The objectives SATC has reached in its 10 years of existence
Since it was founded in 2007, SATC has consistently met the important goals and objectives that were initially set, which resulted in significant advantages to its members. Amongst others, our members have been able to profit from various training events, workshops as well as different conferences like the STEP-SATC Lausanne Conference in 2015.
The annual Barclays/SATC know how-seminars and events focusing on current topics held in Geneva and Zurich are also a popular platform for an exchange among colleagues.
SATC, its representatives and members are also widely acknowledged for their numerous professional articles, media statements and conference speakers.
It became clear when SATC created a “white paper” to address the regulation of trust companies in Switzerland (see the white paper in our download section for more information) that according to SATC, the best way to promote the credibility and reputation of Swiss trustees and the Swiss trust industry is by regulating it. In this context, SATC also remains in regular contact with other influential professional or public bodies, such as the Swiss governmental administration or associations of the financial sector.
SATC has introduced submitted proposals, for example the automatic exchange of information on tax matters (AEoI), the OECD mutual administrative assistance on tax matters or regarding the regulation of asset managers and trustees in relation to the current FIDLEG/FINIG discussion. In fact, it is SATC’s persistence that led to the inclusion of trustees in the Financial Institutions Act.
Beyond that, SATC has obtained a legal opinion confirming that discretionary trusts are out of the scope of the Swiss/UK tax agreement.
Furthermore, SATC has interacted with the State Secretariat for International Financial Matters re the implementation of FATCA.
SATC has also implemented various working groups on tax, regulation and compliance issues that meet regularly in order to provide input for SATC towards various commissions and authorities.
Last but not least, it should be mentioned that SATC organises important events in London for UK-based private client advisors with the aim to promote Switzerland as a jurisdiction for the administration of family structures.