanking
10 | Annual Report 2012/2013 Everyone is talking about the financial centre. Most of
the talk is focused on the problems and challenges.
The financial centre, however, has still so many things
going for it. In today’s extremely strained economic
environment, the stability of Switzerland and the excellence and breadth and depth of the services offered by
Swiss banking are needed now more than ever. Naturally, a global financial centre can never simply rest on
its laurels. It has to constantly develop new areas of
business and expand existing ones. Two areas in which
Swiss banking wants to grow in future are discussed
below.
•SwissBanking
12 | Annual Report 2012/2013 Commodity trade financing
Growing economic
importance
The strong rise in commodities trading is important for
the further development of welfare in Switzerland. This
is why regulation in this country should not be more
rigorous than elsewhere. Martin Hess Head of Economic Policy
S
ome of the world’s major trading
centres are located in Switzerland
– in Geneva, Zug and Lugano. Not
surprisingly, this sector thus makes a
significant contribution of 3.6% to Switzerland’s gross domestic product (GDP).
Importance of the banks
Commodities trading is a very capitalintensive business. Proximity to a successful financial centre with expertise
in trade finance is therefore a special
competitive advantage of Switzerland.
Banks typically use short-term trade
credits to cover the financing needs of
traders for the purchase, transport and
price hedging of commodities.
In the last ten years, investments in commodities – in the form of physical holdings and as futures contracts – have
increased significantly. In asset management, commodities have become established as a separate asset class owing to
their advantageous diversification properties and the good protection they offer
against inflation. The liquidity generated
in this business area secures the efficient
functioning of the commodities markets and permits commodities traders to
hedge market risks as necessary.
Regulation under scrutiny
With the growth of commodities trading as a business segment in Switzer-
land and the reports of irregularities in
resource production, more and more
critical voices are being heard. In parliament, numerous motions have been
submitted about commodities. Given
the controversy in the political debate
and the major importance commodities trading has for Switzerland, there
is a big need for hard facts.
To facilitate fact-based political discussions, the SBA produced a report explaining the significance and function
The banks voluntarily submit themselves to restriction
beyond regulatory
requirements in the
commodity trade
financing activities.
and liquidity requirements and money
laundering regulations. The banks in
Switzerland have an inherent interest
in avoiding illicit transactions, and they
therefore voluntarily submit themselves to additional restrictions in their
commodity trade financing activities.
In a paper published at the end of
March 2013, the Swiss Federal Council underscores that the competitiveness of the commodity trading market has
to be secured. With regard to regulation, the Federal Council pleads for
voluntary standards within the industry. Correctly so. Given the global dimensions of the business in question,
the SBA finds it essential that the corresponding regulation in Switzerland is not made more rigorous than that applicable at commodity trading centres elsewhere. This is the only way
this sector will be able to continue to
make a significant contribution to the
Swiss economy in future.
[email protected]
of the commodity trading sector in
Switzerland and the role that the banks
play in it. Banking activities, including
commodity trade financing, are subject to a strict regulatory framework
with respect, for example, to capital
An interview with Martin Hess
•SwissBanking
14 | Annual Report 2012/2013 Asset management
Promoting Switzerland as
a business location
The attractiveness of Switzerland as a location for asset
management should be strenghtened in a sustainable
way. A white paper identifies according areas for action.
Peter Grünblatt Senior Asset Management Project Leader
T
he asset management is a pillar of Switzerland’s financial
centre. Overall, assets under
management in this field of business
totalled around CHF 2,500 billion at the
end of 2012. Of this, about CHF 1,500
billion were assets belonging to institutional clients and more than CHF 450
billion were assets of investment funds
managed in Switzerland.
Working paper on asset management
With the intention of further strengthening asset management in Switzerland
on a foundation of trustworthiness, independence and quality and of making
Swiss asset management better known
internationally, the SBA and the Swiss
Funds & Asset Management Association (SFAMA) published a white paper on asset management in Switzerland at the
end of 2012.
Switzerland offers very good framework
conditions as a location. It is characterised by economic and political stability, openness, an attractive, reliable tax
regime, a large domestic market, good
infrastructure, a large number of welleducated people and a generally high
quality of life. However, the white paper
identifies a need for action to sustainably
enhance the attractiveness of Switzerland as an asset management location.
Adequate supervision is vital
Providing for adequate supervision is
essential – especially considering the
overriding topic of market access.
There is no concrete set of rules regulating asset management as a function
in Switzerland. Instead it is regulated in
the legal provisions applicable to institutions (the Banking Act, the Insurance
Act, circulars published by the supervisory authority) and products (the Collective Investment Schemes Act). The
initiative strives to establish a uniform
approach for all market participants
– banks, insurance companies, investment fund management companies,
pension funds, investment foundations
and independent asset managers. The
regulatory framework has to be based
on professional standards of management, codes of conduct and impeccable procedures and processes and
must be efficient, transparent and internationally recognised and accepted.
Broadly based initiative
Although launched by the SBA and
SFAMA, this is an initiative for the Swiss
financial centre. Now pension funds, insurance companies, investment foundations and independent, non-bank
asset managers are all working on the
implementation of the initiative. A
steering committee made up of representatives of these stakeholders has
been monitoring the progress of the
initiative since the middle of the year.
The “Asset Management
Switzerland” brand as a vision
The long-term goal is to create an “Asset
Management Switzerland” brand with
a global reach. Credible value propositions should make clients want to have
their assets handled by an asset manager in Switzerland and make providers
want to set up their asset management
operations in Switzerland.
Federal government working group
Parallel to this, a mixed working group
of the federal government, led by the
State Secretariat for International Financial Matters (SIF), and representatives of
the Financial Market Supervisory Authority (FINMA), the Federal Tax Administration (FTA), the Federal Department
of Finance (FDF) and the SFAMA along
with the SBA are addressing the issues
of market access, supervisory and licensing practices and tax questions.
[email protected]
•SwissBanking
16 | Annual Report 2012/2013 Financial Services Act
Improving information and transparency –
without a “Swiss finish”
•SwissBanking
18 | Annual Report 2012/2013 The federal government is preparing a Financial Services Act (“Finanzdienstleistungsgesetz”, FIDLEG) which is designed to be a support to investors in their decision-making. The SBA generally welcomes the eff ort but also has some reservations. Christoph Winzeler Head of Financial Market Law
T
he first major milestone on the way to the FIDLEG was the publication of the consultation report of 18 February 2013, which examines the potential directions of the planned undertaking. The SBA basically supports a moderate standardisation and extension of Switzerland’s financial market supervisory law. The goal should be to support investors in their decisionmaking while also securing market access in Europe and other regions for providers. Naturally, Swiss law alone cannot guarantee the latter, but it is a first and necessary step on the path to conducting successful negotiations on the subject. The approach taken in the FIDLEG should not be based primarily on prohibition, restrictions and paternalistic tactics, but instead focus on enhancing investor protection in a targeted manner where sensible and eliminating redundancies (comparing the Swiss Code of Obligations, the Stock Exchange Act and the Collective Investment Schemes Act, for example). This approach is consistent with the concerns of banks which are globally active as well as those oriented on domestic business. In accordance with Switzerland’s successful tradition, the legislation should only seek uniformity where necessary and other-
wise leave the field open for innovative, creative business models.
Confine FIDLEG to securities services
FIDLEG should confine itself to securities services including asset management and investment advisory. It should not address other financial services such as interest margin transactions, insurance products or commodity transactions. This is consistent with the MiFID approach, which should not be taken to the extreme by adding a “Swiss Finish”. This would also allay fears in the insurance sector that it may be made subject to regulation that is unnecessary from its point The legislation should
only seek uniformity
where necessary and
otherwise leave the
field open for innovative, creative business models.
of view, as FIDLEG would only apply to the insurance sector in instances where it offers asset management products.
•SwissBanking
20 | Annual Report 2012/2013 does not need to meet the capital and liquidity requirements of a bank. This approach is also likely to facilitate agreement among all those concerned.
Approval requirement for all
financial service providers
The SBA fi nds it essential that all fi nancial service providers – including asset managers, independent wealth managers and investment advisors – be required to obtain approval from FINMA to do business. Asset managers and banks off er comparable services in the core area of their respective businesses. Treating them diff erently under the law distorts competition. FINMA must therefore be in the position to revoke an asset manager’s license to operate in the event of serious violations of the duty of proper business conduct or the principles of self-regulation prescribed by the industry association. Supervision of the industry should be modifi ed, however, to take account of the industry’s special circumstances, include FINMA must therefore be in the position
to revoke an asset
manager’s license.
reasonable de minimis regulation and provide scope for eff ective self-regulation. For example, an asset manager Uniform professional obligations
among financial service providers
The SBA recognises a certain need for action with regard to the obligations of fi nancial service providers with respect to information, documentation and prospectuses. The currently applicable requirements originated over a broad span of time and are scattered across a variety of sources (Swiss Code of Obligations, the Stock Exchange Act, the Collective Investment Schemes Act, and the rules of self-regulation of the stock exchange, the SBA and the SFAMA). SBA would like to see these obligations be standardised, where and to the extent that standardisation serves a genuine purpose. However, a “Swiss fi nish” in the form of a hurried move to incorporate and go beyond EU law must be avoided under all circumstances.
The challenges that such updating represents should not be underestimated. Therefore, the SBA has proposed in its statement that this demanding task be entrusted to a working group in which experts from the industry participate.
No redundancies
All regulatory matters relating to “point of sale” should be dealt with exclusively in FIDLEG; the Collective Investment Regulatory matters
relating to “point
of sale” should
be dealt with in
FIDLEG.
Schemes Act should be limited to aspects of product regulation. Regulatory redundancies should be conscientiously avoided.
No new educational systems
In order for FIDLEG to fulfi l the objective of improving client protection eff ectively and effi
ciently, it must, to the extent possible, build on the existing, well-functioning and qualitatively recognised banking apprenticeship and training systems. In particular, it should be ensured that the federally recognised basic banking training programmes continue to remain a foundation for a profession in the banking sector.
•SwissBanking
22 | Annual Report 2012/2013 Unacceptable proposals in the area
of civil procedural law
The SBA is strictly against proposals
involving civil procedural law which
overshoot the target. The recognised
purpose of regulation is fully achievable with the improvements in information and transparency mentioned
above. The appropriateness of fartherreaching regulation is questionable,
The targeted information and transparency rules will put
investors in the position to act on their
own responsibility.
rules will put investors in the position
to act on their own responsibility, eliminating the need for further crutches in
civil procedural law.
Await the revised MiFID
The government’s official message on
FIDLEG should not be issued until clarity on the regulation of the pertinent
questions in the revised MiFID has
been reached. It does not make sense
to harmonise Swiss law with an EU
project where essential points are still
uncertain. Also, the “technical” aspects
have to be carefully addressed together
with experts in the field, within the
framework of a mixed working group,
for instance. From the point of view of
the SBA, the draft bill does not necessarily have to be issued this year.
The position of the SBA in a nutshell
›
Refrain from prohibition, restrictions and paternalistic tactics; focus
on information and transparency
rules facilitating independent decision-making by “responsible” investors
Apply a FINMA approval requirement to all financial service providers, including wealth managers in
particular
Have an enforceable code of professional obligations for all financial
service providers
Confine the law to securities services, including asset management
and investment advisory
›
›
›
› Consequently, limit CISA to product regulation and eliminate existing redundancies
In civil law, do not shift the burden
of proof regarding a financial service
provider’s observance of professional obligations
No obligation to cover the litigation costs of a client who, on the
strength of the opinion of the ombudsman, files a claim against a financial service provider
Do not endow the ombudsman
with the right of verdict – the ombudsman should be allowed to continue to focus on his role of being a
successful mediator
›
›
›
[email protected]
such as shifting the burden of proof regarding the financial service provider’s
observance of professional obligations,
assuming the litigation costs of a client
who, on the strength of the opinion of
the ombudsman, files a claim against
the financial service provider, or the
ombudsman’s right of verdict (which
would impair his ability to mediate). The
targeted information and transparency
•SwissBanking
24 | Annual Report 2012/2013 Foreign Account Tax Compliance Act (FATCA)
Data “hunger” is becoming the international standard
•SwissBanking
26 | Annual Report 2012/2013 A little kitten born in the US three years ago turned out to be a tiger with a huge appetite – an appetite for data. When the US passed FATCA into law in 2010 it received only scant attention. But as quiet and as stealthy as cats can be, they are also independent and very skillful. FATCA is today a number-one priority on the agendas of the summit meetings of the G-20, the EU Council of Ministers and the OECD. Major countries have resolved to establish an international reporting system for banking data. FATCA is the foundation and the engine of this eff ort.
Urs Kapalle Head of Federal Finance & Tax Policy
F
ATCA is highly complex legislation, yet can be explained in just two sentences. FATCA requires financial service providers worldwide – banks, insurance companies, investment funds, pension funds, etc. – to supply the US tax authorities with data on clients who are subject to taxation in the US. If they don’t report the requested data, a
withholding tax of 30% automatically applies to all earnings and capital gains on US securities.
Conclusion of bilateral
agreements
Over the last ten months, over two dozen countries have negotiated bilateral agreements with the US for implementing FATCA – including Germany, France, Italy, the UK, Spain, Ireland, Denmark, Singapore and Switzerland. None of these internationally important financial centres wants to be excluded from the US capital market in future. The agreements aim at facilitating the implementation of the FATCA rules, on the one hand, and ensuring the principle of legal certainty, on the other, so that financial service providers do not simply have to submit themselves to US law, over which they have no direct influence.
Economically sensible tax policy?
It is questionable whether this has still anything to do with efficient tax policy. Client books have to be searched according to the new rules to identify the clients subject to taxation in the US. Electronic data processing has to be modified substantially and new reporting systems have to be developed. The European Banking Federation (EBF), which represents around 5,000 banks in Europe, estimates the cost of implementing FATCA at about 10 US dollars per account. Assuming each of the approximately 500 million inhabitants in the EU has one bank account. How much is 10 US dollars times 500 million?
The US has estimated that the additional tax revenues for itself resulting from FATCA will total around USD 870 million over a ten-year period. Estimates can be unreliable, as anyone knows who has ever had to produce one. But one thing is clear: the costs of implementing FATCA throughout the sector will exceed the tax revenues generated for the US government.
Doch die Schwestern
begannen nun, ihren
toten Gatten zu beweinen, und als sie
•SwissBanking
28 | Annual Report 2012/2013 Worldwide FATCA standard
An essentially correct question is
of no use if it is asked at the wrong
moment. Given governments’ empty
coffers, the need for austerity measures and feeble growth forecasts, the
governments of the G-20 countries
are not interested in questions of efficiency or protecting the privacy of
their citizens. FATCA is being heralded
as the solution to tax evasion.
Originally conceived as a reporting
system for information from abroad to
the US, the OECD in Paris is now working on a FATCA standard that can be
applied worldwide. The OECD recognised that the EU countries that are
cooperating on FATCA want to first examine the data for their own purposes
before forwarding them to the US. At
the same time they want access to
the data on their own citizens that the
US can provide, and they will promise
to share information with each other
about taxpayers from the other participating EU countries. To achieve this,
they are building on the technical solution for FATCA.
The following graph illustrates the
planned electronic data hub based on
the FATCA platform:
UK
USA
SIR
F
D
I
SIR: secure intelligent router
The data from the electronic containers of the individual countries would
be made available to all participating countries via a “secure intelligent router”. This would permit the data to
be distributed, compared and evaluated in any way the respective authorities might see fit. Naturally, limits would
be set by the data protection laws to
which the authorities are subject.
Switzerland is not participating in this
electronic data hub. Switzerland negotiated a “Model II FATCA Agreement”
with the US – which excludes the mutual exchange of data.
FATCA agreement between
Switzerland and the US
The SBA is sceptical about FATCA but
nevertheless supports the FATCA agreement recently concluded between
Switzerland and the US. Is that true?
Yes, that’s correct. It’s a purely rational,
pragmatic decision. More than 45% of
all shares, bonds and other securities
originate in the US. And the US has the
largest capital market in the world. Switzerland’s highly diversified, internationally oriented financial centre cannot afford to not provide clients with services
and transactions in their business with
the US. Of the approximately 320 banks
in Switzerland, around 120 are foreign
banks. These are subsidiaries or branches
of foreign banking institutions which
have consciously chosen Switzerland as
a location from which to conduct their
operations. Our own internationally
oriented big banks and various private
banks have a strong foothold in international business as well. Even Switzerland’s domestically oriented banking
segment, which includes regional and
cantonal banks, provides US securities
transactions to Swiss clientele. And last
but not least, insurance companies,
fund management companies and
countless pension funds in Switzerland
also invest in the US market.
tire sector. For example, all of Switzerland’s retirement benefit schemes are
exempt from the FATCA regulations.
That is around 2,000 pension funds,
which represent approximately 4.8
million insured employees and pensioners. Under the agreement, the punitive 30% automatic US withholding
tax will not be applied to any financial
institution in Switzerland – be it the
approximately 200 insurance companies, 320 banks or more than 1,000
investment funds. Further exemptions
and exceptions are also foreseen for
regional banks, wealth managers and
non-life insurance business.
FATCA is a reality. It’s best not to tread
too hard on this tiger’s tail.
[email protected]
Switzerland’s financial sector would
implement FATCA even if no agreement were to be concluded with the
US. However, the agreement offers certain advantages that benefit the en-
•SwissBanking
30 | Annual Report 2012/2013 EMIR
European Market Infrastructure Regulation
•SwissBanking
32 | Annual Report 2012/2013 The European Market Infrastructure Regulation (EMIR)
is intended to improve the transparency and stability
of the OTC market for derivatives and prevent new hazards with the potential to lead to a crisis arising in this
area in future. Renate Schwob Head of Financial Market Switzerland
E
MIR requires financial institutions and non-financial companies to 1) settle their standard
OTC derivatives via central counterparties (CCPs) and 2) report these transactions to a transaction registry (TR) for
registration purposes. OTC transactions
not settled via CCPs must be subject to
risk mitigation measures and have to
be monitored.
Equivalence test for central counterparties from third countries
EMIR also establishes a legal framework
for the regulation of central counterparties and transaction registers. An
equivalence test applies to CCPs domi-
ciled in third countries:
A CCP approved in a third country
has to fulfil legally binding requirements that comply with the EMIRstipulated requirements.
The CCP has to be subject to effective, continuous supervision in the
third country, and effective means of
legal enforcement must be ensured.
The legal framework of the third
country in question must provide an
effective, equivalent system for approving CCPs domiciled in that country.
Similar conditions apply to TRs. In
addition, TRs must also be able to
guarantee professional secrecy. This
›
›
›
is somewhat surprising when one
considers all the parties who are supposed to be able to access the data
stored in a TR.
The equivalence test is carried out by
the European Securities and Markets
Authority (ESMA), which submits its
findings to the European Commission.
Exceptions for internal group
transactions
The EMIR makes exceptions for internal
group transactions. This is extremely important, as transactions within a given
corporate group are freed from clearing obligations. Market participants in
Switzerland who conduct such transactions with group companies in the EU
can only benefit from these exceptions,
however, if Switzerland has passed the
equivalence test. Given the costs incurred by market participants as a result
of the CCP clearing requirement, these
exceptions are very important. Transactions by non-financial companies are
only subject to clearing requirements if
they exceed a given threshold.
FDF decided to integrate parts of the
the Stock Exchange Act into a new financial market infrastructure law. The
mandate of the federal government
working group to which this task was
assigned is to devise such a regulation that will ensure the competitiveness of the Swiss financial centre and
strengthen the stability of the financial
infrastructure. At the same time, the
regulation should be equivalent to the
corresponding EU regulations so as to
ensure that Swiss market participants
have access to the EU markets. The FDF
plans to initiate the consultation procedure on the new financial market
infrastructure law in autumn 2013 and
formulate an official message on the issue in spring of 2014. If the bill is passed
by both houses of the Swiss parliament
in 2014, the new law could come into
force as early as the beginning of 2015.
[email protected]
Financial market infrastructure law
as the basis of equivalent regulation
Clearing and settlement are not regulated under Swiss law. Therefore, the
•SwissBanking
34 | Annual Report 2012/2013 Corporate taxation
The end of tax planning?
•SwissBanking
36 | Annual Report 2012/2013 The ordinary corporate income tax rate is 33.3% in
France, 24% in the UK and 35% in the US. However,
international corporations in these countries effectively
pay much less in tax. It is not uncommon for corporate
income tax rates as low as 12% or less to be reported
in the media. Some large industrialised countries have
waited too long to take measures to ensure the competitiveness of their economies, and companies domiciled in these countries are taking advantage of (legal)
tax-planning opportunities abroad.
Urs Kapalle Head of Federal Finance & Tax Policy
I
n 1998, an OECD report on harmful tax competition defined what
was then understood as competition-distorting tax rules. In a follow-up
OECD report in June 2000, a list of 47
harmful tax systems in OECD member countries was published, including
“Co-ordination Centers” in Belgium and “International Financial Service
Centers” in Ireland. All the tax-optimising systems on the list have since
been done away with, but by far not
all of the other tax planning possibilities available. On the contrary, new
ones have evolved.
BEPS as a way out of the dilemma
Various large industrialised countries
have long neglected taking the reform
steps needed to improve their competitiveness. Instead they have sought to
solve their budget problems by hiking
value added tax. But this measure puts
the brakes on consumption and hampers the economic growth so desperately needed. Today, the governments
of these countries – with the support
of the OECD and the G-20 – are focusing their attention on multinational
companies’ tax planning.
For this purpose, last year the OECD
joined forces with the G-20 to launch
a project called “Base Erosion and
Profit Shifting” (BEPS). The aim of the
project is to fight against the practice
of shifting profits to countries where
tax rates are low and against the systematic exploitation of differences in
taxation law.
BEPS and Switzerland
Businesses in Switzerland are also affected by BEPS – specifically, companies to which the usual tax regulations
for holding and management companies in Switzerland apply, because
these regulations are not compatible
with the rules under BEPS. Around
The OECD and the
G-20 are focusing
their attention on
multinational companies’ tax planning.
CHF 5 billion of the corporate income
tax paid in Switzerland every year is thought to come from such companies. These companies bring benefits to Switzerland in various
ways – for instance, the financial
•SwissBanking
38 | Annual Report 2012/2013 sector benefits by being able to provide them with financing and financial services.
tries by means of freely determined
tax rates must remain possible.
The objectives of the BEPS project in a nutshell
[email protected]
Switzerland should find ways to work
constructively on BEPS issues. Putting
a stronger focus on taxation at the
source of wealth creation – as the
project is endeavouring to do – does
not represent a disadvantage for Switzerland. In contrast to offshore locations, a lot of wealth is generated in
Switzerland.
It is important, however, that Switzerland insists that BEPS remain restricted
to the framework as officially communicated. The rules of tax competition
It is important that
BEPS remain restricted to the framework
as officially communicated.
Hybrid instruments: Prohibition on
arbitraging differing rules. Example:
the same balance sheet item may be treated in a company’s home
country as equity, while in the country where the company’s subsidiary is domiciled it can be treated as a
loan. This results in a double savings effect: the interest payable on the
loan by the subsidiary is tax-deductible, and the parent company’s income from its associated company
is exempt.
Transfer prices within a group: The
international rules on transfer prices
within corporate groups should be
amended to prevent undesired fiscal outcomes.
Group financing: External financing motivated by tax considerations
(interest on loans is tax-deductible)
should be curtailed and group financing transactions carefully examined.
Tax regimes: Tax regulations that
explicitly favour certain companies
should be restricted, mainly by
means of greater transparency and
proof of real operations.
Rules on misuse: In addition to the
above measures, more effective
sanctions in the event of misuse
should be introduced.
Digital products and services: International tax law in this sector needs
to be revamped.
must not be allowed to be changed
unilaterally in favour of certain especially influential countries. Furthermore, tax competition among coun-
•SwissBanking
40 | Annual Report 2012/2013 Reports from the
Commissions
The following section summarises the main business
dealt with by the SBA’s various commissions in the
year under review. The names of all members of the
commissions are available on the SBA’s website
www.swissbanking.org.
Commission for Law and
Compliance
In today’s modern constitutional
state, structures are being increasingly displaced by processes. Financial market law at all levels – the
Constitution, common law, Federal
Council directives, FINMA ordinances,
FINMA circulars – is continuously
changing. This represents a special
challenge for the commission. The
areas on which the commission focused in the year under review included the project on the FIDLEG,
crimes and potential self-regulation
under tax law, global changes in the
fight against money laundering, the
revision of the Agreement on Due
Diligence and amendments to the
Collective Investment Schemes Act.
This commission’s key goals are to
optimally preserve freedom and legal certainty while at the same time ensuring Switzerland’s market access in the world’s major financial
centres. For this reason, international and global considerations always
have to be reflected in national legislation.
Andrae Lamprecht,
Head of Legislative Developments,
Credit Suisse AG (Zürich)
Commission for Financial Market
Regulation and Accounting
The dynamics of international and
national regulation placed many demands on the commission during the
year under review. The main focus
was on capital adequacy and liquidity regulation, about which numerous
position statements were formulated.
In the matter of liquidity, the commission is closely involved in the ongoing activities of the relevant national
working group and will continue to
provide support in finalising the concrete details of the liquidity regulations. The commission also serves as
a sounding board for our Association
on various accounting issues. This includes the permanent monitoring of
developments in internationally recognised accounting standards (IFRS,
US GAAP) and the ongoing redrafting
of national banking legislation under
FINMA’s lead. Topics of priority in the
reporting year included amongst others
the audit reform, special questions
surrounding netting, the formulation
of a solution for handling advance
payments of withholding tax from an accounting and equity perspective and various position statements
on regulatory projects, such as the •SwissBanking
42 | Annual Report 2012/2013 revision of the fees ordinance of FINMA
and the federal act on pooling control
authority over auditors.
Ralph Odermatt, Senior Advisor,
UBS AG (Zürich), until March 2013
Basil Ackermann, Managing Director,
UBS AG (Zürich), from April 2013
Commission for Swiss Client
Business
The main focus of the commission’s
activities in the year under review was
once again on retail banking and private and corporate client business. In
addition, the commission acts as our
body responsible for regular highlevel talks conducted with other associations. Our institutionalised dialogue
on issues relating to lending business,
which we have been practising for
some time now, has proven very worthwhile. In the past year, the commission
worked extensively on issues relating to the real estate and mortgages
market. Key examples of this work include the revision of our “Guidelines
governing examination, valuation
and treatment of mortgage-backed
loans”, the drafting of our “Guidelines
on minimum requirements for mortgage financing” and activities in connection with the new registered mort-
gage note. The commission’s work
included drawing up various position
statements and providing support in
selected political projects, such as the
”Bausparinitiative” (housing savings
initiative), the revision of spatial planning law and the initiative on second
homes. The self-regulation project in
connection with the revision of legislation protecting the adult’s rights had
a high priority and was conducted in
cooperation with the Cantonal Conference on the Protection of the Rights
of Minors and Adults.
Dr. Patrik Gisel, Stellvertretender
Vorsitzender der Geschäftsleitung,
Raiffeisen Schweiz (St. Gallen)
Commission for Communications
and Public Affairs
The financial crisis in Europe and international tax discussions were once
again the main focus in the year under review. The focus of communication activities in the first half of the
year was on the ratification process
of the withholding tax agreements. In
the second half of the year, the various international developments on
the tax front occurring in parallel and
often very rapidly were a major challenge for SBA’s communication. The
commission also maintained close
contact with politicians in current key
countries. In Switzerland, the public
affairs specialists continued their intensive dialogue with politicians but
also the events of “SwissBanking – Bi de Lüt”, a series of events, which is helping to boost the regional focus
and promote dialogue between the financial and business spheres. The well-established series of “Swiss Banking on air” events in high schools was
redesigned. It is now structured as
modules, which permits teaching staff
to choose and combine them according to their particular requirements. The individual modules offer plenty of scope
for lively discussions with students. The
SBA went further down the road to digitization and developed an app for the
“La Coupole” business database, making it easy to use on mobile devices. In addition, a mobile version was programmed
for the SwissBanking Future website.
Claude-Alain Margelisch,
Vorsitzender der Geschäftsleitung,
SBVg (Basel)
Commission for Institutional
Asset Management
The future strategy of Switzerland’s
financial centre in the area of asset
management is of central importance to our Association. The IAM Commission, which helped develop this
strategy in 2012, has now the task
of overseeing its implementation.
It stated its position in respect of
the amended CISO and the FINMA
Circular “Distribution of collective investment schemes”. The revised CISA,
which entered into force on 1 March
2013, notably sets out regulations
for asset managers of collective investment schemes, custodian banks
and structured products. The commission also examined the Alternative Investment Fund Managers Directive (AIFMD). The transposition of AIFMD into the national legislation of the EU’s member states and
the conclusion of cooperation agreements between FINMA and the responsible authorities within the EU
will in fact have an impact on asset
management in Switzerland. Last but
not least, the expert group on Global
Investment Performance Standards
(GIPS) looked intensively at the development of these standards and
organised the GIPS Day, a successful
seminar on the topic.
Andreas Schlatter,
Group Managing Director,
UBS AG (Zürich)
•SwissBanking
44 | Annual Report 2012/2013 Commission for Tax and
Finance Policy
The rapid pace of developments on the
international as well as domestic tax front
resulted in an extensive range of issues
to address and much work to do in the
year under review for this commission.
The commission focused intensively on
the implementation of the withholding
tax agreements concluded with Austria
and the UK, which was just one of this
year’s key topics. One of its tasks concerned the formulation of implementation guidelines. The commission also
provided support in the negotiations on
the FACTA agreement between Switzerland and the US. Other issues on which
the commission prepared position
statements and recommendations for
submission to the responsible authorities and committees included the provision of administrative assistance under
the OECD standard, corporate taxation,
value added tax (VAT) and stamp duties.
Fritz Müller,
commission also actively fosters contact with national organisations (police, law enforcement agencies, Federal In- telligence Service) as well as international organisations (committees of the European and the International Banking
Federation) in the field of security. An
annual joint meeting is held with the
cantonal police chiefs as representatives of the Swiss Conference of Cantonal Police Chiefs, which provides an
opportunity to discuss current security
issues of relevance to various sectors. In the year under review, the commission’s working groups dealt with issues
relating to physical and IT security, business continuity management (BCM)
and economic criminality. The focus was on general data security (published
information paper: “Data Leakage Protection”), cooperation in the FINMA
project “Client Data Security”, which
addresses the same topic, the revision
of the BCM recommendations and ongoing skimming attacks.
Managing Director,
Christoph Beat Zumstein,
Credit Suisse AG (Zürich)
Leiter Group Security Services,
UBS AG (Zürich)
Commission for Security
The Commission for Security is an advisory specialist and management body
for all matters related to security. The
Training Commission
In summer 2012, the new core content
of the revised basic commercial training
for banks, which was amended to reflect the varying needs of the different
segments, and the newly updated and
coordinated bank entry programme
for secondary school graduates were
introduced for new trainees. The commission focused intensively on the possible introduction of a sector-level accreditation process for the banks’ own
certification and qualification procedures for its employees. In view of developments related to strategic prior- ities at the federal level concerning the
potential regulation in connection with
the FIDLEG of February 2013, the commission came to the conclusion that
there is no point to independently pursuing this issue further at the moment.
In concrete terms this means ensuring
within the scope of the Financial Services Act that the banks’ existing highlevel and widely recognised training requirements are sufficient and can serve
as the basis for a client advisor role. The
activities on the commission’s agenda
in 2012/13 focused on providing support to the Higher Specialist College
of Banking & Finance (HFBF), introducing the French version of the financial information portal www.money-info.ch,
the general review of the education
system in the banking and finance sector, efforts to cultivate and maintain a wide range of contacts, and drafting
various position statements as part of
the consultation and comment process
for educational policy.
Dr. Jürg Gutzwiller,
Mitglied der Geschäftsleitung,
RBA-Holding (Gümligen)
Commission for the Safeguarding
of Swiss Financial Assets
The main task of this commission is
to provide advice on securities that
are issued by companies or by Swiss
or foreign public-sector bodies and
managed by Swiss banks, where there
is a risk of default (suspension of interest payments or redemption on maturity, requests for debt conversion and/or restructuring, etc.). In the
year under review, the commission
focused in particular on the possible
impact of the debt crisis in Europe on
Swiss assets and the monitoring of
developments in Greece with respect
to restructuring in the private sector.
It also monitored developments connected with the liquidation of the
three largest banks in Iceland, Kaupthing, Landsbanki and Glitnir.
Urs Bretscher,
Managing Director,
UBS AG (Zurich)
•SwissBanking
46 | Annual Report 2012/2013 Swiss Commission for
Financial Standardisation
The commission once again represented the interests of Switzerland in
the ISO TC 68 (Financial Services), its
subcommittees and working groups
regarding the development and revision of ISO data and reporting standards, as part of its current activities.
The commission is also very involved
in the application of the standards in
the annual SWIFT releases through
its change requests and in the evaluation of the suggested changes and
their final coordination. These activities secure current information
for the Swiss Market Infrastructure
Committees and serve as a basis for
the organisation of specialist conferences. The focus in the area of payments was on the project to migrate
payment transactions in Switzerland
to ISO 20022. In the area of securities a market practice for the new
ISO 20022 MX reports for the coordinated migration of fund order reports
was developed using new electronic
tools. As part of the Swiss Legal Entity Identifier Stakeholder Group, the
commission drafted a Swiss LEI green
paper and organised regular updates.
A new working group in the lending
business subgroup worked in close
collaboration with software providers
and the Swiss Conference of Finance
Directors to analyse the possibilities
for in future electronically submitting
SME financial accounts using the new
Swiss XBRL taxonomy.
Peter Lorenz,
Managing Director,
UBS AG (Zürich)
•SwissBanking
48 | Annual Report 2012/2013 Areas of Responsibility
within the Office
Head Office Basel
Aeschenplatz 7
4052 Basel
PO box 4182
4002 Basel
T +41 61 295 93 93
F +41 61 272 53 82
[email protected]
www.swissbanking.org
Berne Office
Hotelgasse 10
3011 Berne
T +41 31 313 37 77
F +41 31 313 37 79
Zurich Office
Limmatquai 122
8001 Zurich
T +41 44 266 93 00
F +41 44 266 93 01
Members of the Executive Committee
Claude-Alain Margelisch
Lucas Metzger
Renate Schwob
Jakob Schaad
Thomas Sutter
Kuno Hämisegger
•SwissBanking
50 | Annual Report 2012/2013 Chief Executive Officer
Claude-Alain Margelisch / Dep. Jakob Schaad / Dep. Renate Schwob
Operations
Lucas Metzger*
Staff Unit Board & CEO Human Resources Finances Informatics DB/Support Services Selma Merdan
Ursula Zähringer
Ernst Buess
Martial Schilliger
Priska Lanz
Thomas Knell
Strategic Development
Claude-Alain Margelisch*
Economics
Martin Hess
Training
Matthias Wirth
Strategy
Stefan Tobler
Economic Analysis
Raphael Vannoni
Advanced training
Marie-Theres Lorenzon
Communications
Jean-Marc Felix
Educational Information
Micha De Roo
Asset Management
Peter Grünblatt
Financial Market Switzerland
Renate Schwob* / Dep. Markus Staub
Financial Markets International
Jakob Schaad* / Dep. Urs Kapalle
Communications
Thomas Sutter*
Public Affairs Switzerland
Kuno Hämisegger* / Dep. Yves Weidmann
Banking Policy, Banking Regulation
Markus Staub
Europe
Stefan Hoff mann
Switzerland, Germany
Thomas Sutter*
Public Affairs Monitoring
Yves Weidmann
Financial Markets Law, Netting
Christoph Winzeler
America/Asia, WTO/OECD/ICC
Heinrich Siegmann
Europe
Rebeca Garcia Infrastructure, Payment Systems
Renate Schwob*
Institutional Asset Management
Mireille Tissot
Overseas, UK
Sindy Schmiegel
Real Estate and Consumer Issues
Angela Knuchel
Federal Finance, Tax Policy
Urs Kapalle
Compliance, Money Laundering,
FATF, Bank Security
Pascal Baumgartner
Tax Issues
Jean Brunisholz
Country Information
Fiona Hawkins
International Legal Issues,
Asset Protection
Jakob Schaad
Web Services
Alexandra Arni
Events
Marlen Melone
* Member of the Executive Committee
•SwissBanking
52 | Annual Report 2012/2013 Association Business
Swiss Bankers Day
The 99th General Assembly of the Swiss
Bankers Association was held on 5
September 2012 on the Novartis Campus in Basel. Celebrating its 100-year
anniversary, the SBA thus returned to
the city where it was founded. More
then 400 bankers and representatives
from business and politics, public authorities, associations and the media
attended the event, and the SBA also
had the honour of welcoming diplomats from 20 different countries.
In his Chairman’s address, Patrick Odier
spoke about the successes, challenges
and opportunities that have marked the
past year, mentioning, for example,
the tax agreements with Germany, the UK and Austria, the cross-border
problems with the US, and other
important issues with which the Swiss
Bankers Association concerned itself.
He is optimistic about the future of the
Swiss financial sector, and under- scored the importance of the banking
sector as an engine of the Swiss economy. He urged financial intermediaries to observe the very highest of professional standards. He also stressed
the importance of dialogue between
representatives of politics and the
financial centre. In conclusion, he
highlighted the milestones in the
association’s 100-year history. Finally, Federal Councillor Johann N.
Schneider-Ammann delivered the Swiss
Federal Council’s message of greeting.
The General Assembly approved the
2011/2012 annual report and the financial statements.
Board of Directors and Board
Committee
At the General Assembly held on 5
September 2012, the following were
elected to the Board of Directors: Mr
Boris F. J. Collardi, Bank Julius Bär & Co.
AG (replacing Mr Raymond J. Bär, Julius
Bär Gruppe AG and Bank Julius Bär &
Co. AG, who had resigned from the
Board in the previous year), and Prof.
Dr Urs Müller, Association of Swiss
Cantonal Banks (VSKB) (replacing Mr
Peter Siegenthaler, VSKB, who had also
resigned from the Board in the previous year). The General Assembly also
elected Mr Michael Hobmeier, Valiant
Bank AG, to the Board, replacing Mr
Paul Nyffeler, RBA-Holding AG, who
has resigned from the Board this year.
On the same day, the Board of Directors elected Mr Hobmeier as a member of the Committee of the Board of
Directors.
•SwissBanking
54 | Annual Report 2012/2013 The General Assembly also confirmed
the other members of the Board of
Directors for a new term of office of
three years.
In the current financial year, the Board
of Directors co-opted Dr Romeo Cerutti,
Credit Suisse Group AG and Credit
Suisse AG, to the Board of Directors
(replacing Mr Berchtold) and elected
him to the Committee of the Board of
Directors. It also co-opted Dr Francesco
Morra, HSBC Private Bank (Suisse) SA
(replacing Alexandre Zeller, HSBC Private Bank (Suisse) SA, who had resigned from the Board in the previous
year), and Mr Marco Bizzozero, Deutsche Bank (Schweiz) AG (replacing Mr
Strähle).
post of research assistant in the CEO’s
office and Christine Blumer took up her
position as assistant in the Financial
Markets International department.
Since 1 October 2012, Alena Weibel has
been working as a research assistant for
the departments of Economic Policy
and Public Affairs Switzerland. Dominik
Banny, director, Taxation & Fiscal Policy,
came on board our tax team on 1 October 2012, and Petrit Ismajli joined
the tax team in the role of senior specialist on 1 February 2013. On 1 January
2013, we engaged Peter Grünblatt as
senior project leader with the mandate
of further developing the Swiss financial centre to become a leading location for asset management in future. In February 2013, Stefan Hoffmann
switched to the Financial Markets International department, where he took
over as head of Europe. On 30 June
2013, Kristina Gasser, communication
events assistant, left the SBA. Carine
Voegeli, Financial Markets International
assistant, left the SBA at the end of July.
Office
On 1 September 2012, Maya Felice took
over from Janine Sasse as assistant in the Financial Market Switzerland area. In the same month Alexander Siegenthaler took up his newly created
In December 2012, the Board of Directors appointed Fiona Hawkins and
Raphael Vannoni members of senior
management and promoted Marlen
Melone and Micha de Roo to associate
director.
In addition to Mr Nyffeler, Mr Hobmeier,
Mr Walter Berchtold, Credit Suisse
Group AG and Credit Suisse AG, and Mr
Joachim H. Strähle, Bank Sarasin & Cie
AG, have also resigned from the Board
of Directors in the current financial year.
At the end of July 2013, the
Association’s Office had a permanent
staff of 69, representing 62 full-time
equivalent positions.
•SwissBanking
56 | Annual Report 2012/2013 Balance Sheet as of
31 December 2012
Assets
Liabilities
2011
2012
Cash and cash equivalents
Accounts receivable
Accrued income and prepaid expenses
23 266 762
924 792
40 844
13 370 014
10 755 307
168 638
Accounts payable
Accrued expenses and deferred income
Special-purpose provisions
Total current assets
24 232 398
24 293 959
Total liabilities
9 640 000
1
3 700 000
11 882 250
1
3 700 000
Association capital
Reserves
In CHF
Securities and financial assets
Movable property and equipment
Property
Total fixed assets
Total Assets
13 340 001
37 572 399
2011
2012
1 522 191
2 817 182
1 121 229
1 279 858
24 195 500
25 041 000
26 838 920
29 138 040
6 961 000
6 961 000
3 772 479
3 777 170
Total equity capital
10 733 479
10 738 170
Total Liabilities
37 572 399
39 876 210
In CHF
15 582 251
39 876 210
•SwissBanking
58 | Annual Report 2012/2013 Income Statement 2012
Appropriation of Surplus
Income
In CHF
Membership fees
Financial income
Income miscellaneous
Release of provisions
Total Income
2011
2012
26 591 223
418 125
2 622 835
152 000
25 590 103
1 262 990
2 543 606
801 600
29 784 183
30 198 299
2011
2012
Allocation to reserves
22 963
4 691
Surplus
22 963
4 691
2011
2012
In CHF
Notes to the Financial Statements
In CHF
Expenses
In CHF
2011
2012
Operating and commission expenses
Personnel expenses
General and administrative expenses
Depreciation, amortisation and provisions
Interest expenses
Tax expenses
13 834 263
11 719 738
2 558 831
1 130 001
325 399
192 988
13 642 831
12 199 451
2 496 167
1 637 036
890
217 233
Total Expenses
29 761 220
30 193 608
22 963
4 691
Surplus
Fire insurance values of tangible fixed assets
Movable property and equipment
Property
2 920 000
3 100 000
18 611 712
18 744 576
Fair values of securities and financial assets
10 989 569
12 652 452
600 000
600 000
Pledges in favour of third parties
Pledged securities
•SwissBanking
60 | Annual Report 2012/2013 Report of the
Statutory Auditors on the
Financial Statements
To the General Assembly of the members of the
Swiss Bankers Association (SwissBanking), Basel
As statutory auditors we have audited
the financial statements of the Swiss
Bankers Association (SwissBanking;
see pages 56 to 59), which comprise
the balance sheet, income statement
and notes, for the year ended 31
December 2012.
Board of Directors’ responsibility
The Board of Directors is responsible
for the preparation and fair presentation of the financial statements in
accordance with Swiss law (Art. 957 ff.
of the Swiss Code of Obligations) and
the Association’s Articles of Incorporation. This responsibility includes design- ing, implementing and maintaining an
internal control system suited to the
preparation and fair presentation of
financial statements that are free from
material misstatement, whether due
to fraud or error. The Board of Directors is also responsible for select-ing
and applying appropriate account-ing
policies and making accounting estimates that are reasonable in the
circumstances. Auditors’ responsibility
Our responsibility is to express an opinion on the financial statements based
on our audit. We conducted our audit
in accordance with Swiss law and
Swiss auditing standards, which
require that we plan and perform the
audit to obtain reasonable assurance
about whether the financial statements are free from material
misstatement. An audit applies procedures to obtain
audit evidence about the amounts
and other disclosures in the financial
statements. The procedures selected
depend on the auditor’s judgement,
which includes an assessment of the
risks of material misstatement of the
financial statements, whether due to
fraud or error. In making these risk
assessments, the auditor considers the
internal control system, to the extent
that it is relevant to the preparation
and fair presentation of the financial
statements, in order to design audit
procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the internal control
system. An audit also includes an evaluation of the appropriateness of
the accounting policies used and the
reasonableness of accounting estimates made, as well as an evaluation
of the overall presentation of the
financial statements. We believe that
the audit evidence we have obtained
•SwissBanking
62 | Annual Report 2012/2013 is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements for the year ended 31 December 2012 comply with Swiss law (Art.
957 ff. of the Swiss Code of Obligations) and the Association’s Articles of
Incorporation.
Report on other legal
requirements
We confirm that we meet the legal
requirements concerning licensing
(Audit Supervision Act) and independence (Art. 69b of the Swiss Civil
Code in conjunction with Art. 728 of
the Swiss Code of Obligations) and that
there are no circumstances incompatible with our independence.
We recommend that the financial
statements submitted to you be
approved.
Basel, 13 May 2013
Ernst & Young Ltd.
Thomas Schneider
Licensed Auditor (in charge of audit)
Stefan Lutz
Licensed Auditor
In accordance with Art. 69b of the
Swiss Civil Code in conjunction with
Art. 728a para. 1 point 3 of the Swiss
Code of Obligations and Swiss Auditing Standard 890, we confirm that an
internal control system exists which
has been designed for the preparation of the financial statements
according to the instructions of the
Board of Directors.
•SwissBanking
64 | Annual
insight 2.12
ReportHeisser
Organs
2012/2013 of
Stuhl
the
Organs
3
Fragenofan
the
Swiss Bankers
Vorname
Nachname
Association
Board of Directors
Patrick Odier*
Chairman, Associé-gérant, Lombard Odier & Cie, Genève
Dr. Ulrich Körner*
Vice Chairman, Group COO, CEO UBS Group Europe, Middle East & Africa,
UBS AG, Zürich
Claude-Alain Margelisch*
Delegierter des Verwaltungsrates, Vorsitzender der Geschäftsleitung,
Vorname Nachname, Organisation
1.
2.
Schweizerische Bankiervereinigung, Basel
Jean Berthoud
3.
Président du Conseil d’administration, Banque Bonhôte & Cie SA, Neuchâtel
Das Jagdgebiet der Frauen lag in der Nähe von Er so laut zu schnarchen, daß man ihn am anderdaß er alleine war und Rindenholz statt einem
Christian R. Bidermann
Chairmen
since the year
foundation
zwei Wasserlöchern,
von of
denen
nur eines ihnen en Ufer hören konnte. Im Schlaf sprach er mehrSohn in den Armen hielt, wurde er sehr zornig.
Teilhaber,
Rahn
&
Bodmer
Co.,
gehörte und in dem sie fischten. Das andere ge- mals den Namen des Mannes aus, den er getötet
Er Zürich
nahm seine tierische Gestalt wieder an und
1912–1917
Friedrich Frey, Basel
hörte Jaguar, und sie warnten den Mann, sich ihm hatte und den zu?
machte sich auf die Suche?
Marco Bizzozero
1917–1927
Dr. h. c. Alfred Sarasin,
DieserBasel
Mann hieß Mayara-koto. Dies beunruhigte die
zu
nähern?
Nach den Flüchtigen. Diese hörten ihn schon von
CEO,
Deutsche
Bank
(Schweiz)
AG, Zürich
Dorthin,
denn das Loch des wilden Tiers
enthielt
weitem
und beschleunigten ihre Schritte. Schließlich
1927–1946
Robert
La Roche,Frauen,
Basel die Verrat witterten. «Noch nie», sagten sie,
unser Mann so laut geschnarcht, und nie hat
mehr
Fische als das ihre. Doch Jaguar
hatte kein
klopften sie an Wau-utas Tür. «Wer ist da?» - «Wir, die
1946–1950
Bernhard
Sarasin,«hat
Basel
Dr. Romeo Cerutti*
Verständnis dafür: um sich zu rächen, tötete er den er sich selbst bei seinem Namen genannt.» Vorsichbeiden Schwestern.» Doch Wau-uta wollte nicht öff1950–1965
Dr Charles de Loës, Genève
General Counsel & Member of the Executive Board, Credit Suisse Group AG
Dieb, nahm seine Gestalt an und kam zum Lager der tig zogen sie Haburi aus den Armen des Schläfers,
nen. Da zwickte die Mutter Haburi in die Ohren, damund Credit
Suisse
AG, Zürichit er weine. Neugierig erkundigte sich Wau-uta: «Wer
1965–1986
E. Sarasin,
Basel ein Paket Rinde an seine
Stelle und
ergriffen
beiden
Frauen. Es war schon fast dunkel.Alfred
Jaguar
trug schoben
1986–1992
Dr Claude
de Saussure,
Genève
mit dem
Säugling die Flucht, nicht ohne sich zuvor
den
Korb seines Opfers, der den gestohlenen
Fisch
ist dieses Kind? Ein Mädchen oder ein Junge?» - «Es
Boris F. J. Collardi*
mitBasel
einer Wachsfackel und einem Reisigbündel verseenthielt.
Mit einer Stimme, die durch ihre
ist mein Haburi, ein Knabe», antwortete die Mutter,
1992–2003
Dr. Lautstärke
Georg F. Krayer,
Executive
Officer,
Julius
Bär & öffnete
Co. AG, nun
Zürich
wanderten,
hörten
sieBankund
und Rauheit überraschte, sagte der falsche Gatte den hen zuhaben. Während sie Chief
Wau-uta
schnell die Türe und ließ sie
2003–2009
Pierre G. Mirabaud, Genève
Frauen, sie könnten den Fisch kochen und essen, er Wau-uta, die zu jener Zeit eine Zauberin war; sie sang,
eintreten. Als der Jaguar kam, sagte ihm Wau-uta, daß
Blaise Goetschin
Since 2009
Patrick Odier, Genève
selbst jedoch sei zu müde, um an ihrem Mahl teil- begleitet von ihrer rituellen Klapper. Die Frauen eilten
sie nichts gesehen habe, doch er solle selber sehen
Président
de
la
Direction
générale,
Banque Cantonale de Genève, Genève
zunehmen; er wolle nur schlafen und Haburi in seinen in die Richtung des Geräuschs, denn sie wußten, daß
[email protected]
Armen halten. Man gab ihm das Kind, und während sie bei Wau-uta in Sicherheit wären. Unterdessen erwachte der Jaguar. Als er sah, (860 Z.)
die Frauen aßen, begann (830 Z.)
•SwissBanking
ReportHeisser
2012/2013 66 | Annual
insight 2.12
Organs
of
Stuhl
the
3 Fragen an
Board of Directors
Dr Alfredo Gysi*
Stephan Weigelt
Président du Conseil d’administration, BSI SA, Lugano
Vorname Nachname
Vorsitzender der Geschäftsleitung, acrevis Bank AG, St. Gallen
Pascal Kiener
* Member of the Committee of the Governing Board
Président de la Direction générale, Banque Cantonale Vaudoise, Lausanne
Bernard Kobler
Auditors
CEO, Luzerner Kantonalbank AG, Luzern
Ernst & Young AG, Basel
Dr Francesco Morra
1.
CEO, HSBC Private Bank (Suisse) SA, Genève
Prof. Dr. Urs Müller*
2.
Präsident, Verband Schweizerischer Kantonalbanken, Basel
Das Jagdgebiet der Frauen lag in der Nähe von Er so laut zu schnarchen, daß man ihn am anderzwei
Wasserlöchern,
von denen nur eines ihnen en Ufer hören konnte. Im Schlaf sprach er mehrNicolas
Pictet*
gehörte und in dem sie fischten. Das andere ge- mals den Namen des Mannes aus, den er getötet
Associé-gérant, Pictet & Cie, Genève
Dieser Mann hieß Mayara-koto. Dies beunruhigte die
zu
nähern?
Herbert
J. Scheidt
Dorthin, denn das Loch des wilden Tiers enthielt Frauen, die Verrat witterten. «Noch nie», sagten sie,
Präsident des Verwaltungsrates, Bank Vontobel AG und Vontobel Holding AG,
mehr Fische als das ihre. Doch Jaguar hatte kein «hat unser Mann so laut geschnarcht, und nie hat
Zürich
Verständnis dafür: um sich zu rächen, tötete er den er sich selbst bei seinem Namen genannt.» VorsichDieb,
nahm
seine Gestalt an und kam zum Lager der tig zogen sie Haburi aus den Armen des Schläfers,
Martin
Scholl
beiden Frauen. Es war schon fast dunkel. Jaguar trug schoben ein Paket Rinde an seine Stelle und ergriffen
Vorsitzender der Generaldirektion, Zürcher Kantonalbank, Zürich
den Korb seines Opfers, der den gestohlenen Fisch mit dem Säugling die Flucht, nicht ohne sich zuvor
enthielt.
einer Stimme, die durch ihre Lautstärke mit einer Wachsfackel und einem Reisigbündel verseDr. PierinMit
Vincenz*
und Rauheit überraschte, sagte der falsche Gatte den hen zuhaben. Während sie wanderten, hörten sie
Vorsitzender der Geschäftsleitung, Raiffeisen Gruppe, St. Gallen
3.
daß er alleine war und Rindenholz statt einem
Sohn in den Armen hielt, wurde er sehr zornig.
Er nahm seine tierische Gestalt wieder an und
weitem und beschleunigten ihre Schritte. Schließlich
beiden Schwestern.» Doch Wau-uta wollte nicht öffnen. Da zwickte die Mutter Haburi in die Ohren, damit er weine. Neugierig erkundigte sich Wau-uta: «Wer
und Wau-uta öffnete nun schnell die Türe und ließ sie
[email protected]
•SwissBanking
68 | Annual
insight 2.12
ReportHeisser
Bank
2012/2013 Institutions
Stuhl
3 Fragen
Bank
Institutions
an
Tamara Erez
Rechtsanwältin, PSMLaw SA, Co-Direktorin LCS Legal & Compliance
Vorname Nachname
Solutions Ltd., Lugano
Prof. Dr. Dieter Zobl
Em. Professor Privat-, Handels- und Bankrecht an der Universität Zürich,
ehem. Chef Rechtsdienst der Zürcher Kantonalbank, Rüschlikon
Secretary of the Supervisory Board
1.
2.
Georg Friedli
3.
Secretary, Fürsprecher, Bahnhofplatz 5, 3011 Bern; Postfach 6233, 3001 Bern
Robert Fiechter
Deputy
avocat, 4, avenue
Champel,
Das Jagdgebiet der Frauen lag in der Nähe von Er so laut zu schnarchen, daß
manSecretary,
ihn am anderdaß er de
alleine
war 1206
und Genève
Rindenholz statt einem
Supervisory
Board forvon
thedenen
Due Diligence
zwei Wasserlöchern,
nur einesAgreement
ihnen en Ufer hören konnte. Im Schlaf sprach er mehrSohn in den Armen hielt, wurde er sehr zornig.
gehörte
und
in dem sie fischten. Das andere ge- mals den Namen des Mannes aus, den er getötet
Dr. Lorenz
Meyer
Investigators
into
the
Due
Diligence
Agreement
machte
sich
auf die Suche?
Präsident, a. Bundesgerichtspräsident, Bern
Daniele
Calvarese die
Dieser Mann hieß Mayara-koto.
Dies beunruhigte
zu nähern?
«Noch nie»,
sagten attorneys-at-law,
sie,
Dorthin,
denn
das Loch des wilden Tiers enthielt Frauen, die Verrat witterten.Avvocato,
weitem und
ihre Schritte. Schließlich
CSNLAW®
Via beschleunigten
Nassa 21, 6900 Lugano
Dr Philippe
Amsler
Avocat, Genève; chargé de cours, droit bancaire, HESSO Genève,
Dr. Martin
Lüscher
genannt.»
VorsichVerständnis dafür: um sich zu rächen, tötete er den er sich selbst bei seinem Namen
beiden Schwestern.» Doch Wau-uta wollte nicht öffancien consultant juridique Credit Suisse et Lombard Odier & Cie, Choulex
Armen des Seestrasse
Schläfers, 41,nen.
Dieb, nahm seine Gestalt an und kam zum Lager der tig zogen sie Haburi aus den
zwickte
die Mutter
in die Ohren, damRechtsanwalt,
8002Da
Zürich;
Postfach
1878,Haburi
8027 Zürich
beiden
war schon fast dunkel. Jaguar trug schoben ein Paket Rinde an seine Stelle und ergriffen
it er weine. Neugierig erkundigte sich Wau-uta: «Wer
Prof. DrFrauen.
ClaudeEsBourqui
Didier
Montmollin
nichtde
ohne
sich zuvor
den Korb seines Opfers, der den gestohlenen Fisch mit dem Säugling die Flucht,
Professeur honoraire à l’Université de Lausanne, ancien professeur de
Reisigbündel
verseenthielt. Mit einer Stimme, die durch ihre Lautstärke mit einer Wachsfackel und einem
istGenève;
mein Haburi,
ein Knabe»,
die11Mutter,
Avocat,
rue Bartholoni
6, 1204
Case postale
5210, antwortete
1211 Genève
l’Université
de
St-Gall,
ancien
Partner
chez
Ernst
&
Young
SA,
Commugny
Dr.Zauberin
Beat von
Rechenberg
war;
sie sang,
Frauen, sie könnten den Fisch kochen und essen, er Wau-uta, die zu jener Zeit eine
Prof. Dr. Hanspeter Dietzi
Die Frauen
eilten
selbst jedoch sei zu müde, um an ihrem Mahl teil- begleitet von ihrer rituellen Klapper.
sie 7,
nichts
habe, doch
solle selber sehen
Rechtsanwalt,
Dreikönigstrasse
8002gesehen
Zürich; Postfach,
8022erZürich
Ehem.
Deputy
General
Counsel
UBS
AG,
a.
Präsident
der
Juristischen
[email protected]
Kommission
SBVg,
Armen
halten.der
Man
gabBinningen
ihm das Kind, und während sie bei Wau-uta in Sicherheit wären. Unterdessen erwachte der Jaguar. Als er sah, (860 Z.)
•SwissBanking
70 | Annual
insight 2.12
ReportHeisser
Bank
Stuhl
3 Fragen an
Swiss Banking Ombudsman Foundation
Dr. h.c. Annemarie Huber-Hotz
Geschäftsstelle des Schweizerischen Bankenombudsman
Vorname Nachname
Marco Franchetti
Vice Chairman, ehem. CEO der Zürcher Kantonalbank, Wallisellen
Bahnhofplatz 9, Postfach 1818, 8021 Zürich
Chairwoman, a. Bundeskanzlerin, Bern
Bankenombudsman
Paul Hasenfratz
T +41 43 266 14 14 (8.30 – 11.30 o’clock) German/English
Prof. Dr Christian Bovet
T +41 21 311 29 83 (8.30 – 11.30 o’clock) French/Italian
Professeur à l’Université de Genève, Genève
F +41 43 266 14 15
www.bankingombudsman.ch
Prof. Dr. Ulrich Cavelti
3.
1.
und ehem. nebenamtlicher Bundesrichter, St. Gallen
2.
Franziska Troesch-Schnyder
Das Jagdgebiet der Frauen lag in der Nähe von
Präsidentin
Konsumentenforum
kf. Zollikon
zwei
Wasserlöchern,
von denen
nur eines ihnen
gehörte und in dem sie fischten. Das andere gehörte Jaguar, und sie warnten den Mann, sich ihm
Foundation
zu
nähern? Administrator
Dorthin,
denn dasWinzeler
Loch des wilden Tiers enthielt
PD Dr. Christoph
mehr
Fische
Advokat,
Baselals das ihre. Doch Jaguar hatte kein
Verständnis dafür: um sich zu rächen, tötete er den
Dieb, nahm seine Gestalt an und kam zum Lager der
beiden
Frauen. Es war schon fast dunkel. Jaguar trug
Auditors
den Korb seines Opfers, der den gestohlenen Fisch
Ernst & Young AG, Basel
enthielt. Mit einer Stimme, die durch ihre Lautstärke
und Rauheit überraschte, sagte der falsche Gatte den
Frauen, sie könnten den Fisch kochen und essen, er
selbst jedoch sei zu müde, um an ihrem Mahl teilzunehmen; er wolle nur schlafen und Haburi in seinen
Armen halten. Man gab ihm das Kind, und während
Andrea
Er so laut zu schnarchen, daß
manPellanda
ihn am anderdaß er alleine war und Rindenholz statt einem
en Ufer hören konnte. Im Schlaf
sprach er mehrSohn in den Armen hielt, wurde er sehr zornig.
Stv. Bankenombudsman
mals den Namen des Mannes aus, den er getötet
Rudolf Schenker
hatte und den zu?
beunruhigte die
Stv.Dies
Bankenombudsman
Frauen, die Verrat witterten. «Noch nie», sagten sie,
Martin Tschan
«hat unser Mann so laut geschnarcht,
und nie hat
er sich selbst bei seinem Namen
genannt.» Vorsich- Rechtsanwalt
beiden Schwestern.» Doch Wau-uta wollte nicht öffStv. Bankenombudsman,
tig zogen sie Haburi aus den Armen des Schläfers,
nen. Da zwickte die Mutter Haburi in die Ohren, damRolf Wüest
schoben ein Paket Rinde an seine
Stelle und ergriffen
Stv.
Bankenombudsman,
mit dem Säugling die Flucht,
nicht
ohne sich zuvor Rechtsanwalt
mit einer Wachsfackel und einem Reisigbündel verseist mein Haburi, ein Knabe», antwortete die Mutter,
Peter hörten sie
hen zuhaben. Während sie Stefan
wanderten,
Leiter
Anlaufstelle
Wau-uta, die zu jener Zeit eine
Zauberin
war; sie sang,
begleitet von ihrer rituellen Klapper. Die Frauen eilten
in die Richtung des Geräuschs, denn sie wußten, daß
[email protected]
sie bei Wau-uta in Sicherheit wären. Unterdessen erwachte der Jaguar. Als er sah, (860 Z.)
Ehem. Präsident des Verwaltungsgerichts des Kantons St. Gallen
Christian Guex
Stv. Bankenombudsman
•SwissBanking
72 | Annual
insight 2.12
ReportHeisser
Bank
Stuhl
3 Fragen an
esisuisse (Swiss Banks‘ and Securities Dealers‘ Deposit Guarantee Association)
Board
Dr. Patrik Gisel
Vorname Nachname
Alessandro Seralvo
Chairman, Stv. Vorsitzender der Geschäftsleitung , Raiffeisen Schweiz, St. Gallen
Executive Vice President, Cornèr Banca SA, Lugano
Barend Fruithof
Thomas M. Steinebrunner
Leiter Corporate & Institutional Clients, Mitglied Private Banking & Wealth
Leiter Recht und Compliance, Direktor, Rahn & Bodmer Co., Zürich
Management Committee, Credit Suisse AG, Zürich
Dr. Hannes Glaus
Geschäftsstelle esisuisse (Swiss
Banks‘
and Securities
Dealers‘ Deposit
Vorname
Nachname,
Organisation
Präsident Schweizer Verband Unabhängiger Effektenhändler, Rechtsanwalt, Zürich
Guarantee Association)
1.
Heinz Hofer
2.
Patrick Loeb
Geschäftsführer
3.
Managing Director Filialgeschäft, GE Money Bank AG, Zürich
man 4182,
ihn am
anderPostfach
4002
Basel daß er alleine war und Rindenholz statt einem
HeinzWasserlöchern,
Kunz
sprach
mehrzwei
von denen nur eines ihnen en Ufer hören konnte. Im Schlaf
den Armen hielt, wurde er sehr zornig.
T +41 61
295 92er92,
F +41 61Sohn
272 53in82
mals den Namen des Mannes aus, den er getötet
gehörte
undGeneraldirektion,
in dem sie fischten.
Das
andere ge- Zürich
Mitglied der
Zürcher
Kantonalbank,
[email protected]
www.esisuisse.ch
Lucas
Metzger
zu
nähern?
Frauen, dieBasel
Verrat witterten.Lucas
«NochMetzger
nie», sagten sie,
Dorthin,
denn
das Loch des Schweizerische
wilden Tiers enthielt
Mitglied der
Geschäftsleitung,
Bankiervereinigung,
Stv.
Geschäftsführer
Christine Novakovic
Verständnis
dafür: um sich zu rächen, tötete er den er sich selbst bei seinem Namen genannt.» Vorsichbeiden Schwestern.» Doch Wau-uta wollte nicht öffHaburi aus den
ArmenRösch
des Schläfers,
Dieb,
seine& Gestalt
an und
kam zum
Lager
der tig zogen
nen. Da zwickte die Mutter Haburi in die Ohren, damHead nahm
Corporate
Institutional
Clients,
Wealth
Management
& Swisssie
Bank,
Isabelle
Stelle und ergriffen
beiden
Frauen. EsDirector,
war schon
fast
Group Managing
UBS
AG,dunkel.
ZürichJaguar trug schoben ein Paket Rinde an seine
Projektleiterin
BrunelloMit
Perucchi
enthielt.
einer Stimme, die durch ihre Lautstärke mit einer Wachsfackel und einem Reisigbündel verseist mein Haburi, ein Knabe», antwortete die Mutter,
hen(Suisse)
zuhaben.
Während sie wanderten, hörten sie
und
Rauheit
sagte derBanca
falsche
Gatte den
Président
de überraschte,
la Direction générale,
Popolare
di Sondrio
SA, Lugano
Pius Ch.
Schwegler
selbst
jedoch
sei zu müde, um an ihrem Mahl teil- begleitet von ihrer rituellen Klapper. Die Frauen eilten
zunehmen;
er wolle
nur RBA-Holding
schlafen und Haburi
in seinen in die Richtung des Geräuschs, denn sie wußten, daß
Chief Executive
Officer,
AG, Gümligen
[email protected]
•SwissBanking
74 | Annual
insight 2.12
ReportHeisser
Bank
Stuhl
3 Fragen an
AGV Banken (Swiss Bank Employers’ Association)
Board
Vorname Nachname
Barend Fruithof
Dr. Stefan Seiler
Chairman, Leiter Corporate & Institutional Clients, Mitglied Private
Managing Director, UBS AG, Zürich
Banking & Wealth Management Committee, Credit Suisse AG, Zürich
Dr. Jürg Gutzwiller
Membre de la Direction, Banque Cantonale Vaudoise, Lausanne
Vice Chairman, Mitglied des Verwaltungsrates RBA-Holding AG,
Präsident des Verwaltungsrates Entris Banking AG, Gümligen
Stefan Hux
1.
Head Human Resources, Julius Bär Gruppe AG, Zürich
Oliver Seppey
2.
Pietro Soldini
Directeur, BSI SA, Lugano
3.
Geschäftsstelle AGV Banken (Swiss Bank Employers’ Association)
Michael Federer
Dr. Balz Stückelberger
Das
Jagdgebiet
der Frauen
lagSchweiz,
in der Nähe
von Er so laut zu schnarchen, daß man ihn am anderdaß er alleine war und Rindenholz statt einem
Mitglied
der Direktion,
Raiffeisen
St. Gallen
Geschäftsführer
zwei Wasserlöchern, von denen nur eines ihnen en Ufer hören konnte. Im Schlaf sprach er mehrSohn in den Armen hielt, wurde er sehr zornig.
René Hoppeler
Dufourstrasse
49,getötet
Postfach 4182,
4002 Basel
aus, den er
gehörte
und in dem sie fischten. Das andere ge- mals den Namen des Mannes
Er nahm
seine tierische Gestalt wieder an und
hörte
Jaguar,
und sie warnten
den Mann, sich
ihm hatte und den zu?
machte
T + 41 61 295 92 95, F + 41 61
272 93sich
97 auf die Suche?
Mitglied
der Direktion,
Zürcher Kantonalbank,
Zürich
Dies beunruhigte die
zu nähern?
[email protected]
Christiandenn
G. Machate
«Noch nie», sagten sie,
Dorthin,
das Loch des wilden Tiers enthielt Frauen, die Verrat witterten.www.agv-banken.ch
mehr
Fische
als das
ihre. Doch
hatte
kein «hat unser Mann so laut geschnarcht, und nie hat
Head of
HR Private
Banking,
Credit Jaguar
Suisse AG,
Zürich
Verständnis dafür: um sich zu rächen, tötete er den er sich selbst bei seinem Namen genannt.» Vorsichbeiden Schwestern.» Doch Wau-uta wollte nicht öffLucasnahm
Metzger
Dieb,
seine Gestalt an und kam zum Lager der tig zogen sie Haburi aus den Armen des Schläfers,
nen. Da zwickte die Mutter Haburi in die Ohren, damPaket Rinde an seine Stelle und ergriffen
beiden
Es war schon fast
dunkel. Jaguar
trug schoben ein
MitgliedFrauen.
der Geschäftsleitung,
Schweizerische
Bankiervereinigung,
Basel
Gottlieb Mit
Prack
enthielt.
einer Stimme, die durch ihre Lautstärke mit einer Wachsfackel und einem Reisigbündel verseist mein Haburi, ein Knabe», antwortete die Mutter,
und
sagte
der(Schweiz)
falsche Gatte
den hen zuhaben. Während sie wanderten, hörten sie
HeadRauheit
Humanüberraschte,
Resources, LGT
Bank
AG, Basel
Thomas
Schenkel
selbst
jedoch
sei zu müde, um an ihrem Mahl teil- begleitet von ihrer rituellen Klapper. Die Frauen eilten
zunehmen;
er wolle
nur schlafen
und Haburi in seinen in die Richtung des Geräuschs, denn sie wußten, daß
Direktor, Rahn
& Bodmer
Co., Zürich
[email protected]
•SwissBanking
76 | Annual
insight 2.12
ReportHeisser
Utility
2012/2013 Infrastructure
Stuhl
Utility
3
Fragen
Infrastructure
an
Providers,
Vorname
Nachname
Associations
and Federations
Center for Young Professionals in Banking (CYP)
Puls 5, Giessereistrasse 18, 8005 Zürich
Office
T +41 43 222 53 53, F +41 43 222 53 54
[email protected]
www.cyp.ch
Höhere Fachschule Bank und Finanz (HFBF)
Office
AKAD Höhere Fachschule Banking und
Finance AG
Vorname Nachname,
Organisation
Jungholzstrasse
43, 8050 Zürich
1.
2.
3.
T +41 44 307 33 66, F +41 44 307 32 07
[email protected]
www.akad.ch/Banking-Finance
man
ihn am
anderdaß er alleine war und Rindenholz statt einem
Swiss
Finance
Institute
Utility
Infrastructure von
Providers
Swiss
Banking
enSector
Ufer hören konnte. Im Schlaf sprach er mehrzwei Wasserlöchern,
denenfor
nurthe
eines
ihnen
Office
Walchestrasse 9, 8006 Zürich gehörte
SIX Groupund
AGin dem sie fischten. Das andere ge- mals den Namen des Mannes aus, den er getötet
T +41 44 254 30 80, F +41 44 254 30 85 hörte Jaguar, und sie warnten den Mann, sich ihm hatte und den zu?
Selnaustrasse 30, 8001 Zürich
Office
[email protected] Diese hörten ihn schon von
zu nähern?
Nach den Flüchtigen.
T +41 58 399 20 91, F +41 58 499 54 55
weitem undwww.swissfinanceinstitute.ch
beschleunigten ihre Schritte. Schließlich
www.six-group.com
mehr Fische als das ihre. Doch Jaguar
hatte kein «hat unser Mann so laut geschnarcht, und nie hat
Swiss
Bankers
Prepaid
Services
AG
Swiss Exchange Business
areas
Verständnis
dafür: um sich zu rächen, tötete
er den er sich selbst bei seinem Namen genannt.» Vorsichbeiden Schwestern.» Doch Wau-uta wollte nicht öffOffice
Kramgasse
4, 3506
Grosshöchstetten Securities
Services tig zogen sie Haburi aus den
Armen des Schläfers,
Dieb, nahm seine Gestalt an und kam zum
Lager der
nen. Da zwickte
die Mutter
Haburi
in die Ohren, dam+41 31 710
11 11, F +41
710 12 00 schoben ein Paket Rinde an seine Stelle und ergriffen
beiden Frauen. Es war schon fast dunkel.Financial
Jaguar trug
it er weine. TNeugierig
erkundigte
sich31
Wau-uta:
«Wer
Information
den Korb seines Opfers, der den gestohlenen
ist dieses Kind?
Ein Mädchen oder ein Junge?» - «Es
[email protected]
PaymentFisch
Servicesmit dem Säugling die Flucht, nicht ohne sich zuvor
enthielt.
Lautstärke
ist mein Haburi,
ein Knabe», antwortete die Mutter,
www.swissbankers.ch
Alexandre
Zeller mit einer Wachsfackel und einem Reisigbündel versePräsidentMit einer Stimme, die durch ihre
und
Rauheit überraschte,
sagte der falsche
Gatte
den hen zuhaben. Während sie wanderten, hörten sie
Dr. Urs
Rüegsegger
Vorsitzender
der Geschäftsleitung
[email protected]
•SwissBanking
78 | Annual
insight 2.12
ReportHeisser
Utility
Stuhl
3 Fragen an
Utility Infrastructure Providers for the Swiss Banking Sector
Associations and Federations
Pfandbriefbank schweizerischer Hypothekarinstitute AG
Verband Schweizerischer Kantonalbanken
Vorname Nachname
Office
Office
Nansenstrasse 16, Postfach 6446,
Wallstrasse 8, Postfach, 4002 Basel 8050 Zürich
T +41 61 206 66 66, F +41 61 206 66 67 T +41 44 315 44 55, F +41 44 315 44 66
[email protected]
[email protected]
www.kantonalbank.ch
www.pfandbriefbank.ch
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
Präsident
Prof. Dr. Urs Müller
Direktor
Hanspeter Hess
Office
Bahnhofstrasse 9, Postfach, 8010 Zürich
RBA-Holding AG
1.
T +41 44 292 31 97, F +41 44 292 31 24
Office
2.
www.pfandbriefzentrale.ch
3.
Mattenstrasse 8, 3073 Gümligen
T +41 31 660 44 44, F +41 31 660 44 55
[email protected]
Aduno Gruppe
www.rba-holding.ch
Das Jagdgebiet der Frauen lag in der Nähe von Er so laut zu schnarchen, daß man ihn am anderdaß er alleine
war und Rindenholz statt einem
Office
Hagenholzstrasse 56,
Jean-Baptiste
Beuret
Präsident
sprach er mehrzwei Wasserlöchern, von denen nur eines ihnen en Ufer hören konnte. Im Schlaf
Sohn in den
Armen hielt,
wurde er sehr zornig.
8050
Zürich
Oerlikon Pius Ch.
Schwegler
Vorsitzender
Geschäftsleitung
aus, den der
er getötet
gehörte und in dem sie fischten. Das andere ge- mals den Namen des Mannes
Er nahm seine
tierische
Gestalt wieder an und
T +41sich
58 ihm
958 60 00,
F +41
58den
958zu?
60 01 hatte
und
hörte Jaguar, und sie warnten den Mann,
Raiffeisen
Gruppe die
[email protected]
Dies beunruhigte
zu nähern?
www.aduno-gruppe.ch
4, 9001
St. Gallen «Noch nie», sagten sie,
Dorthin, denn das Loch des wilden Tiers
enthielt Frauen, die Verrat witterten.Office
weitem undRaiffeisenplatz
beschleunigten
ihre Schritte.
Schließlich
klopften sieTan
Wau-utas
Tür.88,«Wer
ist 71
da?»
+41
71 225 88
F +41
225- «Wir,
82 51 die
Verständnis dafür: um sich zu rächen, tötete er den er sich selbst bei seinem Namen genannt.» Vorsichbeiden Schwestern.»
Doch Wau-uta wollte nicht öffwww.raiffeisen.ch
Armen des Schläfers,
Dieb, nahm seine Gestalt an und kam zum Lager der tig zogen sie Haburi aus den
nen. Da zwickte
die Johannes
Mutter Haburi
in die Ohren, damPräsident
Prof. Dr.
Rüegg-Stürm
Vorsitzender der Geschäftsleitung
Dr. Pierin Vincenz
enthielt. Mit einer Stimme, die durch ihre Lautstärke mit einer Wachsfackel und einem Reisigbündel verseist mein Haburi, ein Knabe», antwortete die Mutter,
[email protected]
•SwissBanking
80 | Annual
insight 2.12
ReportHeisser
Utility
Stuhl
3 Fragen an
Associations and Federations
Verband Schweizerischer Kreditbanken und Finanzierungsgeschäfte
Association des Banquiers Privés Suisses
Vorname Nachname
Office
Office
Uraniastrasse 12, Postfach 3228,
12 rue du Général-Dufour,
8021 Zürich
Case postale 5639, 1211 Genève 11
T +41 44 250 43 40, F +41 44 250 43 49
T +41 22 807 08 04, F +41 22 320 12 89 [email protected]
[email protected]
www.vskf.org
www.swissprivatebankers.com
Präsident
Heinz Hofer
Chairman
Nicolas Pictet
Geschäftsführer
Dr. Robert Simmen
Secretary-General
Michel Y. Dérobert
Vereinigung Schweizerischer Handels- und Verwaltungsbanken
1.
Office
2.
Baarerstrasse 12, 6300 Zug
T +41 41 729 15 35, F +41 41 729 15 36
[email protected]
Das Jagdgebiet der Frauen lag in der
Nähe von Er so laut zu schnarchen, daß man ihn am anderzwei Wasserlöchern, von denen nur [email protected]
eines ihnen en Ufer hören konnte. Im Schlaf sprach er mehrgehörte und in dem sie fischten. Daswww.vhv-bcg.ch
andere ge- mals den Namen des Mannes aus, den er getötet
hörte Jaguar, und sie warnten den Mann,
Präsident
Borissich
F. J. ihm
Collardi hatte und den zu?
Dieser
zu nähern?
Sekretäre
Dr. Benno Degrandi,
Dr. Mann
Georghieß
HessMayara-koto. Dies beunruhigte die
Verband
der Auslandsbanken
in der
Schweiz
mehr
Fische
als das ihre. Doch
Jaguar
hatte kein «hat unser Mann so laut geschnarcht, und nie hat
er sich
selbst bei seinem Namen genannt.» VorsichVerständnis
dafür: um sich zu rächen, tötete
er den23, 8001
Office
Usteristrasse
Zürich
tig Zürich
zogen sie Haburi aus den Armen des Schläfers,
Lager1211,
der 8021
Postfach
T +41 44 224 40 70, F +41 44 221 00 29 den Korb seines Opfers, der den gestohlenen Fisch mit dem Säugling die Flucht, nicht ohne sich zuvor
[email protected]
enthielt. Mit einer Stimme, die durch ihre Lautstärke mit einer Wachsfackel und einem Reisigbündel versewww.foreignbanks.ch
Präsidentsie könnten den Fisch kochen und
Dr. Alfredo
Frauen,
essen, Gysi
er Wau-uta, die zu jener Zeit eine Zauberin war; sie sang,
Geschäftsführer
Dr. Martin
Maurerbegleitet von ihrer rituellen Klapper. Die Frauen eilten
selbst
jedoch sei zu müde, um an ihrem
Mahl teilzunehmen; er wolle nur schlafen und Haburi in seinen in die Richtung des Geräuschs, denn sie wußten, daß
3.
daß er alleine war und Rindenholz statt einem
beiden Schwestern.» Doch Wau-uta wollte nicht öffnen. Da zwickte die Mutter Haburi in die Ohren, damit er weine. Neugierig erkundigte sich Wau-uta: «Wer
[email protected]
•SwissBanking
82 | Annual
insight 2.12
ReportHeisser
Utility
Stuhl
3 Fragen an
Swiss Associations
International Associations
Swiss Funds & Asset Management Association SFAMA
European Banking Federation (EBF)
Vorname Nachname
Office
Office
Dufourstrasse 49, Postfach, 4002 Basel
56 Avenue des Arts, B-1000 Brussels T +41 61 278 98 00, F +41 61 278 98 08
T +32 2 508 37 11, F +32 2 511 23 28 [email protected]
[email protected]
www.sfama.ch
www.ebf-fbe.eu
Präsident
Martin Thommen
President
Christian Clausen
Geschäftsführer
Markus Fuchs
Chief Executive
Guido Ravoet
Verband schweizerischer Holding- und Finanzgesellschaften
Vorname Nachname,
Organisation
European Fund and Asset Management
Association
(EFAMA)
Office
Secretariat
1.
Postfach 4182, 4002 Basel
2.
T +41 61 295 93 93, F +41 61 272 53 82
[email protected]
3.
Rue Montoyer, 47, B-1000 Brussels
T +32 2 513 39 69, F +32 2 513 26 43
[email protected]
www.holdingverband.ch
www.efama.org
Das Jagdgebiet der Frauen lag in der
Nähe von Er so laut zu schnarchen, daß man ihn am anderdaß er alleine
war und Rindenholz statt einem
Ulrich
Vischer en Ufer hören konnte. Im Schlaf
Christian
Präsident
President
sprach er mehrzwei Wasserlöchern, von denen nur Dr.
eines
ihnen
Sohn in den
ArmenDargnat
hielt, wurde er sehr zornig.
Knell mals den Namen des Mannes
Alexander
Schindler
Geschäftsführer
Viceaus,
President
den er getötet
gehörte und in dem sie fischten. DasThomas
andereW.geEr nahm seine
tierische
Gestalt wieder an und
machte sich
auf De
dieProft
Suche?
Peter
Director General
Verein
für Finanzgeschichte (Schweiz und FürstentumDieser
Liechtenstein)
Mann hieß Mayara-koto. Dies beunruhigte die
zu nähern?
Banking
Office
8000 Zürich «Noch nie», sagten
sie,Federation
Dorthin, denn das Loch des wilden Tiers
enthielt Frauen, die Verrat witterten.International
weitem (IBFed)
und beschleunigten ihre Schritte. Schließlich
«hatF +41
unser
und nie hat
mehr Fische als das ihre. Doch Jaguar
hatte
klopften siePinners
an Wau-utas
Tür.–«Wer
ist da?»
die
Office
Hall, 105
108 Old
Broad- «Wir,
Street,
T +41
44 kein
333 71 92,
44 Mann
333 97so
96 laut geschnarcht,
Verständnis dafür: um sich zu rächen, tötete
er den er sich selbst bei seinem Namen genannt.» Vorsichbeiden Schwestern.»
wollte nicht öffUK-LondonDoch
EC2NWau-uta
1EX
[email protected]
Lager der tig zogen sie Haburi aus den Armen des Schläfers,
nen. Da zwickte die Mutter Haburi in die Ohren, damwww.finanzgeschichte.ch
Stelle
ergriffen Bankers
beiden Frauen. Es war schon fast dunkel. Jaguar trug schoben ein Paket Rinde an seine
it er weine.
Institute
ofund
International
(IIB) Neugierig erkundigte sich Wau-uta: «Wer
Präsident
Fritz Jörg
nicht ohne sich zuvor
den Korb seines Opfers, der den gestohlenen Fisch mit dem Säugling die Flucht,
ist dieses Kind?
Ein Mädchen
oder
th ein Junge?» - «Es
Office
299, Park
Avenue, 17
Floor,
Dr. Jürg Spiller
Geschäftsführer
enthielt. Mit einer Stimme, die durch ihre Lautstärke mit einer Wachsfackel und einem Reisigbündel verseist mein Haburi, ein Knabe», antwortete die Mutter,
USA-New York, NY 10171 und Rauheit überraschte, sagte der falsche Gatte den hen zuhaben. Während sie wanderten, hörten sie
T +1 212 421 1611, F +1 212 421 1119 Frauen, sie könnten den Fisch kochen und essen, er Wau-uta, die zu jener Zeit eine Zauberin war; sie sang,
[email protected]
www.iib.org
[email protected]
•SwissBanking
84 | Annual Report 2012/2013 The Swiss Bankers
Association
3.
The Swiss Bankers Association (SBA) is
the leading organisation of the Swiss
financial centre and
represents the interests of the banks
and securities dealers vis-à-vis the authorities in Switzerland and abroad;
promotes Switzerland’s image as a
financial centre throughout the world;
fosters open dialogue with a critical
public in Switzerland and worldwide;
develops the system of self-regulation in consultation with regulatory
bodies;
supports the training of junior staff
and established executives in the banking industry;
facilitates the exchange of informa-
›
›
›
›
›
›
tion and knowledge between banks
and bank employees;
coordinates joint projects undertaken by the Swiss banks.
›
The SBA was founded in 1912 in Basel
and today has a membership of approximately 347 institutions and approximately 18,000 individual members. The Association’s Office employs
a staff of 69. A total of 10 commissions
deal with key issues affecting the industry. Serving on these commissions
are representatives of various banking groups as well as specialists from
the SBA. The SBA’s main objective is
to safeguard and promote an optimal
environment for the Swiss financial services industry at home and abroad.
Patrick Odier, Senior Partner at Lombard Odier & Cie, Geneva, has been
Chairman of the SBA’s Board of Directors since 2009. Claude-Alain Margelisch has been Chief Executive Officer
since September 2010.
Imprint
Publisher
Schweizerische Bankiervereinigung
Association suisse des banquiers
Swiss Bankers Association Aeschenplatz 7, Postfach 4182, 4002 Basel
T +41 61 295 93 93, F +41 61 272 53 82
[email protected], www.swissbanking.org
Concept, design and composition
Ramstein Ehinger Associates AG,
Branding and Corporate Identity
Picture source
Swiss Bankers Association,
Getty Images, Keystone
[email protected]
This annual report is only published online and
is also available in German and French.
•SwissBanking
•SwissBanking
• Schweizerische Bankiervereinigung
Association suisse des banquiers
Swiss Bankers Association Aeschenplatz 7 Postfach 4182 CH-4002 Basel T +41 61 295 93 93 F +41 61 272 53 82
[email protected] www.swissbanking.org twitter.com / SwissBankingSBA www.facebook.com / SwissBanking
www.swissbanking.org / blog

Annual Report - SwissBanking

Transcription

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