Switzerland and Germany to intensify cross-border cooperation in financial sector
Bern, 16.08.2013 - Today, Switzerland and Germany agreed to intensify cross-border cooperation in the financial sector. The agreement will be implemented by the exchange of letters signed by the German Finance Minister Wolfgang Schäuble and Finance Minister Eveline Widmer-Schlumpf
An agreement of this nature on cross-border financial services was already signed by the two countries in 2011, within the scope of the bilateral withholding tax agreement. However, with Germany's rejection of the withholding tax agreement, it too became null and void.
The new agreement is supplemented by two implementation agreements between the financial market supervisory authorities. These cover an intensification of cooperation on the cross-border provision of banking services and the admission of securities funds. The agreement is based on reciprocity and is beneficial for both countries: competition will be promoted, cooperation between the financial market supervisory authorities will be intensified and consumer protection will be boosted.
Swiss financial institutions which want to benefit from the agreement and do not have local subsidiaries must comply with the relevant German investor and consumer protection provisions in Germany. To this end, Germany's Federal Financial Supervisory Authority (BaFin) can accompany FINMA in the case of on-site inspections. No client data will be disclosed in the process.
Address for enquiries
Mario Tuor, Head of Communications, State Secretariat for International Financial Matters SIF
+41 31 322 46 16, email@example.com
Federal Department of Finance