Jean Russotto Speaks to Association of Foreign Banks

On November 17 and 18, Jean Russotto delivered presentations to representatives of the Association of Foreign Banks in Switzerland in Geneva and Zurich on the revision of the 2003 European Union Directive on taxation of savings.  Switzerland, although not a member of the EU, has entered into a bilateral agreement with the bloc to apply the provisions of this Directive.  Proposals to amend the Directive will trigger discussions to possibly modify the underlying bilateral agreements.  A central concern for Switzerland is bank client confidentiality, also known as banking secrecy.