Swiss Cross-Border Wealth Management Certification for Client Advisors. France

Swiss Cross-Border Wealth Management Certification for Client Advisors France

Swiss Cross-Border Wealth Management Certification for Client Advisors - Market France IV 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. Tax compliance has become a commonplace concept 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; familiarity with domestic taxation to expand the level of advice; 1

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 France. 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 day 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, French, Italian and German (with the exception of the fiscal self-study reading, not available in German), 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 French market. The Centro di Studi Bancari and the Swiss Finance Institute offer cross-border training programs for various countries (Germany, France, Italy, UK, Belgium, Spain, Brazil, Russia 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 French and Swiss regulations governing cross-border activities; - knows the fundamentals of French taxation principles and their implications for managing wealth; - has deepened his or her insight into the French wealth management market 2

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 French legal and economic variables to the degree necessary to be able to continue building a trusted relationship with French clients; - has better understood how 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 or 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 Connaissances générales (10 heures) Le module est subdivisé en trois parties. Il traite des principes de la réglementation, de la fiscalité et de l économie communs 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 2.2.1.3. Imposition consolidée des sociétés 2.2.1.4. Impôt sur les dividendes, intérêts et gains en capital 3

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 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. Principes concernant la réglementation bancaire et financière en France 1.1. La loi sur le démarchage bancaire et financier 1.1.1. Notion de démarchage 1.1.2. Assujettissement/Enregistrement 1.1.3. Exceptions 1.2. La réglementation bancaire et financière 1.2.1. Activités réglementées 1.2.1.1. Quelles sont les activités qui déclenchent l obligation d obtenir une licence? 1.2.2. Critère de territorialité 4

1.2.2.1. Méthode des faisceaux d indices 1.2.2.2. Qu est-ce qu on peut faire en France 1.2.2.3. Qu est-ce qu on peut faire à partir de la Suisse 1.2.2.4. Qu est-ce qu on peut faire en Suisse lors de la visite du client 1.2.3. Reverse solicitation (initiative du client) 1.2.3.1. Principe et contenu 1.2.3.2. Conséquences pratiques 2. Application des principes 2.1. Possibilités dans la publicité/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? 2.1.3. Site Internet 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. Exécution 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 2.4.5. Cash 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 2.6. Collaboration avec des apporteurs d affaires 2.6.1. Est-il possible de coopérer avec des apporteurs d affaires? 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. Présentation des règles d'imposition françaises 1.1. Présentation générale du régime d'imposition français 1.2. Imposition des revenus financiers (résidents/non résidents) 1.3. Imposition des bénéfices réalisées par les sociétés 1.4. Imposition du patrimoine des résidents et des biens français détenus par les non résidents (ISF) 1.5. Régime des impatriés 5

1.6. Exit tax 1.7. Obligations déclaratives applicables aux trusts et régime d'imposition des trusts 2. Conventions fiscale franco-suisse (impôt sur le revenu, la fortune et les successions) 2.1. Attribution du droit d'imposer (dividendes, intérêts, bénéfices, patrimoine, plus-values mobilières et immobilières...) 2.2. Elimination des doubles impositions 2.3. Echange de renseignements 3. Imposition des structures d'investissement 3.1. Imposition des biens détenus via l'interposition de structures française ou étrangère 3.2. Imposition des bénéfices réalisés par des structures étrangères 3.3. Imposition des revenus distribués par les structures étrangères à des résidents et à des non-résidents 3.4. Imposition des plus-values des droits détenus dans la structure étrangère 4. Donations et successions 4.1. Présentation générale du régime d'imposition français 4.2. Régime juridique applicable aux donations et aux successions comportant un élément d'extranéité 4.3. Régime fiscal applicable aux donations et aux successions comportant un élément d'extranéité 4.4. Souscription d un contrat d assurance-vie 5. Aspects principaux de la dénonciation spontanée (voluntary disclosure) M3 Le marché du private banking en France (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 6

3.4. Analyse de la concurrence : points forts et faiblesses des acteurs principaux 4. Produits et services offerts sur le marché français 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 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 Documentation Blended learning approach with a combination of teaching methods: e-learning, classroom training and case studies 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 and of Banks Popolare di Sondrio (Suisse) SA and EFG International Steering Committee René Chopard, CEO, Centro di Studi Bancari Gabriela Maria Payer, Head of Education, Member of the Management Board, Swiss Finance Institute Program director Helen Tschümperlin Moggi, CFA, Head of Area Finance, Centro di Studi Bancari Project manager Laura Manghera, Area Finance, Centro di Studi Bancari 7

Faculty Foundation Nicola Franchini, Partner, Studio Fiduciario Pagani SA, Lugano (Italian) Gianluca Pallini, Independent Advisor, Milano (Italian) Michel Pasteur, Geneva (French) Andrea Rieger Münger, Attorney-at-law, Partner, LCR Services, Zurich (English, German) Raffaele Rossetti, Lawyer, Studio Annunziata e Associati, Milano and Lugano (Italian) Fouad Sayegh, Attorney-at-law, LL.M., Partner, Oberson Avocats, Geneva (French) Peter Stocker, Head Tax, Legal & Compliance, Marcuard Family Office Ltd., Zurich (English, German) France Program duration Scheduling Pre-test Exam Sébastien Lacroix, Directeur Associé, McKinsey & Co, Paris Alain Loehr, Attorney-at-Law, Tax Law Partner, Fidal Direction Internationale, Paris Wadie Sanbar, Councel, Kramer Levin Naftalis & Frankel LLP, Paris 30 hours (M0 included) From September to October 2015 (see attached timetable) 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. After completing the full program, a multiple choice exam (on paper) will be held in French. The exam will last one hour. Successful candidates will receive the Swiss Cross-Border Wealth Management Certification for Client Advisors Market France issued by the Centro di Studi Bancari and the Swiss Finance Institute. Examination Board René Chopard, CEO, Centro di Studi Bancari Gabriela Maria Payer, Head of Education, Member of the Management Board, Swiss Finance Institute Helen Tschümperlin Moggi, CFA, Head of Area Finance, Centro di Studi Bancari Fees SBA members CHF 3,900.-, others CHF 4,330.- Registration deadline August 21, 2015 Information Alfonsina Barbay Email: abarbay@csbancari.ch Phone: +41 91 9616528 8

Swiss Cross-Border Wealth Management Certification for Client Advisors - Market France 2015 AUGUST SEPTEMBER OCTOBER Day Time Module Day Time Module Day Time Module 1 Sat 1 Tue 1 Thu 2 Sun 2 Wed 2 Fri 3 Mon 3 Thu 3 Sat 4 Tue 4 Fri 8:30-18:00 M0* Language: English Location: Zurich 4 Sun 5 Wed 5 Sat 5 Mon 6 Thu 6 Sun 6 Tue 7 Fri 7 Mon 7 Wed 8 Sat 8 Tue 8 Thu 9 Sun 9 Wed 9 Fri 10 Mon 10 Thu 10 Sat 11 Tue 11 Fri 11 Sun 12 Wed 12 Sat 12 Mon 13 Thu 13 Sun 13 Tue 14 Fri 14 Mon 14 Wed 15 Sat 15 Tue 15 Thu 10:00 11:00 Final Exam Language: French Location: Lugano/Geneva/Zurich 16 Sun 16 Wed 16 Fri 17 Mon 17 Thu 17 Sat 18 Tue 18 Fri 18 Sun 19 Wed 19 Sat 19 Mon 20 Thu 20 Sun 20 Tue ONLINE 21 Fri DOCUMENTATION 21 Mon 21 Wed AVAILABILITY 22 Sat 22 Tue 22 Thu 23 Sun 23 Wed 23 Fri 24 Mon 24 Thu 24 Sat 25 Tue 25 Fri 25 Sun 26 Wed 26 Sat 26 Mon 27 Thu 27 Sun 27 Tue 28 Fri 28 Mon 08:30 17:00 M1-M2 Language: French Location: Geneva 28 Wed 29 Sat 29 Tue 08:30 17:00 M2 Language: French Location: Geneva 29 Thu 30 Sun 30 Wed 08:30 12:00 M3 Language: French Location: Geneva 30 Fri 31 Mon 31 Sat Modules M0 Time Schedule M1-M3 Time Schedule M0 Foundation Full Day Session Full Day Session M1 Compliance and risk based approach: le contexte réglementaire 08:30-10:00 Lesson 08:30-10:00 Lesson M2 Système fiscal, successions et planification financière 10:00-10:15 Coffee Break 10:00-10:30 Coffee Break M3 Le marché du private banking en France 10:15-11:45 Lesson 10:30-12:00 Lesson 11:45-13:00 Lunch 12:00-13:30 Lunch (*) "Foundation Module (M0) is common to all the countries and needs only to be attended once. 13:00-14:30 Lesson 13:30-15:00 Lesson This module is offered also in Geneva in French (8 May 2015), in Lugano in Italian (19 May 2015) and in Zurich in German (29 14:30-14:45 Coffee Break 15:00-15:30 Coffee Break May 2015). Participants who have already attended module M0 can therefore register directly for the Specialization Modules (M1 M3) for the specific chosen country." 14:45-16:15 Lesson 15:30-17:00 Lesson 16:15-16:30 Coffee Break 16:30-18:00 Lesson N.B. The timetable might be subject to change. These changes will be communicated in advance to the participants. - - - -

Swiss Finance Institute Created in 2006 by the Swiss banks, the Swiss Stock Exchange, six leading Swiss Universities and the Swiss Federal government, the Swiss Finance Institute is a unique undertaking merging the experiences of a centuries old financial center with the innovative drive of a frontier research institution. Its goal is to change the research and teaching landscape in areas relevant to banks and financial institutions. With more than 50 full time professors and ca. 80 PhD students, the Swiss Finance Institute represents the premier concentration of expertise in banking and finance across the European continent. The Institute s close affiliation with the Swiss banking industry ensures that its research culture remains in tune with the needs of the financial services sector. Networking events where the participants can meet with local practitioners are therefore also an essential part of the offerings. Centro di Studi Bancari Centro di Studi Bancari (CSB) is an institution that promotes and provides education, training and continuous update for banking, fiduciary, insurance and legal-financial professionals in the financial market. Founded by the Associazione Bancaria Ticinese (Ticino s Banking Association) in 1990, it has its headquarters at the prestigious Villa Negroni in Vezia Lugano. CSB provides courses, training schemes for various certifications and hosts conferences. The training programs are recognized at local, national and international levels by public institutions, such as the Swiss Confederation, as well as by many private associations, such as SwissBanking. CSB can also organise tailormade training, leveraging on its interdisciplinary competences in the field of banking, finance, compliance, management and taxation. For further information please contact: Swiss Finance Institute Walchestrasse 9 CH 8006 Zürich T +41 (0)44 254 30 80 F +41 (0)44 254 30 85 executive-education@sfi.ch www.sfi.ch/scbwm Centro di Studi Bancari Villa Negroni CH 6943 Vezia T +41 (0)91 967 42 64 F +41 (0)91 967 42 63 info@csbancari.ch www.csbancari.ch/scbwm