The United States and Switzerland have reached an agreement on the sharing of client investment information
2025-06-10 22:29:40
The US and Switzerland have ended a years-long standoff over sharing client investment information that will give the US a clearer picture of assets held in the European banking hub, according to the Financial Times. Three people familiar with the matter said the agreement followed an inspection by the US Securities and Exchange Commission of at least eight Swiss companies doing business through US entities. The inspections included smaller management companies and Vontobel, a larger investment group. The two countries have a complicated relationship over information about US clients, who have long stashed assets in Swiss accounts to avoid US taxes. Swiss companies paid billions of dollars in fines after the two countries agreed in 2013 on information sharing. The US also lifted a moratorium on approving new Swiss investment advisers for US wealth management on Tuesday.
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