Switzerland, Germany agree deal on cross-border banking

Switzerland and Germany have reached an agreement on the provision of cross-border banking services, reports Tax News.

The agreement clarifies issues regarding the delayed implementation of the 2013 bilateral Memorandum on the cross-border provision of financial services. As a result, Swiss banks are now eligible to apply under the simplified authorization regime to be offered by Germany’s Federal Financial Supervisory Authority (BaFin).

The aim of the Memorandum is to strengthen competition and consumer protection and facilitate improved cooperation between the Swiss and German market supervisory authorities.