Banque Franck Galland en quelques mots

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2 Banque Franck Galland en quelques mots Paul-André Monnerat, CFA Responsable du Service Gérants Indépendants, Banque Franck Galland & Cie SA Esprit de Famille et Haute Horlogerie Bancaire Page 1 21

3 L esprit de famille La famille Johnson, actuellement la 5 e génération, comme actionnaire principal depuis plus de 35 ans Les entreprises de la famille Johnson emploient personnes dans le monde pour un chiffre d affaires global proche des 12 milliards de dollars Engagement du groupe sur des valeurs essentielles comme l intégrité, l innovation et le sens du service personnalisé Banque privée de taille humaine animée par une forte culture et une longue tradition entrepreneuriale, 91 collaborateurs Profondément enracinée en Suisse Romande depuis 1889 Présente à Genève, Lausanne, Neuchâtel et Nyon Page 2 21

4 Toujours plus performants Un service dédié aux gérants indépendants depuis près de 20 ans Nous nous définissons plutôt comme un family office empreint d une forte culture familiale et entrepreneuriale Les gérants indépendants avec lesquels nous collaborons apprécient notre vision à long terme, notre flexibilité Nous veillons à informer les gérants indépendants des solutions existantes ou en développement qui pourraient couvrir des besoins ou déboucher sur de nouvelles opportunités de développement Page 3 21

5 Problèmatique cross border: un exemple pour la clientèle américaine Matthieu Balmer Directeur, Franck Galland US Advisors SA Esprit de Famille et Haute Horlogerie Bancaire Page 4 21

6 L activité Cross-border Actualité Répond à un besoin Médiatisation (les yeux se tournent vers la fiscalité ET les règles transfrontalières) Evolution Pression fiscale Risques Tax compliance Respect simultané des règles/juridictions de plusieurs pays Adaptation de l offre de solutions (suitability) Coûts Avenir? Page 5 21

7 L exemple américain - situation Nous sommes Un tiers gérant Suisse Ouverts sur plusieurs plate-formes/dépositaires Nous servons US Persons fiscalisées/déclarées Résidant aux Etats-Unis ou en Suisse Pourquoi avoir choisi cette voie ADN Expertise Croissance : multiplication vs addition (referals/marchés) Page 6 21

8 Un rappel sur la fiscalité US Gregory J. Dean Directeur, US Tax and Financial Services Sàrl Esprit de Famille et Haute Horlogerie Bancaire Page 7 21

9 U.S. Tax & Financial Services Established in 1986 in London, England Offices in Zurich & Geneva since 2003 Firm of U.S. & U.K. tax accountants and lawyers Largest independent U.S. & U.K. tax compliance and consulting firm in Europe Page 8 21

10 Fundamentals of U.S. Taxation Individuals: U.S. Citizens Lawful Permanent Residents ( Green Card Test ) Substantial Presence Test Entities: Corporations jurisdiction of incorporation Partnerships jurisdiction under the laws partnership is formed Trusts Court and Control Test U.S. source income : Effectively connected income and U.S. trade or business. FDAP Income: Fixed determinable annual or periodic income. Taxes 30% Withholding (lower treaty rates) U.S. Person Worldwide income U.S. Bank US Withholding Agent Foreign Financial Institution 70% U.S. Source & FDAP Income Non-U.S. Person Accountholder Page 9 21

11 2010 Legal Developments Hiring Incentives to Restore Employment (HIRE) Act of 2010 includes the Foreign Account Tax Compliance Act (FATCA) which imposes various due diligence, reporting, and tax withholding responsibilities on Foreign Financial Institutions. Notice provides: Preliminary guidance on what IRS considers to be priority issues in implementing FATCA, Indicates the type of entities intended to be treated as Foreign Financial Institutions (FFIs), and Describes the proposed procedural requirements for information gathering by participating FFIs and withholding agents. The Dodd-Frank Act includes the Private Fund Investment Advisers Registration Act of 2010 which sets an exemption from registration standard for foreign private advisers of $25 million in assets under management attributable to investors in the US. It probably also modifies the US resident standard. Page 10 21

12 2010 HIRE Act Foreign Financial Institutions A Foreign Financial Institution (FFI) is broadly defined. The Notice specifically includes: Foreign banks (including savings and commercial banks, savings and loan associations, thrifts and credit unions), building societies and other cooperative banking institutions; Broker-dealers, clearing organizations, trust companies, insurance companies and custodial banks; Mutual funds, funds of funds (and other similar investments), exchangetraded funds, hedge funds, private equity and venture capital funds, other managed funds, commodity pools, and other investment vehicles. Page 11 21

13 2010 HIRE Act Foreign Financial Institutions Questions: Do you accept deposits in your ordinary course of business, Do you hold financial assets for the account of others, or Do you engage in the business of investing or trading. To-date, IRS seems to be stating that most privately held corporations, partnerships and trusts which are primarily engaged in the business of investing will be FFIs. Certain exceptions apply. Page 12 21

14 2010 HIRE Act Participating FFIs Participating FFIs are not subject to withholding (and may become withholding agents) by entering an agreement with IRS to: Identify its U.S. Accounts* (including accounts with affiliates); Comply with due diligence criteria; Provide the IRS with an annual report; Deduct and withhold 30% on withholdable payments made to Recalcitrant Account Holders, Non-PFFIs and Non-Financial Foreign Entities (NFFEs); Provide follow-up information where requested by IRS; and Obtain waivers of privacy/bank secrecy laws from U.S. account holders refusing to be disclosed on the basis of non-u.s. law, or disinvest them if they refuse to cooperate. * Note for entity accounts that 10% = substantial US Owner. For Trusts any US person who is an owner of the trust. Page 13 21

15 2010 HIRE Act Non-Financial Foreign Entities If an entity invests in the US and it is not an FFI, then it is a Non-Financial Foreign Entity (NFFE): Withholding applies at a 30 percent rate on withholdable payments unless: The NFFE (or beneficial owner) provides the withholding agent with either: A certification that the NFFE does not have a Substantial U.S. Owner, or The name, address and TIN of each Substantial U.S. Owner to the IRS, and The withholding agent does not know, or have reason to know, that any information provided above is incorrect; and The withholding agent reports the information to the IRS in such manner as the IRS may provide. Certain exceptions apply. Page 14 21

16 2010 HIRE Act Withholding A PFFI must deduct and withhold 30% of any Pass-through Payment made by the PFFI to a: Non-PFFI, Recalcitrant Account Holder, A PFFI who has elected to be withheld upon, A NFFE which does not provide specified information to the PFFI. Withholding Burden Shifts U.S. Withholding Agent 30% PFFI 30% Page 15 21

17 2010 HIRE Act Withholding Examples 30% Non-PFFI PFFI 30% 30% U.S. Financial Institution Withholding Agent PFFI NFFE 30% 30% U.S. Persons Hedge Fund Non-PFFI Recalcitrant Account Holder Page 16 21

18 2010 HIRE Act Reporting Foreign Financial Assets Foreign Financial Asset Reporting: U.S. Person Asset Asset Asset Asset Name and address of institution and account number Sufficient information to identify the stock, security or instrument Name and address of all issuers and counterparties Asset Asset Asset The maximum value of the asset In addition to the Report of Foreign Bank and Financial Accounts. Penalty for failure to file is a minimum of $10,000 per year. Effective for 2011 tax year. Page 17 21

19 2010 HIRE Act Implementation Proposed Regulations & FFI Agreement Public Comment Finalize & Issue Regulations Review FFI Agreement s Enforcement Internal Operations & Systems Review Decision on FFI Identify Direct & Indirect U.S. Accounts Contact Clients & Obtain Waivers Reporting & Withholding US Tax can assist you in evaluating how these new rules affect your business model and provide guidance on restructuring and compliance procedures. Page 18 21

20 L exemple américain modus operandi Réglementés SEC (US) FINMA (CH) Autorisés (!) Gérer / Conseiller (particularités) Contacts / Voyages aux E-U Transparents Discrétion vs Secret bancaire Structure de coûts claire et forfaitaire Solutions adaptées En croissance - avec les conditions-cadre Veille juridique permanente Dépositaires de choix Les atouts de la Suisse Supervision par les autorités Suisses (FINMA) Gestion discrétionnaire Advisory / Conseil Service de la clientèle Supervision par la SEC (US) (Investment Advisers Act 1940) Page 19 21

21 Synthèse Média vs contenu Le métier reste La façon d opérer change Evolution rapide et contraignante Tax consciousness Les règles de protection se précisent et sont surveillées Opportunités Page 20 21

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23 Paul-André Monnerat, CFA Responsable du service Gérants Indépendants Banque Franck, Galland & Cie SA Gregory J. Dean Directeur US Tax & Financial Services Sàrl Matthieu Balmer Directeur Franck Galland US Advisors SA Esprit de Famille et Haute Horlogerie Bancaire

24 How Franck Galland US Advisors may serve you We value direct contact Client Custodial contract Asset Mgt Contract Client contact Advice Discretionary Asset Management Asset Management & custodial banking relationship Orders Settlement Approved Broker / Dealer Important notice: only Franck Galland US Advisors employees are entitled to have client contact and provide investment advice to US Persons Annexes

25 Franck Galland US Advisors SA and affiliated relationships Swiss authority (FINMA) supervision Johnson Investment SA (Suisse) SEC supervision (Investment Advisers Act 1940) Activities Custodian bank Trade execution Financial analysis and research Activities Discretionary portfolio management Investment advice Client servicing Annexes

26 Who is considered a US Person? There are several criteria that qualify a US Person US Citizenship Possession of a Green Card Substantial presence Number of days spent in the US during the current year (min. 31 days) + 1/3 of the days spent in the US during the first preceding year + 1/6 of the days spent in the US during the second preceding year = Total of 183 days These rules apply wherever your are domiciled (in the US or abroad) Annexes

27 Franck Galland US Advisors SA Established in 2009 dedicated to the particular needs of US Persons and tax-payers with strong ties to the U.S. through our shareholder and custodian bank Registered with the SEC as an Investment Advisor Providing asset management services Discretionary portfolio management Investment advisory services Access to a network of experienced specialists (lawyers, tax advisors, accountants, etc.) to find solutions tailored to client needs beyond the realm of asset management Annexes

28 Our Clients file U.S. Taxes and require a solid investment partner who understands their needs and provides proper reporting rely on their own Tax Advisors and/or Estate Planners to ensure a comprehensive Wealth Structure are looking to diversify their bankable assets by investing outside of the United States, in US Dollars or any other major international currency of their choice regard Switzerland as a skilled and stable market place, which allows them to benefit from European culture and a long history of Private Banking experience. They value Swiss efficiency and are pleased to note that Tax Information is provided directly to the IRS by our custodian appreciate our ability and willingness to meet with them, at their convenience, in the U.S. or abroad Annexes