Financial Services

Revision of FINMA’s SST Circular

On 31 May 2016, FINMA opened the consultation phase for the new SST circular which closes on 12 July 2016. The new SST circular will replace the current SST circular 2008/44 from 1 January 2017 and is a complete revision. It includes many changes which impact the insurance industry.
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AEoI Ordinance: a step closer to implementing the AEoI

On 18 May 2016, the Swiss Federal Council launched the consultation period on the Ordinance on the Automatic Exchange of Information in Tax Matters (AEoI). The purpose of the AEoI Ordinance is to regulate further relevant details on how the AEoI is to be implemented.
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Insurance groups take a portfolio approach to growth

In today’s insurance environment, victory belongs to the bold. Margins are under pressure and competition is heating up; insurers can no longer afford to ‘sit’ on businesses that are underperforming or subscale.
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Grosse Ungewissheit in den Schweizer Wirtschaftsregionen

Die Schweizer Wirtschaft ist verunsichert. Wir haben die Spitzenvertreter von 10 kantonalen Handels- und Industriekammern nach den grössten Herausforderungen für ihre jeweiligen Wirtschaftsregionen befragt.
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IFRS 16 Leases – the mystery of transition reliefs and their impact on Swiss financial institutions

In the past, we have seen Swiss financial institutions selling their office buildings to investors and leasing them back. With IFRS 16, lessees will now bring most leases on balance sheet. For this reason, financial institutions have to recognize a right-of-use (ROU) asset.
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Blockchain – the creative destruction to Financial Services

The term creative destruction by Joseph Schumpeter describes the process of creating net economic growth in a capitalist system. The entrepreneur creates greater economic value from his radical ideas and innovations than is destroyed by the replacement of established ways. This destruction is seemingly a positive news for the financial services industry.
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