Insights

GTRegs is a regulatory monitoring tool for the Swiss financial market. It supports board members, executives, risk and compliance officers at regulated financial institutions in systematically classifying regulatory developments.

After years of negotiations, Switzerland and the United States of America (USA) signed a new FATCA (Foreign Account Tax Compliance Act) Agreement on 27 June 2024.

What financial service providers have to consider in regulatory change management from the auditor's point of view.

The Ordinance on Asset Management within the Framework of a Guardianship or Conservatorship (VBVV) governs the investment and safekeeping of the assets of persons with protective measures. The completely revised VBVV adopted by the Federal Council on 23 August 2023 will enter into force on 1 January 2024.

With Revenue Procedure 2022-43, the US tax authority IRS published the new Qualified Intermediary (QI) Agreement in December 2022. All Qualified Intermediaries – i.e. the vast majority of banks and securities firms – have until 1 May 2023 to convert their existing QI Agreement into the new version on the electronic IRS portal.

The question of the extent to which cryptocurrencies and other virtual assets are reportable within the framework of the automatic exchange of information (AEOI) has preoccupied financial institutions for several years. At the end of 2022, the OECD adopted a draft for a system for reporting crypto assets, the so-called Crypto-Asset Reporting Framework, or CARF for short. What does the CARF contain and what are the reporting obligations?