Latest news with #SwissGovernment
Crypto Insight
3 days ago
- Business
- Crypto Insight
Switzerland greenlights sharing crypto tax info with 74 nations
Switzerland is moving forward with plans to automatically share crypto-related data with 74 partner countries, including the United Kingdom and all European Union member states. The Federal Council, the government of Switzerland, has adopted a bill to enable the automatic exchange of information (AEOI) on crypto with partner countries, the council announced on June 6. The proposal also suggests sharing the data with most G20 countries. The measure excludes the United States, Saudi Arabia and China, according to an X post by the Swiss Federal Government. The bill is currently under discussion in Parliament and, if approved, the AEOI framework for crypto assets would take effect on Jan. 1, 2026. First exchange of data expected in 2027 The new proposal follows the Federal Council's dispatch on the international and national legal bases for the AEOI concerning crypto assets adopted on Feb. 19, 2025. During a meeting on June 6, the council adopted the dispatch on the AEOI approval, targeting the first exchange of crypto data taking place in 2027. Prior to the actual exchange of data on crypto assets, the Federal Council proposed to review whether the partner states with which the AEOI has been activated continue to fulfil the standard's requirements. 'To this end, the existing review mechanism for the AEOI on financial account information should in the future also cover the AEOI concerning crypto assets, which requires the corresponding federal decree to be amended accordingly,' the council said. Exchange depends on mutual interest In the announcement, the Federal Council stressed that an AEOI should only take place if the partner states are interested in exchanging information with Switzerland. The states also have to fulfil the requirements of the Crypto-Asset Reporting Framework (CARF) developed by the Organisation for Economic Co-operation and Development (OECD). The council noted that the EU will implement the AEOI on crypto assets as part of the eighth update of the Directive on Administrative Cooperation, or DAC 8. The directive applies to countries that do not yet comply with the OECD crypto reporting standard across all EU member states. 'Affected providers of crypto services from Switzerland would have a direct reporting obligation in EU member states from that point on, and this will continue until Switzerland implements the ECHR with all EU member states,' the council said in a statement. According to the Federal Council, adopting crypto AEOI will help Switzerland meet its international tax transparency commitments, strengthen the reputation of its financial sector and create a level playing field for local crypto firms. 'Switzerland therefore has a significant interest in being integrated into this network and implementing the AEOI on crypto assets from 2026 onward, especially since it is likely that Switzerland will receive tax-relevant data on crypto assets from partner states,' the council stated. Source:
Yahoo
3 days ago
- Business
- Yahoo
UBS bank challenges proposed capital requirement increases
UBS banking group has mostly accepted regulatory proposals issued by the Swiss government but on Friday argued against an increase in capital requirements. The measures from the Federal Council "would result in capital requirements that are neither proportionate nor internationally aligned," the bank said. The new proposals would require UBS to fully deduct investments in foreign subsidiaries, deferred tax assets on temporary differences, and capitalized software from its CET1 capital, alongside increased prudential valuation adjustments. UBS noted that the changes would force the company to hold an estimated additional $24 billion in CET1 capital, primarily due to a $23 billion deduction of its foreign subsidiaries' investments. At the group level, the CET1 capital ratio would rise to 19%, but regulatory measures misaligned with global standards could reduce it to around 17%, underrepresenting UBS's financial strength. The capital requirement increase would come on top of $18 billion already needed following UBS's acquisition of Credit Suisse-bringing the total additional CET1 capital required to $42 billion. Despite these proposed regulations, UBS Group AG maintains its target of a 15% underlying return on CET1 capital and a cost/income ratio below 70% by the end of 2026. UBS reaffirms its 2025 capital return plans, including a 10% dividend increase and share repurchases of up to $3 billion, contingent on maintaining its CET1 capital ratio target of 14%. Future capital return goals for 2026 will be disclosed with its fourth-quarter and full-year financial results for 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
UBS Confirms 2025 Payout Plans After Swiss Bank Law Proposals
UBS Group AG said it will carry out its plans to make payouts to shareholders this year as previously announced after the Swiss government published proposals for a reform of banking laws. It said it will update on its '2026 capital returns ambitions' when it discloses fourth-quarter results, it said in a statement on Friday. That event is slated to happen early next year.
Reuters
4 days ago
- Business
- Reuters
New UBS rules: what are they and when will they come into force?
ZURICH, June 6 (Reuters) - The Swiss government on Friday published its proposals for stricter regulation of UBS (UBSG.S), opens new tab, setting varying timelines for the introduction of rules that will have far-reaching consequences for the lender and its business model. UBS will need to find up to $26 billion in additional core capital, while there are also new proposals to make it easier for banks to access central bank liquidity, to give the regulator more powers and to introduce bonus "clawbacks". Some of the proposed rules, which are designed to make the banking system safer, will need to go through parliament in a process set to take years; other changes can be introduced directly by the governing Federal Council. Following is an overview of the proposals and when the finalised rules could come into force: * UBS must hold 100% of the capital in its foreign units at the parent bank, up from 60% currently, with parliament given the final word on the rule. * UBS to get at least 6-8 years' transition period for new capital rules, the government proposes. * The government will send a draft bill for formal consultation with political parties, business associations and other interested groups by autumn 2025. * In 2026, the Federal Council plans to adopt the bill and submit it to parliament, which could modify the legislation. * Final legislation will be passed in 2027 at the earliest and not come into force before 2028, the Swiss finance ministry said. OTHER RULES EXPECTED IN 2027 * Stricter provisions to apply to the valuation of assets not sufficiently recoverable in a crisis, like software or deferred tax assets. * These proposals are on the ordinance track, meaning the Federal Council can enact them directly after a feedback period. * Final rules are expected to come into force in 2027. * The government proposes to make it easier for banks to access liquidity from the Swiss National Bank. * Lenders will need to have collateral prepared in advance, with a minimum amount set for systemically important banks. * Barriers to the transfer of collateral to the SNB will also be removed. * Announcements that banks have accessed central bank liquidity may be deferred to minimise damage to lenders. * The Public Liquidity Backstop proposals remain unchanged. * Government to consider covered bonds as collateral for access to liquidity at a later date. * These liquidity measures to be addressed at both legislative and ordinance levels. * FINMA to get new powers to fine legal entities. * The regulator should be able to intervene more easily and to issue fines to non-compliant institutions. * Requirements for recovery and resolution plans to be increased and FINMA should be able to order measures to address deficiencies in recovery planning. * These measures are on the longer legislative track, meaning final rules will not come into force before 2028. * The government proposes to introduce a senior managers regime. Banks will need to assign clear responsibility to individuals, making them more accountable for breaches of duty. * This should make it possible to claw back variable remuneration, cancel bonuses or withdraw recognitions from financial regulator FINMA, the government said. * The government favours "effective clawbacks" for systemically important banks. * Introducing a cap on bonuses is not seen as appropriate.
Yahoo
29-05-2025
- Climate
- Yahoo
Swiss village buried after glacier collapse
GENEVA, Switzerland - A large section of the mountain village of Blatten in southern Switzerland was buried under an avalanche of ice, mud and rocks after a massive glacier gave way on Wednesday. Photos from the disaster zone showed feet of debris sliding down the mountainside, with most of the village submerged beneath the debris field. Only a few rooftops remained visible following the collapse of the Birch Glacier, which had shown signs of instability in recent weeks. Engineers had been monitoring the glacier and issued evacuation notices more than a week before the collapse, which prevented a greater tragedy. According to seismologists, the force of the avalanche was equivalent to a magnitude 3.1 earthquake. The Swiss government was closely monitoring the situation for any additional slides, which could force more additional evacuations. Antarctica's 'Doomsday Glacier' Is Melting Away Differently Than Scientists First Thought According to Swiss government estimates, Blatten is home to a population of only around 300 people, but that figure typically swells during the busy ski season, which runs annually from December into early April. Emergency crews are actively monitoring the disaster zone for any missing people, but a government official said as of Wednesday evening there were no reported injuries from the event. "It's terrible to lose your home. I feel for the residents of Blatten," Swiss President Karin Keller-Sutter said in a statement. The Alps are home to thousands of glaciers, but many are retreating and melting, according to a recent NASA survey. The range's largest ice sheet is known as the Great Aletsch Glacier and is located in southwestern Switzerland. According to the Swiss Glacier Monitoring Network, the giant glacier has retreated by more than 4,300 feet since 1984. How Scientists Believe The Loss Of Arctic Sea Ice Will Impact Us Weather Patterns Melting glaciers and the depletion of sea ice are widely considered to be major contributors to rising sea levels and shifting climates across the globe. NASA reports that Antarctica alone loses approximately 150 billion tons of ice each year, while melting in Greenland results in 270 billion tons of annual ice article source: Swiss village buried after glacier collapse
