Published on December 22, 2024 at 7:54 p.m. / Modified on December 22, 2024 at 7:55 p.m.
5 mins. reading
In financial jargon, they are called “SEC structures”. Some of these Swiss management companies that serve American clients were audited this fall, in Switzerland, by the watchdog of American finance, the Securities & Exchange Commission (SEC), which issues them licenses. But the latter was not able to obtain all the data it needed, following instructions from Finma aimed at limiting the information that the Swiss management companies concerned could transmit to it. In retaliation, the SEC warned the latter that they were no longer legal. The situation seems blocked for the moment, with potentially dramatic consequences for Swiss managers.
When American authorities look into banks or managers, it is generally bitter memories that come to the surface. Like the regularization program for Swiss banks launched in 2013 by the American Department of Justice, which pushed around a hundred establishments to transmit data on their American customers, and to pay cash – the highest fines being counted in hundreds of millions of dollars.
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