Swiss Tax Authority approves Refinitiv’s regulatory reporting service

Rick Steves

“Our customers in Switzerland and beyond need access to comprehensive global data to power their regulatory reporting and support multiple needs across their business”

The Swiss Federal Tax Authority approved a new service by Refinitiv that simplifies the reporting of financial transactions for stamp tax purposes.

The Swiss Federal Tax Administration (SFTA) claims a financial stamp tax for any domestic and non-domestic securities within the scope of debenture, equity, funds and structured products – similarly to the EU financial transaction tax regulation.

So, relevant securities face a stamp tax shared between the buyer and the seller depending on the nature and jurisdiction of the instrument. Only SFTA-certified data providers are allowed to deliver this service.

The approval of Refinitiv’s Swiss stamp tax solution will make it quick and efficient for customers to access the data they need via APIs. Refinitiv’s pricing and reference data solution helps the financial community meeting its varied regulatory reporting requirements.

David Berbner, Head of Tax and Financial Regulation, Data & Analytics, said: “We’re delighted to build on our long-term commitment to the Swiss market with this new solution, offering more diversification to the Swiss market in meeting its stamp tax obligations as simply and efficiently as possible. Our customers in Switzerland and beyond need access to comprehensive global data to power their regulatory reporting and support multiple needs across their business.”

Refinitiv is an LSEG (London Stock Exchange Group) business since the completion of a $27 billion acquisition deal from Reuters in early February 2020.

The deal significantly accelerates LSEG’s existing strategy to be a leading global financial markets infrastructure provider and to markedly expand its data and analytics offering to create a global multi-asset class capital markets business.

David Craig will leave the operation at the end of 2021 as the integration with Refinitiv is well underway. The executive change will have Andrea Remyn Stone becoming Group Head, Data & Analytics, effective 1 July, 2021.

The firm has most recently partnered with Nomura, who selected Refinitiv Workspace for Wealth Advisors as their strategic platform to drive timely market insights and analytics for its relationship managers and investment advisors across Singapore and Hong Kong.

Refinitiv’s wealth management business addresses the increased needs of wealth advisory clients: 43% agree they are more likely to need investment advice now than a year ago, according to a recent report.

In May, Refinitiv announced a partnership with FinTech Studios to provide industry, local and regional news, and research to wealth management professionals across Latin America, a key focus market for Refinitiv.

Latin America has experienced stronger than expected performance in 2020 and should exceed 4 percent GDP growth for 2021, according to the IMF. Refinitiv wants to ensure investment professionals are equipped with quality news, market intelligence, and analytics provider.

Under the new partnership, users will be able to view trending topics across industries and companies, sort by specific companies and keywords, and explore knowledge graphs to interpret the impact on related companies and individuals.

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