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Switzerland Adopts Revised FINMA Fee Ordinance

by Ulrika Lomas, Tax-News.com, Brussels

29 November 2012


The Swiss Federal Council has recently adopted the revised Financial Market Supervisory Authority (FINMA) Fees and Charges Ordinance.

FINMA finances its supervision activities via the collection of supervision fees and charges from financial institutions.

According to the Swiss Federal Department of Finance (FDF), the modified text takes into account the partial revision of the Collective Investment Schemes Act (CISA), which subjects most managers of collective capital investments to supervision, therefore requiring an adjustment of the basic fees to cover the additional licensing costs.

An amendment of the FINMA Fees and Charges Ordinance is also necessary due to the deficiencies discovered in practice in fee calculation, the FDF adds.

In the area of collective capital investments, the revised ordinance adapts the amount of taxes collected from institutions to the reality of the actual licensing costs. The amount of taxes currently collected is deemed "insufficient."

The FDF highlights the fact, however, that the increase in supervision costs, to be expected given the rise in the number of requests for authorization, is to be spread among a greater number of taxpayers.

In the insurance sector, all premium income will be taken into account for calculating the additional charges, to ensure a fair distribution, and the basic fees for providers of payment and securities settlement systems will be brought into line with those for stock exchanges. In contrast, as regards financial intermediaries directly taxed, the basic fees will not rise.

Various other "minor" amendments will serve to compensate for deficiencies noted in practice in the calculation of the fees.

The revised ordinance is due to enter into force in Switzerland on January 1, 2013.

TAGS: tax | banking | insurance | fees | licensing | stock exchanges | Switzerland

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