Swiss Banking News: November 2010

25.11.2010: Credit Suisse has challenged the order of the Canadian court according to which the bank must hand over 500 boxes of records to the Canadian Revenue Agency (CRA). CRA is seeking to receive archived records in order to build evidence about a certain client accused of tax evasion.
Credit Suisse considers that the CRA should only be permitted access to client records wherte it has firm evidence. According to the bank statement, Canadian law requires certain conditions to be met before CRA can issue such a request, and these conditions are not satisfied.
The deadline for the Canadian Revenue Agency to oppose the application by Credit Suisse is November 27, 2010.

30.11.2010: The Swiss Bankers Association (SBA) has welcomed the adoption by the European Parliament of the European Directive on Alternative Investment Fund managers (AIFM), which aims to create a comprehensive and secure framework for the supervision of alternative investment fund managers within the European Union (EU).
In the drafting period, Switzerland together with other non-EU international financial centres was concerned about how the directive would treat non-EU managers and funds. Switzerland's concerns about access to the European Union market were expressed at the time by various Swiss institutions including the Swiss Bankers Association.