Swiss Cross-Border Wealth Management Certification Market Belgium II Edition

Swiss Cross-Border Wealth Management Certification Market Belgium II Edition Presentation The international financial crisis, with its impact on domestic economies, has led governments to focus on policies aimed at the repatriation of their citizens assets, with the objective of increasing tax revenue as well as fuelling domestic investment activities. In this new world assets are either booked domestically, or, if they do remain offshore, are fully declared. For the successful international financial advisor of the future, this implies the need for an in-depth understanding of the domestic market and domestic environment in which the client operates. The international financial advisor is now competing directly with domestic advisors. While the international advisor has the global dimension as a competitive advantage, he can only leverage this in full if it comes on top of an in-depth understanding of the domestic situation of the client. At the same time, the new transparency opens up new business opportunities for the astute international financial advisor: in this way he/she can now target the client s domestic assets, expand the service offering and the sophistication of services to include tax and inheritance aspects, and address new onshore sources of wealth such as liquidity events. Weissgeldstrategie and "Abgeltungssteuer" have become commonplace concepts developed by the Swiss Banking Association as well as the Swiss Confederation in response to the ever increasing international pressure applied on Switzerland as part of the repatriation efforts described above. All these concepts have in common that they impact the skills required in an international financial advisor. Managing declared assets requires the advisor to be familiar with the tax regulations, the general financial rules and the local market practices of the country in which the wealth owner resides or in which his/her business assets are located. In its capacity of supervising authority, FINMA demands a thorough respect of sovereign states' regulations, coupled with a service offer model consistent with the governing laws of each reference market (excerpt from the FINMA statement on legal risks, FINMA; 22.10.2010). This statement provides a clear guideline for the Swiss financial industry. The Swiss government s policy aims to counter international pressure and to focus on the subsequent implications for the Swiss Banking System. In this perspective, a Swiss client advisor is expected to be thoroughly acquainted with the legal framework governing his/her operations when serving a client residing in a foreign country. In particular, three new areas need to be added to traditional financial expertise of an international financial advisor to sustain and expand his/her business opportunities: familiarity with domestic regulations to sustain business; 1

familiarity with domestic taxation to expand the level of advice; familiarity with the local markets and local client needs to compete successfully and expand own offerings to integrate domestic needs. In this way, the new competitive scenario is an opportunity to broaden the Swiss banks business possibilities, even if the process of adapting to the new situation is difficult and painful. In response to these new competitive market requirements, the Centro di Studi Bancari and the Swiss Finance Institute have developed a training program addressing precisely the above key issues centered on a client advisor s crossborder business with Belgium. To optimize the time of the client advisor, the training program blends various learning methods: Self-study Pre-test Foundation (Module 0) Specializations (Modules 1-3) Final Exam Refresher Online Documentation Online Classroom training Case studies Classroom training Case studies Multiple choice Classroom training Case studies 15 days 30 min. 15 days** 1.5 days 25 days* 2.5 days 15 days** 60 min. 0.5 to 1 day *Average values The program starts with a phase of self-study based on online documentation. It is followed by a self-assessment pre-test to help the participant to gauge his/her level of preparation and to ensure a homogeneous level of knowledge among participants as they begin the classroom phase. The pre-reading material will be made available electronically in English (some self-study readings are also available in different languages), to be downloaded from a limited access e- learning platform. The classroom phase starts with a Foundation session (Module M0) followed by Specialization sessions (Modules M1, M2 and M3). The classroom phase is followed by a multiple choice exam. In order to maintain the certification, alumni will have to attend refresher sessions (on average once a year) aimed at providing an in-depth review of the major law and tax changes relevant for the Belgian market. The Centro di Studi Bancari and the Swiss Finance Institute offer cross-border training programs for various countries (Germany, France, Belgium, Austria, UK, Spain, Italy and others as requested) with the same characteristics. For all these countries the Foundation Module (M0) is the same. Participants who have already taken Module M0 can therefore register directly for the Specialization Modules (M1 M3) for the chosen country. Objectives As regards know-how, at the end of the program the participant: - has learned the Belgian and Swiss regulations governing cross-border activities; - knows the fundamentals of Belgian taxation principles and their implications for managing wealth; 2

- has deepened his/her insight into the Belgian wealth management market and its links to the domestic business activities of the wealthy. As regards insights, at the end of the program the participant: - has understood that the cross-border issue is also a business opportunity, and not just a regulatory challenge; - has mastered the main Belgian legal and economic variables to the degree necessary to be able to continue building a trusted relationship with Belgian clients; - has better understood how the regulatory risks are managed. And as for practical applications, at the end of the program the participant: - is able to improve after-tax investment performance by taking into account aspects such as investment taxation and inheritance taxation; - knows how to identify selected business opportunities and how to use them to expand the relationship with his/her client. Target Audience Content The program is primarily designed for client advisors. However, the program also serves a wider set of professionals such as portfolio management consultants, investment advisors, wealth and tax planners, or compliance managers. M0 Notions de base (12 heures) Le module est subdivisé en trois parties. Il traite des principes de la réglementation, de la fiscalité et de l économie comuns à tous les marchés et en relation avec l activité cross-border. 1. Compliance and risk based approach: le contexte réglementaire 1.1. Introduction aux activités cross-border 1.1.1. Définition des concepts de base 1.1.2. Cadres juridiques de référence suisse et européen 1.2. Le facteur de risque lié aux activités cross-border 1.2.1. Risque juridique 1.2.1.1. L approche de la FINMA aux dynamiques cross-border 1.2.1.2. L approche du droit étranger 1.2.2. Risque civil (juridiction, droit applicable) 1.2.3. Risque pénal et fiscal 1.2.4. MiFID 2. Système fiscal, imposition des revenus de placement 2.1. Les règles régissant l'imposition des familles 2.1.1. La résidence de l individu et des membres de sa famille 2.1.2. Détermination du revenu en conformité avec les principes du droit international 2.1.3. Imposition des revenus étrangers et obligation de déclaration 2.2. L imposition des entreprises 2.2.1. L imposition des sociétés (entités fiscalement opaques) 2.2.1.1. Période fiscale 2.2.1.2. Calcul des revenus et taux d imposition 3

2.2.1.3. Imposition consolidée des sociétés 2.2.1.4. Impôt sur les dividendes, intérêts et gains en capital 2.2.2. L imposition des associations 2.2.2.1. Période fiscale 2.2.2.2. Calcul des revenus et taux d imposition 2.2.2.3. Responsabilité des associés 3. Conseil aux entrepreneurs 3.1. Comprendre et répondre aux besoins des entrepreneurs 3.1.1. La structure patrimoniale entreprise, biens immobiliers, biens de collection, autres investissements 3.1.2. Comment préparer et introduire la discussion 3.1.3. Entrées en matière possibles 3.1.4. Opportunités pour les activités de private banking 3.2. Entreprise familiale, asset allocation et diversification du risque 3.2.1. Performances potentielles de l entreprise 3.2.2. Cycle de vie et profil de risque de l entreprise 3.2.3. Considérations de diversifications 3.3. Vue d'ensemble des principaux types de transactions avec des implications de corporate finance 3.3.1. Planification successorale - héritage 3.3.2. Stratégies pour le développement des affaires 3.3.3. Rester une entreprise privée ou devenir publique Private equity, IPO 3.4. Principales méthodes d'évaluation d entreprise (référence aux lectures d autoformation) 3.4.1. La méthode des multiples 3.4.2. La méthode des flux de trésorerie actualisés 3.5. Liquidity events : scénarios et opportunités pour le relationship manager 3.5.1. Cession totale d entreprise implications pour les propriétaires et rôle du conseiller financier 3.5.2. Autres cas 3.6. Liquidity event : un cas pratique M1 Compliance and risk based approach: le contexte réglementaire (4 heures) Plutôt que de se limiter à une simple liste de ce que l on doit ou ne doit pas faire, délimitant ainsi le champs d action du conseiller, ce module se concentre sur la façon dont les autorités de surveillance appliquent leurs réglementation, mettant l accent sur le degré de «risque réglementaire» dans les activités cross-border. Il ne remplace pas les règles de conformité internes, mais aide à les mieux comprendre. 1. Réglementation bancaire et financière en Belgique Principes de base 1.1. Activités réglementées 1.1.1. Quelles sont les activités qui déclenchent l obligation d obtenir une licence? 1.2. Critère de territorialité 1.2.1. Qu est-ce qu on peut faire en Belgique 4

1.2.2. Qu est-ce qu on peut faire à partir de la Suisse 1.2.3. Qu est-ce qu on peut faire en Suisse lors de la visite du client 1.3. Impacte de la sollicitation passive 1.3.1. Est-ce que la situation change en cas de sollicitation? 1.3.2. Comment est considérée la sollicitation passive en Belgique? 1.4. Licences cross-border 1.4.1. Existence de licences cross-border 1.4.2. Conditions et conséquences pratiques 2. Application des principes 2.1. Possibilités en terme de marketing 2.1.1. Le marketing mass médiatique est-il possible? 2.1.2. Distinction entre la publicité de notoriété et la publicité de services? 2.2. Prospection One-to-one 2.2.1. Est-il possible de rencontrer un potentiel client de façon individuelle et privée ( one-to-one mode)? 2.3. Offre de nouveaux services aux clients existants 2.4. Prestation de services 2.4.1. Gestion de fortune (asset management) 2.4.2. Conseil en investissements 2.4.3. Exécution de transactions (brokerage) 2.4.4. Information financière 2.5. Offre de produits 2.5.1. Vente active et passive de fonds de placement 2.5.2. Vente active et passive de produits structurés 2.5.3. Analyse financière 3. Cas pratiques M2 Système fiscal, successions et planification financière (12 heures) Ce module permet au conseiller financier de montrer au client qu il maîtrise non seulement la matière financière, qui en elle-même est universelle, mais aussi les éléments liés à sa réalité nationale, améliorant ainsi le rapport de confiance instauré avec le client. Il lui consent également de déceler d autres opportunités de business, grâce à l identification d éventuelles problématique fiscales qu il peut exposer au spécialiste de sa propre banque. Il aide le conseiller à améliorer le conseil en gestion financière, transformant celui-ci en planification financière qui tient compte, entre autre, des variables fiscale et de succession. 1. Système fiscal, successions et planification financière 1.1. Les concepts clés et les principes généraux de la fiscalité en Belgique 1.2. Principe de l'exonération des plus-values (par rapport à l imposition) 1.3. Impôt sur le revenu par rapport à la fiscalité des entreprises et des associations 1.4. L imposition des non-résidents 1.5. Formalités 2. Nouvelle règlementation belge en matière d évasion fiscale 2.1. La présomption par rapport à la charge de la preuve 3. Traité de double imposition belge-suisse 5

3.1. Résidence fiscale 3.2. Retenues d'impôt sur les intérêts et dividendes (exonération?) 4. Obtenir la forme juridique correcte pour l investissement 4.1. Structure d investissement fiscalement optimalisée 5. Règles et impôt sur les successions et donations 5.1. Résidence fiscale 5.2. Impôts sur les successions et les donations (différences entre Flamands, Wallons et Région de Bruxelles) 5.3. Réductions ou exonération d impôt pour les entreprises familiales 5.4. La planification successorale (idées de planification: fondation, optimisation de contrat matrimonial, société civile, etc.) 6. Etudes de cas M3 Le marché du private banking en Belgique (4 heures) L objectif de ce module est d une part de permettre au conseiller financier d engager avec son client une discussion approfondie sur le contexte économique de son pays et de ses implications pour les investissements. D autre part, ce module fournit au conseiller financier une meilleure connaissance de la concurrence intérieure, lui permettant ainsi d identifier d autres possibilités pour le développement des affaires. 1. Le marché intérieur 1.1. Taille et croissance 1.2. La richesse et la répartition des revenus 1.3. Impact du contexte réglementaire 2. Les activités cross-border: aspects culturels 2.1. Le facteur culturel en tant que facteur de compétitivité pour un conseiller à la clientèle cross-border 2.2. «Richesse», «famille» et «intégrité sociale» : trois éléments fondamentaux dans l activité cross-border 2.3. L attitude du client dans le conseil cross-border 3. Concurrence: point forts et faiblesses des acteurs principaux 3.1. Les divers acteurs 3.2. Stratégies de positionnement différenciées en fonction du segment servi et des régions géographique 3.3. Les canaux de distribution 3.4. Analyse de la concurrence : points forts et faiblesses des acteurs principaux 4. Produits et services offerts sur le marché belge 4.1. Les exigences du marché et les produits et investissements plus en vogue pour les satisfaire 4.2. La demande actuelle de services 4.3. L offre de services de la part de la concurrence 4.4. Stratégie de pricing adoptée par la concurrence 5. Stratégie de marketing du cross-border banking 5.1. Analyse des scénarios 5.1.1. Stratégies 5.1.2. Structure/organisation 5.1.3. Processus 6

5.2. Avantages sur la concurrence interne 5.3. Arguments de vente pour le cross-border banking 6. Les tendances émergentes 6.1. Produits et investissements 6.2. Services 7. Discussions pléniaires 7.1. Comment rivaliser avec la concurrence interne 7.2. Arguments de vente utiles 7.3. Avantages sur la concurrence 7.4. Comment franchir les barrières organisationnelles Didactics Blended learning approach with a combination of teaching methods: e-learning, classroom training and case studies Documentation Centro di Studi Bancari and Swiss Finance Institute teaching material Advisory board Alfredo Gysi, Chairman of the Association of Foreign Banks in Switzerland, Member of the SwissBanking Board of Directors, Member of the Swiss National Bank s Bank Council, Chairman of the Board of Directors of BSI SA Claudio Loderer, Professor and Director of the Institute of Financial Management at the University Berne, Vice President of the Rochester-Berne Executive M.B.A. Program, Research Associate at the European Corporate Governance Institute (ECGI) Xavier Oberson, Professor of Swiss and International Tax Law, Director of the LLM Tax Program at the University of Geneva, Member of the Federal Commission for Tax Harmonization Daniel Zuberbühler, former Director of the Swiss Federal Banking Commission and Vice-Chair of the Board of Directors of FINMA, Senior Financial Consultant at KPMG Steering Committee René Chopard, CEO, Centro di Studi Bancari Harry Hürzeler, Senior Advisor, Swiss Finance Institute Program director Helen Tschümperlin Moggi, CFA, Head of Area Banking & Finance, Centro di Studi Bancari Course manager Laura Manghera, Area Banking & Finance, Centro di Studi Bancari Faculty Foundation Geneviève Berclaz, Lawyer, Partner, BRP Bizzozero & Partners SA, Geneva (French, English) Denny De Angelis, Managing Director of the AIdAF-Alberto Falck Chair in Strategic Management in Family Business, Bocconi University, Professor in Strategic and Entrepreneurial Management, SDA Bocconi, Milan (Italian) Nicola Franchini, Tax Director (Switzerland), Talenture Advisory SA, Lugano (Italian) Patrick Genazzi, Partner, BRP Bizzozero & Partners SA, Geneva (French) Giacomo Gianella, Partner, BRP Bizzozero & Partners SA, Geneva (German, Italian) 7

Christoph König, Senior Specialist, International Affairs, Swiss Financial Market Supervisory Authority FINMA, Berne (English, French, German) Sophie Maillard, Lawyer, Partner, BRP Bizzozero & Partners SA, Geneva (English) Andrea Rieger Münger, Attorney-at-law, Partner, LCR Services, Zurich (German) Raffaele Rossetti, Lawyer, Partner, Froriep Renggli, Zurich (Italian) Fouad Sayegh, Attorney-at-law, LL.M., Partner, Oberson Avocats, Geneva (French) Eduardo Schindler, Founder and CEO, 2thePoint, Zurich (English, French, German) Peter Stocker, Head Tax, Legal & Compliance, Marcuard Family Office Ltd., Zurich (English, German) Belgium Alessandro Bizzozero, Lawyer, Founder and CEO, BRP Bizzozero & Partners SA, Geneva Thomas Briot, Expert, McKinsey & Co, Brussels Philip Van Steenwinkel, Attorney, Counsel, Stibbe cvba/scrl, Brussels Kizzy Wandelaer, Senior Manager Middle Market, Estate Planning Practice, KPMG & Partners Tax, Kontich Program duration 32 hours (M0 included) Scheduling From September to November 2013 (see attached timetable) Pre-test An online self-assessment test is required before the start of the classroom phase. This serves to ensure that participants gauge their own level of preparation and to help achieve a more homogeneous level of knowledge for this phase. The test will be a 30 minute multiple choice questionnaire and will allow participants to check if they have the appropriate level of knowledge of the basic principles that will be treated during Foundation Module 0. Exam After completing the full program, a multiple choice exam will be held. The exam will last one hour. Successful candidates will receive the Swiss Cross- Border Wealth Management Certification Market Belgium issued by the Centro di Studi Bancari and the Swiss Finance Institute. Fees SBA members CHF 3,900.-, others CHF 4,330.- Registration deadline September 12, 2013 Information Alfonsina Barbay Email: abarbay@csbancari.ch Phone: +41 91 9616528 8

Swiss Cross-Border Wealth Management Certification - Market Belgium 2013 SEPTEMBER OCTOBER Day Time Module Day Time Module Day Time 1 Sun 1 Tue 1 Fri 2 Mon 2 Wed 2 Sat 3 Tue 3 Thu 3 Sun 4 Wed 4 Fri 4 Mon 5 Thu Online documentation availability 5 Sat 5 Tue 6 Fri 6 Sun 6 Wed 7 Sat 7 Mon 7 Thu 8 Sun 8 Tue 8 Fri 9 Mon 9 Wed 9 Sat 10 Tue 10 Thu 10 Sun 11 Wed 11 Fri 11 Mon 12 Thu 12 Sat 12 Tue 13 Fri 13 Sun 13 Wed 16:00-19:30 14 Sat 14 Mon 14 Thu 08:30-17:00 15 Sun 15 Tue 15 Fri 08:30-17:00 16 Mon 16 Wed 16 Sat 17 Tue 17 Thu 17 Sun 18 Wed 18 Fri 18 Mon M0* M0* 19 Thu 16:00-19:30 19 Sat 19 Tue 20 Fri 08:30-17:00 20 Sun 20 Wed 21 Sat 21 Mon 21 Thu 22 Sun 22 Tue 22 Fri 23 Mon 23 Wed 23 Sat 24 Tue 24 Thu 24 Sun 25 Wed 25 Fri 25 Mon 26 Thu 26 Sat 26 Tue 27 Fri 27 Sun 27 Wed 10:00-11:00 28 Sat 28 Mon 28 Thu 29 Sun 29 Tue 29 Fri 30 Mon 30 Wed 30 Sat 31 Thu NOVEMBER Module M1 M2 M2 - M3 Final Exam Location: Lugano/Geneva/Zurich Modules M0 M1 M2 M3 (*) Notions de base Compliance and risk based approach: le contexte réglementaire Système fiscal, successions et planification financière Le marché du private banking en Belgique Foundation Module (M0) is common to all the countries and needs only to be attended once. This module is offered also in Lugano in Italian (6 7 May 2013), in Zurich in German (13 14 May 2013) and in English (26 27 September 2013). Participants who have already attended module M0 can therefore register directly for the Specialization Modules (M1 M3) for the specific chosen country. Time Schedule Evening Sessions 16:00-17:30 17:30-18:00 18:00-19:30 Full Day Sessions 08:30-10:00 10:00-10:30 10:30-12:00 12:00-13:30 13:30-15:00 N.B. The timetable might be subject to change. 15:00-15:30 These changes will be communicated in advance to the participants. 15:30-17:00 Coffee Break Coffee Break Lunch Coffee Break 9