Switzerland's Federal Council has signed off on a tax agreement with Germany that should facilitate access to the German market by Swiss securities funds.
Switzerland’s Federal Council has signed off on a tax agreement with Germany that should facilitate access to the German market by Swiss securities funds.
The Swiss Funds Association (SFA) said that the agreement means Germany’s Federal Financial Supervisory Authority (BaFin) will recognise Swiss funds as Ucits.
Specific technical details are yet to be agreed between BaFin and its equivalent the Swiss Financial Market Supervisory Authority (FINMA).
Martin Thommen, president of the SFA said: “The SFA is pleased that its efforts with regard to market access have resulted in such a major success. We will continue to support our authorities in this regard, both within Europe and beyond, and we hope that this agreement will send out a signal.”
Matthäus Den Otter, SFA chief executive, added: “This is the first time that agreement has been reached on easier market access with a market as significant for Switzerland as Germany. Swiss securities funds can therefore now benefit from being EU-compliant in providing cross-border services.”