I am proud to announce that the latest, the 3rd, edition of "Banking Business in Germany" is now available. Also the new edition was developed in close cooperation between the Association of Foreign Banks in Germany (Verband der Auslandsbanken in Deutschland e.V.) and PwC and, like the former editions, is endorsed by the State-Government of Hesse.
The book's subtitle tries to explain its ambition in one short sentence:
"A practical guide for foreign banks establishing a subsidiary or a branch in Germany"
Switzerland and Germany concluded on 10 August 2011 their negotiations on outstanding tax issues and initialed a tax treaty. Besides implementation of withholding tax on future investment income and regulations on a deferred tax proceed for previously untaxed assets in Switzerland, the agreement also includes (tax) concessions for mutual market access for financial institutions. In particular the so-called exemption process s for Swiss banks in Germany should be easier and the duty of initiating customer relationships through a local institution should be repealed. In a few weeks, the agreement by the two national governments should be signed. Subsequently, the legislative bodies of both states agree to the treaty, which will come into force in early 2013.
Time is relative. But from a regulatory perspective the last four years since 2007 brought close to epochal changes. In nearly all areas of the financial industry the measures taken to scope with the financial crisis led to fundamental amendments and new regulations which already transformed the industry sustainably and will further do so in future.