On 8 July 2015, the Swiss Financial Market Supervisory Authority FINMA put a revised package of circulars out for consultation. Many proposed changes have a direct and indirect impact on the Swiss Solvency Test (SST) and its use by Swiss insurers. The most significant impacts arise from the newly released circulars on public disclosure and ORSA.
On 1 June 2015, the Swiss Bankers Association (SBA) presented the revised version of the agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence (CDB 16). A revision of the CDB 08 had become necessary due to the forthcoming changes in the Anti-Money Laundering Act “AMLA” and the FINMA Anti-Money Laundering Ordinance.
Driven by the need for the Swiss insurance supervision system to be considered equivalent with the EU's new Solvency II directive (SII), on 8 July 2015 FINMA released a consultation on new Own Risk and Solvency Assessment (ORSA) requirements for Swiss (re)insurers and captives. What does this require? Will it be a heavy burden?
The adaption to the recommendations of the FATF required the most comprehensive revision of the Swiss Anti Money Laundering regulation since 1998. Based on the amended Anti-Money Laundering Act (AMLA), FINMA fully revised the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA). AMLA and AMLO-FINMA will enter into effect on 1 January 2016.
The tax treaty between Switzerland and Austria entered into effect on 1 January 2013 and the corresponding treaty between Liechtenstein and Austria entered into effect one year later. These treaties provide for the taxation and reporting of current investment income by banks in Switzerland and Liechtenstein to Austria.
On July 8 2015, the Swiss Financial Market Supervisory Authority (FINMA) put out a revised package of circulars for consultation. One of these circulars concerns the investment guidelines for insurers, which has been completely revised since the 2008 version.