Audit Publications

INTEGRATED RISK MONITORING: Board of Directors and management improve the efficiency and effectiveness of their risk monitoring by combining various internal risk management and control systems. ANTITRUST COMPLIANCE: As competition authorities apply the rules in an increasingly stringent manner antitrust compliance is of ever increasing importance.

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Date: 02/01/2010 | Size: 1089,24kB

Mit der Änderung des schweizerischen Revisionsrechts auf den 1. Januar 2008 wurde der Nachweis eines existierenden internen Kontrollsystems (IKS) für alle Gesellschaften Pflicht, welche der ordentlichen Revision unterliegen. Die Personalvorsorgeeinrichtungen (PVE) sind davon ausgeschlossen - trotzdem sollte die Vorsorgeeinrichtung über ein angemessenes System interner Kontrollen verfügen. Was sind die relevanten Schritte zur Einführung des IKS und welche Prozesse müssen eingehalten werden? Die Broschüre «Einführung eines internen Kontrollsystems bei Vorsorgeeinrichtungen» gibt Ihnen praxisnahe Fallbeispiele, Übersichten und erklärt die einzelnen Schritte die es einzuhalten gilt.

Publication in German
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Date: 11/12/2009 | Size: 479,47kB

The most frequently diagnosed ICS issues are discussed in part one of this publication. Part two addresses potential approaches for enhancing the initial findings of the first round of assessing the existence of an ICS by auditors, and it offers possible improvements for the ICS.

Date: 08/07/2009 | Size: 347,09kB

This publication provides the English-speaking reader and practitioner with an overview of the fundamentals of Swiss company law.

In a first part it explains the types of company which exist under Swiss law together with a more detailed discussion of the applicable audit law, financial accounting and reporting regulations. Other topics include the Swiss Merger Act, international restructurings and a brief overview of the relevant Swiss tax law. Charts further illustrate the matters under discussion. The main characteristics of corporations (AG) and limited liability companies (GmbH) are presented in tabular form highlighting the more significant advantages and disadvantages of these company types. The publication is completed by a consistent translation of the law in Articles 620-763 (AG), Articles 772-827 (GmbH) and Articles 957-963 (commercial accounting) of the Code of Obligations as well as a translation of the entire Merger Act. Please order your copy directly at Schulthess.

Date: 01/21/2009 | Size: 193,54kB

The revised Swiss Code of Obligations (CO) requires all companies, regardless of whether they are subject to an ordinary audit or a limited statutory examination, to perform a risk assessment. The notes to the financial statements should contain information related to the risk assessment process. The legal requirement of article 663b pt. 12 CO "Information on the completion of a risk assessment” leaves significant room for interpretation.

Date: 12/01/2008 | Size: 887,31kB

A fact sheet about proactive detection of fraud, waste and abuse.

Date: 02/29/2008 | Size: 225,43kB

Swiss GAAP FER 2007 reflect the new modularly structured concept (Core-FER, Complete Swiss GAAP FER). This publication contains comprehensive  checklists to Swiss GAAP FER 2007 and an example of group financial statements illustrating the requirements of the revised Swiss GAAP FER.

Publication in German

Date: 02/26/2008 | Size: 393,29kB

Today, the reliability and trustworthiness of management information are more important than ever before. Given the indispensability of strong Corporate Governance, board members make uncompromisingly high demands on the integrity of the external audit. Our auditors consistently focus on the specific circumstances of each individual client.

Date: 01/01/2008 | Size: 927,58kB

This study provides important nuances related to software license compliance and valuable insights into both the rewards and the risks associated with licensing matters.

Date: 09/30/2007 | Size: 1457,73kB

The new Swiss audit legislation requires all companies that are subject to an ordinary audit to prove the existence of an internal control system for the business year 2008. The broschure shows a methodology for conducting an ICS project. In case of questions please refer to your contact person or contact us here.

Date: 01/01/2007 | Size: 584,59kB

A significant challenge for the members of Audit Committees (AC) is the complexity of the issues involved. According to a survey conducted by KPMG, 72 percent of respondents spend less than 20 hours a year on further training and 63 percent primarily learn "on the job" by sharing experiences with others.

Date: 12/02/2005 | Size: 951,78kB

KPMG Switzerland and the Institute for Accounting and Controlling at the University of Zurich under the guidance of Prof. Dr. Conrad Meyer took stock of the internal control systems of the one thousand top selling companies in Switzerland. The developments in internal control in businesses worldwide are currently heavily influenced by the American Sarbanes-Oxley Act, which also led to adjustments and regulatory changes in Europe und in Switzerland.

Publication in German

Date: 05/24/2005 | Size: 1002,45kB

Wide-ranging and reliable supervisory instruments are not only able to support the corporate management as regards their decisions, but can also strengthen the credibility of the public information and data. An integral Assurance Concept makes possible the coordination and adjusting of the different supervisory functions.

Publication in German

Date: 04/27/2005 | Size: 91,44kB

In the exposure draft ED/2010/6 'Revenue from Contracts with Customers', the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) propose a new model for revenue recognition. How will it impact the way Food, Drink and Consumer Goods (FDCG) companies report on revenue recognition?

Date: 08/27/2010 | Size: 617,27kB

Recently, several public companies have made the decision to change their accounting from IFRS to Swiss GAAP FER. Moreover, the debate concerning the draft of an accounting law has heightened interest surrounding Swiss GAAP FER. Public undertakings are also increasingly engaging themselves with the Swiss True & Fair View standard.

Publication in German

Date: 05/05/2010 | Size: 696,49kB

INTEGRATED RISK MONITORING: Board of Directors and management improve the efficiency and effectiveness of their risk monitoring by combining various internal risk management and control systems. ANTITRUST COMPLIANCE: As competition authorities apply the rules in an increasingly stringent manner antitrust compliance is of ever increasing importance.

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Date: 02/01/2010 | Size: 1089,24kB

The primary function of corporate annual reports is to present the large body of data required by accounting standards as well as by national and international regulations. Nevertheless, in recent years we have seen these reports thicken. This study, which is addressed at those in charge of financial communication, aims to provide leads and ideas that we hope will help you write your report .

Date: 12/01/2009 | Size: 6425,74kB

The most frequently diagnosed ICS issues are discussed in part one of this publication. Part two addresses potential approaches for enhancing the initial findings of the first round of assessing the existence of an ICS by auditors, and it offers possible improvements for the ICS.

Date: 08/07/2009 | Size: 347,09kB

The technically correct reflection of a business combination in the balance sheet constitutes a major challenge for all the parties involved. This snapshot focuses on the significance and processing of the Purchase Price Allocation.

Date: 06/03/2009 | Size: 106,91kB

This publication provides the English-speaking reader and practitioner with an overview of the fundamentals of Swiss company law.

In a first part it explains the types of company which exist under Swiss law together with a more detailed discussion of the applicable audit law, financial accounting and reporting regulations. Other topics include the Swiss Merger Act, international restructurings and a brief overview of the relevant Swiss tax law. Charts further illustrate the matters under discussion. The main characteristics of corporations (AG) and limited liability companies (GmbH) are presented in tabular form highlighting the more significant advantages and disadvantages of these company types. The publication is completed by a consistent translation of the law in Articles 620-763 (AG), Articles 772-827 (GmbH) and Articles 957-963 (commercial accounting) of the Code of Obligations as well as a translation of the entire Merger Act. Please order your copy directly at Schulthess.

Date: 01/21/2009 | Size: 193,54kB

Swiss GAAP FER 2007 reflect the new modularly structured concept (Core-FER, Complete Swiss GAAP FER). This publication contains comprehensive  checklists to Swiss GAAP FER 2007 and an example of group financial statements illustrating the requirements of the revised Swiss GAAP FER.

Publication in German

Date: 02/26/2008 | Size: 393,29kB

This issue of KPMG's Defining Issues describes an agreement by the FASB to release a Staff Position that would change the criteria for determining whether a tax position has been settled with the taxing authority for purposes of applying Interpretation 48.

Date: 04/01/2007 | Size: 245,65kB

This issue of KPMG's Defining Issues describes new guidance issued by the Center for Audit Quality which requires auditors of companies that adopt Statement 159 early to evaluate whether the application of the Statement's provisions is consistent with the Statement's objectives.

Date: 04/01/2007 | Size: 200,26kB

This issue of KPMG's Defining Issues describes a new EITF Consensus regarding collateral-assignment "split dollar" life insurance arrangements.

Date: 03/01/2007 | Size: 156,02kB

This issue of KPMG's Defining Issues describes new FASB Statement 159 which will allow companies to measure specified financial instruments and warranty and insurance contracts at fair value on a contract-by-contract basis, with changes in fair value recognized in earnings each reporting period.

Date: 02/01/2007 | Size: 181,91kB

This issue of KPMG's Defining Issues describes a FASB Staff Position proposed on February 27, 2007 which would consider a tax position effectively settled if the taxing authority has completed its examination for the tax position and it is highly unlikely that the taxing authority would reexamine the tax position within that tax year in the future.

Date: 02/01/2007 | Size: 148,81kB

This issue of KPMG's Defining Issues describes newly adopted amendments to Item 402 of Regulation S-K which will align disclosures about executive officers' and directors' stock and option awards more closely to the amounts reported in the financial statements.

Date: 12/01/2006 | Size: 110,66kB

This issue of KPMG's Defining Issues describes SEC proposed interpretive guidance for management on evaluating internal control over financial reporting and postponed the compliance deadline on internal control over financial reporting for non-accelerated filers and newly public companies. In a related step, the PCAOB proposed a revised standard for audits of internal control over financial reporting.

Date: 12/01/2006 | Size: 128,65kB

This issue of KPMG's Defining Issues describes a new EITF Consensus regarding collateral-assignment "split dollar" life insurance arrangements.

Date: 11/01/2006 | Size: 150,91kB

Date: 09/01/2006 | Size: 177,40kB

This issue of KPMG's Defining Issues describes new Statement 158 which requires employers to recognize on their balance sheets the funded status of pension and other postretirement benefit plans - as of December 31, 2006 for calendar year public companies.

Date: 09/01/2006 | Size: 247,46kB

This issue of KPMG's Defining Issues describes a newly issued FASB Staff Position which prohibits companies from accruing as a liability in annual and interim periods the future costs of periodic major overhauls and maintenance of plant and equipment.

Date: 09/01/2006 | Size: 144,31kB

This issue of KPMG's Defining Issues describes four Consensuses approved at a recent FASB Emerging Issues Task Force meeting. Assuming FASB ratification, the requirements in the Consensuses will apply to modifications of convertible debt, conversion options previously separated from convertible debt that no longer meet the separation criteria, the sale of individual units of condominium projects, and reporting a change in differences between a parent's fiscal year-end and the fiscal year-end.

Date: 01/01/2006 | Size: 145,66kB

Doing banking business today is getting more and more complex. Fast-moving changes in regulation impact your business strategy, geographic dimension, product and service offering. Focus, knowledge and experience is required in many areas to keep risks under control and to be compliant with changing and more complex legal and regulatory requirements.

Date: 08/26/2010 | Size: 1041,26kB

This edition of New on the Horizon considers the proposed requirements of the staff draft of exposure draft Financial Statement Presentation (the staff draft). It also refers briefly to the other two areas of this phase of the financial statement presentation project being ED/2010/5 Presentation of Items of Other Comprehensive Income - Proposed amendments to IAS 1 and the staff draft of an exposure draft Discontinued Operations (Re-exposure of proposed amendments to IFRS 5).

Date: 08/19/2010 | Size: 1363,25kB

In the exposure draft ED/2010/6 Revenue from Contracts with Customers the IASB and the FASB propose a new model for revenue recognition. This will impact the revenue recognition of various fees earned by entities in the financial sector. Commission, underwriting, advisory and consulting fees, which represent a significant source of revenue for investment banks are likely to be impacted. In respect of asset managers the proposed model in the ED is expected to have an impact on the recognition of performance fees. Entities in the financial services industry are encouraged to join in the debate and to provide the IASB with their comments prior to the deadline of 22 October 2010.

Date: 07/01/2010 | Size: 2212,28kB

KPMG's forth annual European banking survey: Focus on transparency analyses the 2009 annual results of the 15 leading European banks. It provides a view of disclosure trends as well as how disclosures shape market issues currently affecting the banks. Focus on transparency provides insight into the banks' annual reporting, gives a flavour of the results, and what they mean in terms of underlying performance, financial health and capital position within the sector.

Date: 07/01/2010 | Size: 1673,65kB

This issue focuses on the rising optimism: Following the many challenges the financial services industry has faced over recent years, there appears to be a decidedly more optimistic feel emerging. Much change in the industry means that financial institutions should now be considering how their fundamental strategic priorities should be pursued in the new, post-crisis environment.

Date: 06/01/2010 | Size: 4684,69kB

One result of the financial crisis over the past two years is that the perception of many financial services institutions and the senior people working within them have been seriously damaged. Companies will need to re-think and probably change how they want to be perceived by their various stakeholders to regain status. Over the past year, KPMG's Financial Services Magazine, frontiers in finance, has been looking at some of the issues worth considering in managing the brand.

Date: 03/21/2010 | Size: 710,55kB

Following the many challenges the financial services industry has faced over recent years, there appears to be a decidedly more optimistic feel emerging. Financial institutions should now be considering how fundamental strategic priorities should be pursued in the new, post-crisis environment.

Date: 03/19/2010 | Size: 1865,29kB

The March edition of the Swiss Financial Services Newsletter includes various regulatory topics, such as the global increase in government regulations, adjusting the business models as well as regulatory changes in Switzerland. Moreover André Zemp (Head of the ServiceBureau at BBP AG) answers questions regarding "Data protection and banking secrecy within transaction exchange".

Date: 03/01/2010 | Size: 779,33kB

INTEGRATED RISK MONITORING: Board of Directors and management improve the efficiency and effectiveness of their risk monitoring by combining various internal risk management and control systems. ANTITRUST COMPLIANCE: As competition authorities apply the rules in an increasingly stringent manner antitrust compliance is of ever increasing importance.

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Date: 02/01/2010 | Size: 1089,24kB

This edition of frontiers in finance discusses key issues including the implications of government intervention in the industry, a focus on reputational risk management, implications for capital and risk management in insurance, likely developments in carbon trading and the changing role of internal audit.

Date: 12/15/2009 | Size: 3128,12kB

The December edition of the Swiss Financial Services Newsletter focuses on insurance themes. It contains an interview with Urs Hunziker (head of collective foundation business and member of the management of AXA-Winterthur group pensions insurance) as well as an article on the new FINMA Circular on supplementary health insurance. Other articles cover topics such as tax themes, current developments in IFRS and Liechtenstein as an attractive domicile for insurance companies.

Date: 12/01/2009 | Size: 784,80kB

This publication contains unofficial translations of the official original German texts.

Date: 11/06/2009 | Size: 2349,66kB

Before assessing the question of how ready companies consider themselves to be, it is worth considering the factors that make 'readiness' important. It is also important to clarify the distinction between the reactive 'response' to litigation and regulatory matters and the proactive readiness for those matters. This survey is about the proactive readiness of legal departments.

Publication in German

Date: 11/01/2009 | Size: 870,73kB

A study carried out by KPMG and the University of St.Gallen shows that private banking in Switzerland faces fundamental change. However, in the view of 30 leading private banks, the sector has really only just begun to analyze the situation and not yet launched the process of making adjustments to their business strategy. Growth will occur primarily abroad and there is a question if enough Swiss banks in their current form are well positioned to take best advantage of this trend.

Date: 10/20/2009 | Size: 1837,47kB

The September edition of the Swiss Financial Services Newsletter includes various asset management topics - moreover, Martin Thommen (President of the Swiss funds Association SFS, Managing Director UBS Global Asset Management) has written a fascinating guest column: EU-Proposal for a Directive on Alternative Investment Managers is explosive - also for Switzerland.

Date: 09/30/2009 | Size: 682,61kB

There is no doubt that the experience of the last two years will cast a long shadow on Financial Services. But while the landscape has changed, the challenges for many companies should be more familiar: developing a competitive business model, managing risk, building a winning brand and competing profitably and cost-effectively.

Futher information can be found on http://www.frontiersinfinance.com/

Date: 09/16/2009 | Size: 2267,33kB

For the third consecutive year, KPMG has examined the annual financial statements of some of the largest European banks and summarized the results in this study. As in the previous two years, the study includes key areas that represent the greatest challenges for banks.

Date: 07/08/2009 | Size: 1007,39kB

Opinions are varied on whether the bottom has already been reached and if an economic recovery lies just ahead - however, no one argues whether the road to recovery will be a long and arduous one. The present edition of "Frontiers in Finance” addresses the various programs that have been implemented in order to give the economic upswing a boost.

Date: 07/01/2009 | Size: 2696,31kB

In March and April 2009, the Economist Intelligence Unit surveyed, on behalf of KPMG International, 315 executives from insurance companies around the world. This initial survey report is the first of a two-part series and examines how the financial crisis is changing the attitude of the global insurance industry to risk and capital management, highlighting some of the key issues that these these institutions should address in response.

Date: 06/10/2009 | Size: 440,01kB

"Payments are indeed the 'lifeblood' of banking, and the customer relationship.” Once thought to be the boring side of banking, in the current climate payments are now being looked to as the stable source of revenue.
KPMG International, in cooperation with member firms globally, recently undertook in-depth interviews with senior representatives of industry regulators, banks and financial technology companies, to gain their insights on the future of payments, the key drivers and opportunities for the sector.

Date: 06/01/2009 | Size: 1573,35kB

This publication reviews the financial statements of major European insurance groups. This twice-yearly review continues from the half-year survey published in October 2008 that reviewed the June 2008 statements of a similar group of insurers. For this publication we have revised the companies we look at to focus more closely on the major European insurers.

Date: 05/01/2009 | Size: 1530,31kB

Edition "Regulatory Update"

Date: 04/01/2009 | Size: 491,02kB

Managing risk in perilous times: Practical steps to accelerate recovery is a new Economist Intelligence Unit report, sponsored by KPMG, ACE, SAP and Towers Perrin, that explores current thinking around risk management, and proposes ten practical steps that financial institutions could take to strengthen their governance and management of risk. The report is based on a program of in-depth interviews with leading participants from the financial services industry, along with a selection of independent risk experts.

Date: 03/23/2009 | Size: 192,34kB

This edition contains articles on how the credit crunch happened; what it might mean for dispute resolution; the use and abuse of corporate intelligence; litigation and regulatory readiness; and the date of valuation.

Date: 09/12/2008 | Size: 1431,30kB

Football Transfer Monitor is a report prepared by Forensic's Sports Disputes team of KPMG that analyses transfer fee data for over 1,000 player transfers involving teams in the top three English leagues between the 2003-04 and 2007-08 seasons. We also include some initial analysis and highlight some key trends based upon transfers which occurred during the summer 2008 transfer window.

Date: 09/08/2008 | Size: 573,83kB

This issue focuses on the challenges that technological advances impose on the effective management of IP rights. It also contains articles on the role that Internet Service Provider have to play in fostering and protecting intellectual property, Open Innovation - The key challenges for IP managers and how two of the largest global corporations are responding, and Green Patents - Improving environmental innovation.

Date: 08/15/2008 | Size: 572,56kB

This report provides an insight into the nature, trends and extent of fraud experienced by organisations in Singapore. This year, we have extended the scope of our survey report to include antifraud measures undertaken in order to better understand the effectiveness of the strategies employed by organisations to combat fraud.

Date: 08/11/2008 | Size: 2020,25kB

The "Swiss Financial Services Newsletter - Swiss Banking - A look from outside” informs about the following topics:

- Swiss Banking - Interview with Dr. Martin Maurer
- Swiss Banking in Asia - A perspective from Singapore
- Dubai International Financial Centre - From start-up to global standard setter
- Swiss and UK Banking Interconnected
- High networth individuals - A world in transition
- Events

Date: 08/01/2008 | Size: 727,94kB

60 percent of fund managers worldwide believe that they have lost investor confidence as a result of the subprime crisis. The reason is clear; investors are less keen to invest in complex investment products than are the fund managers working for them. Approximately half of all fund managers have investments in private equity and asset-backed securities and one-third in collateralized debt obligations (CDOs).

Date: 07/01/2008 | Size: 2069,44kB

You or your client are involved in an investigation, dispute, regulatory or internal review. You need to review evidence and may need to disclose material to an investigator, regulator or opponent. There is potentially a huge amount of evidence in e-mails or other electronic information on laptops, e-mail servers, back up tapes and databases. KPMG's Forensic can help you to navigate the maze of information and focus quickly and cost-effectively on the most relevant material.

Date: 06/09/2008 | Size: 275,31kB

KPMG's Forensic helps clients reduce reputational risk and commercial loss. We do this by using accounting, investigation, intelligence, technology and industry skills to help clients prevent and resolve commercial disputes, fraud, misconduct and breaches of rules and regulations.   

Date: 05/28/2008 | Size: 200,86kB

Rapid globalization of the world economy has led to a growing use of international arbitration to resolve disputes. Such organizations are often used to settle high profile claims that have political ramifications or significant financial exposure. These disputes can involve complex economic and financial theories, multiple languages, cultural diversity, and multiple currencies.

Date: 05/28/2008 | Size: 100,67kB

Turbulent credit markets, a downturn in the economy and the rise of organised crime have all resulted in a sharper focus by lenders and investors on the quality of mortgage loan books. Mortgage fraud, in particular large scale organised fraud, is now a significant issue.

Date: 05/28/2008 | Size: 157,39kB

In an increasingly regulated and litigious business world, populated by sophisticated and organised criminals, it is essential to have robust systems and controls in place to prevent and detect fraud and other financial crimes, and address regulatory compliance. Failure to identify and respond to these risks can cause significant reputational and financial damage.

Date: 05/27/2008 | Size: 219,12kB

Over the last fifteen years, KPMG has supported many national and international companies in the development, implementation and monitoring of their codes and compliance programs. This Whitepaper illustrates the most important results emerging from a recent study that KPMG conducted in conjunction with RSM Erasmus University into the prevalence, content and embedding of business codes among Fortune Global 200 companies.

Date: 05/23/2008 | Size: 851,69kB

The May edition of the Swiss Financial Services Newsletter with focus on Asset Management covers the following topics: Delegation of Tasks by the Fund Management Company and the SICAV, Convergence and divergence: New forces shaping the investment universe, the asset manager according to the CISCA - first experiences, GIPS etc.

Date: 05/01/2008 | Size: 1142,17kB

A fact sheet about FCPA / Anti-Bribery Compliance & Investigations.

Date: 02/29/2008 | Size: 224,54kB

In this report, we analyze and comment on those market segments which are of key importance for the Swiss economy. Each industry section includes deal activity data and an overview by our industry specialists covering major developments and trends.

Date: 02/21/2008 | Size: 1371,70kB

2008 is upon us, and it promises to be full of regulatory changes. The managers and others responsible for putting these new requirements into effect will, once more, be strongly urged to keep to the deadlines - some of them tight ones - laid down by the legislators. It is with this in mind that the latest edition of our banking and financial newsletter features a number of topical issues.

Date: 02/01/2008 | Size: 420,92kB

The fraud magazine of the Forensic department.

Date: 01/01/2008 | Size: 1841,91kB

The survey "Focus on transparency" aims to shed light on the areas that financial institutions have found most challenging in presenting and disclosing financial information. The survey, explores ten key topics relative to the use of IFRS. These topics range from simple indicators such as the volume and timing of financial reports, to complex issues such as the reporting of market risks, hedge accounting and the impact of the sub-prime crisis.

Date: 01/01/2008 | Size: 910,07kB

Financial projections are the basis for all strategic financing decisions. The lion's share of the companies surveyed have a strategic financial plan. There are, however, still companies who have yet to develop a sound financial strategy. Of the 16 percent of companies that do not plan strategically, 50 percent reported that long-term planning was simply not possible.

Date: 01/01/2008 | Size: 900,50kB

Makes cash management rich? Are there limits for outsourcing? What can managers learn from the Watergate scandal? The new magazine from KPMG Advisory picks up issues that are on every CFO's agenda.

Date: 01/01/2008 | Size: 2272,14kB

With an increasing focus on regulation, companies must be able to both shape and respond to the regulatory agenda in traditional and, increasingly, emerging markets. This new global survey looks at how communication companies can maintain an appropriate level of attention on regulatory issues in the boardroom.

Date: 12/31/2007 | Size: 2167,47kB

The fraud magazine of KPMG's Forensic.

Date: 12/10/2007 | Size: 1197,41kB

Amidst all the turmoil affecting the financial markets, one specific sector of the banking industry stands unperturbed, claims research out today: the global private banking and wealth management sector.

Date: 12/10/2007 | Size: 2088,71kB

Reducing costs in spite of the economic boom: is your company working efficiently enough? The second issue of the RPS Newsletter is devoted to the topic of cost reduction, which must be performed even in growth cycles. One possible approach towards reducing costs is to set up a Shared Service Centre (SSC), in which functions and processes are grouped together. (Publication in German)

Date: 11/20/2007 | Size: 1115,23kB

A Forensic survey on key issues around the disclosure of electronic documents for legal, regulatory or investigation proceedings (E-Disclosure).

Date: 11/09/2007 | Size: 1096,78kB

This edition contains several articles about different forensic topics.

Date: 10/31/2007 | Size: 933,88kB

Probably more than any other business sector, the financial services industry is fundamentally concerned with balancing risk and return. Because this topic is so important to our industry at this time, we have devoted the whole of this edition of Frontiers in Finance to it. The introductory article sets the issue in context; the following articles each look at a particular aspect of risk and returns management.

Date: 05/18/2007 | Size: 719,59kB

Corporate sellers feel they are not making the most of what are undoubtedly benign market conditions, and are failing to extract maximum value from the disposal process. The global disposals market shows that almost half of sellers surveyed felt they had not maximised the value from their latest disposal; a view which is shared by one quarter of PE-firms. Over 400 M&A decision-makers were interviewed in large and mid-market companies across Europe, N-America and Asia.

Date: 04/01/2007 | Size: 468,32kB

Over the last five years we have provided an insight into the German leveraged finance market with our annual survey of financing banks. As in previous years, this survey covers key aspects of how private equity houses interact with debt financing institutions. We are pleased to present the 2006 issue and trust the results prove interesting reading.

Date: 03/22/2007 | Size: 3486,50kB

The 2006 survey provides a detailed insight into contemporary fraud issues in Hong Kong and mainland China.

Date: 01/31/2007 | Size: 1604,35kB

In this report, we analyze and comment on those market segments which are of key importance for the Swiss economy. Each industry section includes deal activity data and an overview by our industry specialists covering major developments and trends.

Date: 01/01/2007 | Size: 833,69kB

We are pleased to introduce to you the new Global TS white paper "The Determinants of M&A Success: What Factors Contribute to Deal Success?" The paper illustrates the statistical analysis that was conducted to determine how various deal factors are correlated with deal success over a twelve and twenty-four month period after the announcement of a deal.

Date: 01/01/2007 | Size: 724,92kB

By presenting practice relevant topics in the Swiss Financial Services newsletter we aim to provide insight into relevant themes and approaches that will aid you in structuring your financial pattern. Through the written summaries in this issue we hope to best master the decision making process among the many potentials and risks in our business environment. (Publication in German)

Date: 06/22/2006 | Size: 336,26kB

Amidst all the turmoil affecting the financial markets, one specific sector of the banking industry stands unperturbed, claims research out today: the global private banking and wealth management sector.

Date: 06/22/2006 | Size: 1114,39kB

Companies are having to assess the many risks and uncertainties the environment poses against a continually evolving regulatory background. This edition of Frontiers in Finance looks at the challenges for the financial services sector raised by change in the broader business environment - the economy, the regulatory framework and the forces of globalization.  It explores how financial services companies are facing up to these challenges by focusing on four key areas - growth and business development, efficiency and cost management, risk and capital management, and governance and reporting.

Date: 03/20/2006 | Size: 724,69kB

The new Federal Act on Collective Capital (CCIA), which is due to replace the IFA, has cleared another hurdle. Now the draft text in the version of the Swiss Federal Council's message to the Swiss Parliament has been published and will be addressed there shortly. The Swiss Funds Association (SFA) recently has has released an entire row of further guidelines on self-regulation.

Date: 02/20/2006 | Size: 367,91kB

We have the skills our PE clients need to help support them throughout the private equity life cycle.

Date: 01/01/2006 | Size: 313,06kB

Companies are having to assess the many risks and uncertainties the environment poses against a continually evolving regulatory background. This edition of Frontiers in Finance looks at the challenges for the financial services sector raised by change in the broader business environment - the economy, the regulatory framework and the forces of globalization.  It explores how financial services companies are facing up to these challenges by focusing on four key areas - growth and business development, efficiency and cost management, risk and capital management, and governance and reporting.

Date: 09/27/2005 | Size: 1118,75kB

In this white paper, KPMG explores the critical aspects of joint ventures and alliances, noting that collaboration is absolutely essential to future growth, innovation and sustainability. By examining the three major themes: Fit, Focus and Follow-Through.

Date: 08/15/2005 | Size: 213,50kB

As a way of achieving out-performance, the recent unprecedented surge in the demand for hedge funds will ease as the industry commodities, according to a new study published by CREATE, the UK think tank, and KPMG International.

Date: 07/01/2005 | Size: 7533,89kB

Doing banking business today is getting more and more complex. Fast-moving changes in regulation impact your business strategy, geographic dimension, product and service offering. Focus, knowledge and experience is required in many areas to keep risks under control and to be compliant with changing and more complex legal and regulatory requirements.

Date: 08/26/2010 | Size: 1041,26kB

The first edition is dedicated to the recent G-20 Summit that took place in Toronto, Canada on June 26 - 27, 2010. The information contained in this newsletter focuses on the key outcomes of the Summit, which were:

- Reduction of government deficits by 2013 and to cap or cut public debt/GDP ratios by 2016
- The time line for implementing Basel III
- The consultation process for Basel III
- The issues around a global bank tax

Date: 07/01/2010 | Size: 1135,92kB

KPMG's forth annual European banking survey: Focus on transparency analyses the 2009 annual results of the 15 leading European banks. It provides a view of disclosure trends as well as how disclosures shape market issues currently affecting the banks. Focus on transparency provides insight into the banks' annual reporting, gives a flavour of the results, and what they mean in terms of underlying performance, financial health and capital position within the sector.

Date: 07/01/2010 | Size: 1673,65kB

The U.S. Foreign Account Tax Compliance Act (FATCA) confronts Foreign Financial Institutions (FFI) with increased information demands in the KYC process, additional reporting requirements and other duties. FATCA will challenge banks in Switzerland in their cross-boarder activities and requires solutions to comply with Swiss banking secrecy requirements.

Date: 06/14/2010 | Size: 739,21kB

This issue focuses on the rising optimism: Following the many challenges the financial services industry has faced over recent years, there appears to be a decidedly more optimistic feel emerging. Much change in the industry means that financial institutions should now be considering how their fundamental strategic priorities should be pursued in the new, post-crisis environment.

Date: 06/01/2010 | Size: 4684,69kB

Synergies, cost efficiencies, regulatory changes, reorganizations and product risks as influencing factors for the Internal Audit. Are you prepared? The Internal Audit is more than a mere controller. It allows your bank to attain extensive and sustainable additional benefits in the areas of governance, quality and efficiency. Allow your company to profit from our 100 years experience in assurance.

Publication in German

Date: 05/01/2010 | Size: 757,30kB

MiFID was issued by the European Union with the aim of reinforcing the European financial market and harmonizing regulations primarily by enhancing market transparency and significantly improving investor protection.

Date: 04/01/2010 | Size: 253,77kB

One result of the financial crisis over the past two years is that the perception of many financial services institutions and the senior people working within them have been seriously damaged. Companies will need to re-think and probably change how they want to be perceived by their various stakeholders to regain status. Over the past year, KPMG's Financial Services Magazine, frontiers in finance, has been looking at some of the issues worth considering in managing the brand.

Date: 03/21/2010 | Size: 710,55kB

Following the many challenges the financial services industry has faced over recent years, there appears to be a decidedly more optimistic feel emerging. Financial institutions should now be considering how fundamental strategic priorities should be pursued in the new, post-crisis environment.

Date: 03/19/2010 | Size: 1865,29kB

In collaboration with the ETH Zurich KPMG launched a study to determine the usage of new payment processing technologies at Swiss companies. Based on a overview of international development rationales for investing in new technologies and possible scenarios are shown.

Date: 03/15/2010 | Size: 1291,37kB

The March edition of the Swiss Financial Services Newsletter includes various regulatory topics, such as the global increase in government regulations, adjusting the business models as well as regulatory changes in Switzerland. Moreover André Zemp (Head of the ServiceBureau at BBP AG) answers questions regarding "Data protection and banking secrecy within transaction exchange".

Date: 03/01/2010 | Size: 779,33kB

Article 68 of the Federal Act on Social Security requires compensation offices to periodically review compliance with the relevant legal provisions. The periodic reviews were further defined through the Directive to Auditors on the Execution of Employer Reviews (German: WRA) and the Circular to the Compensation Offices on the Execution of Employer Reviews (German: KAA) with effect from 1 January 2008 and should be implemented during the ongoing transition period.

Date: 02/17/2010 | Size: 277,88kB

As a result of the current crisis within the financial sector and the serious effects it has had on financial institutions that were not directly affected by the crisis core, comprehensive and sustainable total bank management has taken on an increasingly central role.

Publication in German

Date: 01/20/2010 | Size: 1391,60kB

This edition of frontiers in finance discusses key issues including the implications of government intervention in the industry, a focus on reputational risk management, implications for capital and risk management in insurance, likely developments in carbon trading and the changing role of internal audit.

Date: 12/15/2009 | Size: 3128,12kB

The new FINMA Circular "Remuneration Schemes” defines minimum standards for the design, implementation and disclosure of remuneration schemes for financial institutions. The circular aims to effectively control compensation practices within the financial sector. Remuneration schemes should not serve to incite the taking of inappropriate risks and thus should not possibly impact the stability of financial institutions.

Date: 12/01/2009 | Size: 95,36kB

Evolving Banking Regulation' brings together knowledge from across our global network of firms to set out an international 'snapshot' of the many strands of regulatory change which are ongoing in the banking sector.

Date: 11/30/2009 | Size: 5132,29kB

A study carried out by KPMG and the University of St.Gallen shows that private banking in Switzerland faces fundamental change. However, in the view of 30 leading private banks, the sector has really only just begun to analyze the situation and not yet launched the process of making adjustments to their business strategy. Growth will occur primarily abroad and there is a question if enough Swiss banks in their current form are well positioned to take best advantage of this trend.

Date: 10/20/2009 | Size: 1837,47kB

The September edition of the Swiss Financial Services Newsletter includes various asset management topics - moreover, Martin Thommen (President of the Swiss funds Association SFS, Managing Director UBS Global Asset Management) has written a fascinating guest column: EU-Proposal for a Directive on Alternative Investment Managers is explosive - also for Switzerland.

Date: 09/30/2009 | Size: 682,61kB

The questionnaire is a practical example and shall support such a self-assessment. It contains specific questions which are categorized in general themes, such as general governance principles, organization of the Board of Directors, independence and the delegation of tasks to Board committees.

Date: 09/27/2009 | Size: 451,15kB

There is no doubt that the experience of the last two years will cast a long shadow on Financial Services. But while the landscape has changed, the challenges for many companies should be more familiar: developing a competitive business model, managing risk, building a winning brand and competing profitably and cost-effectively.

Futher information can be found on http://www.frontiersinfinance.com/

Date: 09/16/2009 | Size: 2267,33kB

For the third consecutive year, KPMG has examined the annual financial statements of some of the largest European banks and summarized the results in this study. As in the previous two years, the study includes key areas that represent the greatest challenges for banks.

Date: 07/08/2009 | Size: 1007,39kB

Opinions are varied on whether the bottom has already been reached and if an economic recovery lies just ahead - however, no one argues whether the road to recovery will be a long and arduous one. The present edition of "Frontiers in Finance” addresses the various programs that have been implemented in order to give the economic upswing a boost.

Date: 07/01/2009 | Size: 2696,31kB

The technically correct reflection of a business combination in the balance sheet constitutes a major challenge for all the parties involved. This snapshot focuses on the significance and processing of the Purchase Price Allocation.

Date: 06/03/2009 | Size: 106,91kB

"Payments are indeed the 'lifeblood' of banking, and the customer relationship.” Once thought to be the boring side of banking, in the current climate payments are now being looked to as the stable source of revenue.
KPMG International, in cooperation with member firms globally, recently undertook in-depth interviews with senior representatives of industry regulators, banks and financial technology companies, to gain their insights on the future of payments, the key drivers and opportunities for the sector.

Date: 06/01/2009 | Size: 1573,35kB

Edition "Regulatory Update"

Date: 04/01/2009 | Size: 491,02kB

We are living in turbulent times and the financial services landscape is changing.  This edition of Frontiers in Finance focuses on the challenges being faced in the current global turmoil and offers insights into what companies can do to steer their way effectively through the crisis.  In this issue KPMG firms' partners discuss competing priorities of CEO's agendas, the effects of risk and capital management in insurance, and how businesses can prepare to help them survive the current challenges.  And as part of the emerging markets series we examine how Latin America is dealing with the credit crisis and the potential opportunities for Islamic finance in Indonesia.

Date: 03/26/2009 | Size: 2347,43kB

Despite the continued fall-out from the financial crisis across the banking industry, it appears that not enough institutions are making fundamental changes to their risk frameworks. A KPMG survey pins down the apparent failures in risk management.

Date: 02/24/2009 | Size: 1413,81kB

Fraud Red Flags and immediate actions to consider on suspicion of fraud.

Date: 12/15/2008 | Size: 215,67kB

The "Swiss Financial Services Newsletter - Swiss Banking - A look from outside” informs about the following topics:

- Swiss Banking - Interview with Dr. Martin Maurer
- Swiss Banking in Asia - A perspective from Singapore
- Dubai International Financial Centre - From start-up to global standard setter
- Swiss and UK Banking Interconnected
- High networth individuals - A world in transition
- Events

Date: 08/01/2008 | Size: 727,94kB

This edition has two focal points: the post-credit crunch era and trends in investment management. We invite readers to delve into the debate on Regulation after the Credit Crunch and whether financial regulators have overreacted in the aftermath of the crisis. We analyze sovereign wealth funds and associated issues of transparency as well as examine the Hedge Fund Industry Best Practice Standards. Other topics include tax management, Islamic banking and climate change.

Date: 07/01/2008 | Size: 3955,38kB

60 percent of fund managers worldwide believe that they have lost investor confidence as a result of the subprime crisis. The reason is clear; investors are less keen to invest in complex investment products than are the fund managers working for them. Approximately half of all fund managers have investments in private equity and asset-backed securities and one-third in collateralized debt obligations (CDOs).

Date: 07/01/2008 | Size: 2069,44kB

The Federal Act on Collective Investment Schemes (CISA) entered into force on 1 January 2007. The applicable tax legislation was consequently revised in order to determine the fiscal framework for the new types of collective investment scheme: the investment company with variable capital (SICAV), limited partnership for collective investment (LPCI) and investment company with fixed capital (SICAF). This article outlines the way in which the fiscal framework has been formulated in the fields of income tax and withholding tax.

Date: 03/27/2008 | Size: 63,73kB

This article points out to investors the appropriate Collective investment schemes for qualified investors in real estate based on The Federal Act on Collective Investment Schemes (CISA).

Date: 03/27/2008 | Size: 85,79kB

This article mentions the conditions and the content of simplified prospectus for structured products by means of describing the basics and points out the herewith arising opportunities and risks.

Date: 03/27/2008 | Size: 68,31kB

This edition of frontiers in finance focuses on 'hot' topics in the financial services sector in general, and the retail banking sector in particular.

Date: 03/01/2008 | Size: 2332,22kB

Publication in German

Date: 01/15/2008 | Size: 3578,43kB

KPMG Legal offers a wide range of multidisciplinary services in the field of collective investment schemes law and asset management. Our professionals will take all your needs into consideration and provide an efficient and practical support to your company. 

Date: 01/01/2008 | Size: 211,32kB

Aimed at banks, this publication introduces the ways in which costs, loss of assets, and damage to reputation can be minimized by analyzing fraud and corruption risks.

Publication in German

Date: 11/01/2007 | Size: 391,79kB

Growth, performance and governance are key issues for CEOs of insurance companies around the world. This edition of frontiers in finance is solely devoted to the insurance sector and is structured around these three key issues. Topics covered include emerging markets, outsourcing and offshoring, climate change and economic capital models and many more...

Date: 09/01/2007 | Size: 848,92kB

Please order your copy directly at Schulthess (Publication in German)

Date: 07/26/2007 | Size: 24,52kB

KPMGs International 2007 thought leadership report on global management. The report examines the generational change affecting the customer base and employees of the funds management industry. The research includes a survey of 125 funds management businesses in 17 countries controlling 18 percent of global funds under management.

Date: 06/01/2007 | Size: 1622,18kB

The retail banking sector in China is still underdeveloped by international standards, but in light of the sheer scale of savings in China, the future potential of the sector is immense, making it one of the most attractive prospects in the world for banks. With the recent opening up of the sector for foreign banks, we view the timing of this report as particularly opportune. We hope it will serve as a roadmap to both domestic and foreign banks seeking to better understand the retail banking sector and the challenges and opportunities presented by it.

Date: 06/01/2007 | Size: 931,25kB

Probably more than any other business sector, the financial services industry is fundamentally concerned with balancing risk and return. Because this topic is so important to our industry at this time, we have devoted the whole of this edition of Frontiers in Finance to it. The introductory article sets the issue in context; the following articles each look at a particular aspect of risk and returns management.

Date: 05/18/2007 | Size: 719,59kB

Publication in German

Date: 02/01/2007 | Size: 331,55kB

Publication in German

Date: 01/01/2007 | Size: 341,62kB

Publication in German

Date: 01/01/2007 | Size: 323,03kB

Article by Dr. Armin Kühne in the newspaper Finanz und Wirtschaft from 9 September 2006 regarding the Federal Act on Collective Capital Investments.
The Federal Act on Collective Capital Investments (CCIA) was passed on 23 June by the parliament and is to enter into force on 1 January 2007. Does the associated ordinance (CCIO) fulfill the needs of the funds sector?

Publication in German

Date: 09/09/2006 | Size: 565,96kB

June 2006 - Legal Update - Federal Act on Collective Capital Investments
(Publication in German)

Date: 06/30/2006 | Size: 177,36kB

Date: 06/01/2006 | Size: 1186,31kB

This report aims to shed light on how financial services organizations are preparing for this major regulatory change and how they view its opportunities and challenges. The survey covers 199 respondents within financial services organizations based in Europe, including both organizations headquartered there as well as global companies that have significant presence in this market.

Date: 05/03/2006 | Size: 245,36kB

This publication outlines the development of the Russian banking sector since the dissolution of the Soviet Union in 1991.

Date: 03/31/2006 | Size: 87,73kB

Research released by KPMG points to an acceleration in M&A activity in the global private banking and wealth management industries, with global M&A levels in this sector increasing 26 percent in 2004 from the previous year.

Date: 07/06/2005 | Size: 1492,64kB

KPMG's  latest edition of Insurance Reporting Round-up presents a review of the results presented in the 2009 financial statements of major European insurance groups. This full year review follows on from the half-year report published in October 2009. The topics covered in this publication includes: a review of financial metrics, a look at current practice for reporting key performance indicators, solvency and capital, embedded value reporting, impairments and intangibles and disclosures.

Date: 07/01/2010 | Size: 4016,51kB

The establishment of insurance operations in Switzerland requires a license from FINMA (the Swiss financial services regulator). The necessary company law procedures must also be carried out at the same time. KPMG can support you beginning with preliminary clarifications on the licensing procedures, obtaining a licence and setting up an operation and through to implementation.

Date: 03/15/2010 | Size: 621,82kB

This edition of frontiers in finance discusses key issues including the implications of government intervention in the industry, a focus on reputational risk management, implications for capital and risk management in insurance, likely developments in carbon trading and the changing role of internal audit.

Date: 12/15/2009 | Size: 3128,12kB

The December edition of the Swiss Financial Services Newsletter focuses on insurance themes. It contains an interview with Urs Hunziker (head of collective foundation business and member of the management of AXA-Winterthur group pensions insurance) as well as an article on the new FINMA Circular on supplementary health insurance. Other articles cover topics such as tax themes, current developments in IFRS and Liechtenstein as an attractive domicile for insurance companies.

Date: 12/01/2009 | Size: 784,80kB

The new FINMA Circular "Remuneration Schemes” defines minimum standards for the design, implementation and disclosure of remuneration schemes for financial institutions. The circular aims to effectively control compensation practices within the financial sector. Remuneration schemes should not serve to incite the taking of inappropriate risks and thus should not possibly impact the stability of financial institutions.

Date: 12/01/2009 | Size: 95,36kB

With just a few exceptions, the insurance industry has weathered the economic crisis relatively unscathed so far. Nevertheless a global study undertaken by KPMG shows that insurance companies are endeavoring to improve their risk and capital management. The main incentive behind these efforts is not new regulations, however, rather their desire to strengthen their business performance over the long term.

Date: 11/10/2009 | Size: 6519,47kB

In March and April 2009, the Economist Intelligence Unit surveyed, on behalf of KPMG International, 315 executives from insurance companies around the world. This initial survey report is the first of a two-part series and examines how the financial crisis is changing the attitude of the global insurance industry to risk and capital management, highlighting some of the key issues that these these institutions should address in response.

Date: 06/10/2009 | Size: 440,01kB

This publication reviews the financial statements of major European insurance groups. This twice-yearly review continues from the half-year survey published in October 2008 that reviewed the June 2008 statements of a similar group of insurers. For this publication we have revised the companies we look at to focus more closely on the major European insurers.

Date: 05/01/2009 | Size: 1530,31kB

Fraud Red Flags and immediate actions to consider on suspicion of fraud.

Date: 12/15/2008 | Size: 215,67kB

The banking crisis has infected the insurance sector and has left deep scars. The fact that the SPI Insurance Index lost 49% in the last 12 months compared to 58% of the directly affected banks illustrates that shareholders and analysts do not understand the risk exposure and the financial reporting of Swiss insurance companies. This newsletter covers some of the key topics on the CEO and CFO agenda of insurance companies.

Date: 11/01/2008 | Size: 1376,07kB

Whilst this new study featues elements of presentation, where new or relevant, it focuses primarily on benchmarking performance in the context of market issues and other key indicators accross the sector. With the markets continuing to be affected by increasing markt turmoil, investor focus to date has been on the banking industry. However, insurers also nee to be able to demonstrate their capital strength and to clearly explain the risks impacting their buisness.

Date: 06/06/2008 | Size: 458,59kB

The Federal Act on Collective Investment Schemes (CISA) entered into force on 1 January 2007. The applicable tax legislation was consequently revised in order to determine the fiscal framework for the new types of collective investment scheme: the investment company with variable capital (SICAV), limited partnership for collective investment (LPCI) and investment company with fixed capital (SICAF). This article outlines the way in which the fiscal framework has been formulated in the fields of income tax and withholding tax.

Date: 03/27/2008 | Size: 63,73kB

This article points out to investors the appropriate Collective investment schemes for qualified investors in real estate based on The Federal Act on Collective Investment Schemes (CISA).

Date: 03/27/2008 | Size: 85,79kB

This article mentions the conditions and the content of simplified prospectus for structured products by means of describing the basics and points out the herewith arising opportunities and risks.

Date: 03/27/2008 | Size: 68,31kB

KPMG Legal offers a wide range of multidisciplinary services in the field of collective investment schemes law and asset management. Our professionals will take all your needs into consideration and provide an efficient and practical support to your company. 

Date: 01/01/2008 | Size: 211,32kB

Growth, performance and governance are key issues for CEOs of insurance companies around the world. This edition of frontiers in finance is solely devoted to the insurance sector and is structured around these three key issues. Topics covered include emerging markets, outsourcing and offshoring, climate change and economic capital models and many more...

Date: 09/01/2007 | Size: 848,92kB

Please order your copy directly at Schulthess (Publication in German)

Date: 07/26/2007 | Size: 24,52kB

KPMG on May 16, 2007 announced results of a survey designed to identify key change drivers for the life insurance industry. Unveiled at the Institute of Economic Affairs' 10th Anniversary Conference in London, the findings reveal that over 50% of the top UK life insurance companies feel cost reduction will be the key factor motivating change for the next two years, jumping ahead of structural organization and operational efficiency. Changes to channel and distribution methods was cited as second most important. Of interest, both outsourcing and offshoring ranked last as both historical and future drivers of change.

Date: 05/18/2007 | Size: 947,26kB

Article by Dr. Armin Kühne in the newspaper Finanz und Wirtschaft from 9 September 2006 regarding the Federal Act on Collective Capital Investments.
The Federal Act on Collective Capital Investments (CCIA) was passed on 23 June by the parliament and is to enter into force on 1 January 2007. Does the associated ordinance (CCIO) fulfill the needs of the funds sector?

Publication in German

Date: 09/09/2006 | Size: 565,96kB

June 2006 - Legal Update - Federal Act on Collective Capital Investments
(Publication in German)

Date: 06/30/2006 | Size: 177,36kB

KPMG's forth annual European banking survey: Focus on transparency analyses the 2009 annual results of the 15 leading European banks. It provides a view of disclosure trends as well as how disclosures shape market issues currently affecting the banks. Focus on transparency provides insight into the banks' annual reporting, gives a flavour of the results, and what they mean in terms of underlying performance, financial health and capital position within the sector.

Date: 07/01/2010 | Size: 1673,65kB

The U.S. Foreign Account Tax Compliance Act (FATCA) confronts Foreign Financial Institutions (FFI) with increased information demands in the KYC process, additional reporting requirements and other duties. FATCA will challenge banks in Switzerland in their cross-boarder activities and requires solutions to comply with Swiss banking secrecy requirements.

Date: 06/14/2010 | Size: 739,21kB

The new UCITS IV - Directive represents another step in the harmonization of the supervisory system in Europe. The directive should facilitate cross-border mergers, administration and master-feeder structures. However, tax-related issues often conflict with harmonization efforts and must be assessed on an individual basis according to the countries involved. This study provides an overview of the significant tax consequences that result for funds in key EU countries.

Date: 06/07/2010 | Size: 3071,14kB

The thought leadership publication titled „Transformation: The Future of Alternative Investments” examines in detail the transformational change of the alternative investment industry as it enters a period of significant growth, set against scrutiny from regulators and institutional investors. It investigates how, in light of significant market volatility and regulatory uncertainty, alternative investment managers, institutional investors and administrators are adapting their business models to maximize chances of success.

Date: 06/01/2010 | Size: 1621,93kB

This issue focuses on the rising optimism: Following the many challenges the financial services industry has faced over recent years, there appears to be a decidedly more optimistic feel emerging. Much change in the industry means that financial institutions should now be considering how their fundamental strategic priorities should be pursued in the new, post-crisis environment.

Date: 06/01/2010 | Size: 4684,69kB

The investment management industry is currently facing intense regulatory activity as a result of the financial crisis. The report analyzes the potential impact of the new regulatory landscape on investment managers' strategy, business and operating models. The report highlights the unique challenges and opportunities that the reforms bring forth.

Date: 05/01/2010 | Size: 3994,81kB

One result of the financial crisis over the past two years is that the perception of many financial services institutions and the senior people working within them have been seriously damaged. Companies will need to re-think and probably change how they want to be perceived by their various stakeholders to regain status. Over the past year, KPMG's Financial Services Magazine, frontiers in finance, has been looking at some of the issues worth considering in managing the brand.

Date: 03/21/2010 | Size: 710,55kB

Following the many challenges the financial services industry has faced over recent years, there appears to be a decidedly more optimistic feel emerging. Financial institutions should now be considering how fundamental strategic priorities should be pursued in the new, post-crisis environment.

Date: 03/19/2010 | Size: 1865,29kB

The March edition of the Swiss Financial Services Newsletter includes various regulatory topics, such as the global increase in government regulations, adjusting the business models as well as regulatory changes in Switzerland. Moreover André Zemp (Head of the ServiceBureau at BBP AG) answers questions regarding "Data protection and banking secrecy within transaction exchange".

Date: 03/01/2010 | Size: 779,33kB

Since April 2009, when the EU Commission's Draft Alternative Investment Fund Managers Directive was released, following much lobbying and various proposed revisions we have arrived at a crucial time for its future. As the proposed amendments submitted by the Members of the European Parliament (MEPs) are now being debated, this survey seeks to establish the thinking of the investment management community on how they might react to the proposals as they stood at the start of 2010. The directive has the potential to significantly alter the market for alternative managers across the globe.

Date: 02/25/2010 | Size: 3961,81kB

This edition of frontiers in finance discusses key issues including the implications of government intervention in the industry, a focus on reputational risk management, implications for capital and risk management in insurance, likely developments in carbon trading and the changing role of internal audit.

Date: 12/15/2009 | Size: 3128,12kB

KPMG in Luxembourg & RBC Dexia have released a major new study report assessing the likely impact of forthcoming UCITS IV implementation and the opportunities and challenges it presents. The report "UCITS IV: Which business model for tomorrow?" surveyed leading asset managers drawn from 13 countries and explores major themes including fund consolidation, jurisdictional and cost advantages and the likely use of new facilities such as the UCITS Management Company Passport.

Date: 11/09/2009 | Size: 1612,63kB

This publication contains unofficial translations of the official original German texts.

Date: 11/06/2009 | Size: 2349,66kB

The September edition of the Swiss Financial Services Newsletter includes various asset management topics - moreover, Martin Thommen (President of the Swiss funds Association SFS, Managing Director UBS Global Asset Management) has written a fascinating guest column: EU-Proposal for a Directive on Alternative Investment Managers is explosive - also for Switzerland.

Date: 09/30/2009 | Size: 682,61kB

There is no doubt that the experience of the last two years will cast a long shadow on Financial Services. But while the landscape has changed, the challenges for many companies should be more familiar: developing a competitive business model, managing risk, building a winning brand and competing profitably and cost-effectively.

Futher information can be found on http://www.frontiersinfinance.com/

Date: 09/16/2009 | Size: 2267,33kB

For the third consecutive year, KPMG has examined the annual financial statements of some of the largest European banks and summarized the results in this study. As in the previous two years, the study includes key areas that represent the greatest challenges for banks.

Date: 07/08/2009 | Size: 1007,39kB

Opinions are varied on whether the bottom has already been reached and if an economic recovery lies just ahead - however, no one argues whether the road to recovery will be a long and arduous one. The present edition of "Frontiers in Finance” addresses the various programs that have been implemented in order to give the economic upswing a boost.

Date: 07/01/2009 | Size: 2696,31kB

Die Investment Management Industrie wurde durch die Kreditkrise grundlegend verändert. Unser Report "Renewing the promise: Time to mend realtionships in investment management" basiert auf den Ergebnissen unserer globalen Umfrage unter Investment Managern, Investoren und Senior Executives und analysiert, wie sich die Industrie in der Folge entwickeln wird.

Publikation in Englisch

Date: 06/30/2009 | Size: 1054,95kB

We are living in turbulent times and the financial services landscape is changing.  This edition of Frontiers in Finance focuses on the challenges being faced in the current global turmoil and offers insights into what companies can do to steer their way effectively through the crisis.  In this issue KPMG firms' partners discuss competing priorities of CEO's agendas, the effects of risk and capital management in insurance, and how businesses can prepare to help them survive the current challenges.  And as part of the emerging markets series we examine how Latin America is dealing with the credit crisis and the potential opportunities for Islamic finance in Indonesia.

Date: 03/26/2009 | Size: 2347,43kB

The fraud magazine of KPMG's Forensic

Date: 11/10/2008 | Size: 1531,89kB

This edition has two focal points: the post-credit crunch era and trends in investment management. We invite readers to delve into the debate on Regulation after the Credit Crunch and whether financial regulators have overreacted in the aftermath of the crisis. We analyze sovereign wealth funds and associated issues of transparency as well as examine the Hedge Fund Industry Best Practice Standards. Other topics include tax management, Islamic banking and climate change.

Date: 07/01/2008 | Size: 3955,38kB

60 percent of fund managers worldwide believe that they have lost investor confidence as a result of the subprime crisis. The reason is clear; investors are less keen to invest in complex investment products than are the fund managers working for them. Approximately half of all fund managers have investments in private equity and asset-backed securities and one-third in collateralized debt obligations (CDOs).

Date: 07/01/2008 | Size: 2069,44kB

Derivative instruments and investment fund regulations.

Date: 05/01/2008 | Size: 923,29kB

The Federal Act on Collective Investment Schemes (CISA) entered into force on 1 January 2007. The applicable tax legislation was consequently revised in order to determine the fiscal framework for the new types of collective investment scheme: the investment company with variable capital (SICAV), limited partnership for collective investment (LPCI) and investment company with fixed capital (SICAF). This article outlines the way in which the fiscal framework has been formulated in the fields of income tax and withholding tax.

Date: 03/27/2008 | Size: 63,73kB

This article points out to investors the appropriate Collective investment schemes for qualified investors in real estate based on The Federal Act on Collective Investment Schemes (CISA).

Date: 03/27/2008 | Size: 85,79kB

This article mentions the conditions and the content of simplified prospectus for structured products by means of describing the basics and points out the herewith arising opportunities and risks.

Date: 03/27/2008 | Size: 68,31kB

Publication in German

Date: 01/15/2008 | Size: 3578,43kB

KPMG Legal offers a wide range of multidisciplinary services in the field of collective investment schemes law and asset management. Our professionals will take all your needs into consideration and provide an efficient and practical support to your company. 

Date: 01/01/2008 | Size: 211,32kB

Worldwide, 40 percent of fund managers have diversified into long only funds and 30 percent into alternatives in the last three years, causing convergence in investment strategies used in different sectors in their industry and in cash terms alternatives have attracted larger sums according to a new study published today by KPMG International and CREATE-Research.

Date: 10/30/2007 | Size: 626,25kB

Growth, performance and governance are key issues for CEOs of insurance companies around the world. This edition of frontiers in finance is solely devoted to the insurance sector and is structured around these three key issues. Topics covered include emerging markets, outsourcing and offshoring, climate change and economic capital models and many more...

Date: 09/01/2007 | Size: 848,92kB

Please order your copy directly at Schulthess (Publication in German)

Date: 07/26/2007 | Size: 24,52kB

KPMGs International 2007 thought leadership report on global management. The report examines the generational change affecting the customer base and employees of the funds management industry. The research includes a survey of 125 funds management businesses in 17 countries controlling 18 percent of global funds under management.

Date: 06/01/2007 | Size: 1622,18kB

Article by Dr. Armin Kühne in the newspaper Finanz und Wirtschaft from 9 September 2006 regarding the Federal Act on Collective Capital Investments.
The Federal Act on Collective Capital Investments (CCIA) was passed on 23 June by the parliament and is to enter into force on 1 January 2007. Does the associated ordinance (CCIO) fulfill the needs of the funds sector?

Publication in German

Date: 09/09/2006 | Size: 565,96kB

This publication summarises current issues and trends based on published news items and KPMG's own commentary on developments across the sector.

Date: 07/07/2006 | Size: 277,98kB

June 2006 - Legal Update - Federal Act on Collective Capital Investments
(Publication in German)

Date: 06/30/2006 | Size: 177,36kB

INTEGRATED RISK MONITORING: Board of Directors and management improve the efficiency and effectiveness of their risk monitoring by combining various internal risk management and control systems. ANTITRUST COMPLIANCE: As competition authorities apply the rules in an increasingly stringent manner antitrust compliance is of ever increasing importance.

Download the french publication

Date: 02/01/2010 | Size: 1089,24kB

The most frequently diagnosed ICS issues are discussed in part one of this publication. Part two addresses potential approaches for enhancing the initial findings of the first round of assessing the existence of an ICS by auditors, and it offers possible improvements for the ICS.

Date: 08/07/2009 | Size: 347,09kB

This publication provides the English-speaking reader and practitioner with an overview of the fundamentals of Swiss company law.

In a first part it explains the types of company which exist under Swiss law together with a more detailed discussion of the applicable audit law, financial accounting and reporting regulations. Other topics include the Swiss Merger Act, international restructurings and a brief overview of the relevant Swiss tax law. Charts further illustrate the matters under discussion. The main characteristics of corporations (AG) and limited liability companies (GmbH) are presented in tabular form highlighting the more significant advantages and disadvantages of these company types. The publication is completed by a consistent translation of the law in Articles 620-763 (AG), Articles 772-827 (GmbH) and Articles 957-963 (commercial accounting) of the Code of Obligations as well as a translation of the entire Merger Act. Please order your copy directly at Schulthess.

Date: 01/21/2009 | Size: 193,54kB

The revised Swiss Code of Obligations (CO) requires all companies, regardless of whether they are subject to an ordinary audit or a limited statutory examination, to perform a risk assessment. The notes to the financial statements should contain information related to the risk assessment process. The legal requirement of article 663b pt. 12 CO "Information on the completion of a risk assessment” leaves significant room for interpretation.

Date: 12/01/2008 | Size: 887,31kB

Swiss GAAP FER 2007 reflect the new modularly structured concept (Core-FER, Complete Swiss GAAP FER). This publication contains comprehensive  checklists to Swiss GAAP FER 2007 and an example of group financial statements illustrating the requirements of the revised Swiss GAAP FER.

Publication in German

Date: 02/26/2008 | Size: 393,29kB

Today, the reliability and trustworthiness of management information are more important than ever before. Given the indispensability of strong Corporate Governance, board members make uncompromisingly high demands on the integrity of the external audit. Our auditors consistently focus on the specific circumstances of each individual client.

Date: 01/01/2008 | Size: 927,58kB

A significant challenge for the members of Audit Committees (AC) is the complexity of the issues involved. According to a survey conducted by KPMG, 72 percent of respondents spend less than 20 hours a year on further training and 63 percent primarily learn "on the job" by sharing experiences with others.

Date: 12/02/2005 | Size: 951,78kB

KPMG Switzerland and the Institute for Accounting and Controlling at the University of Zurich under the guidance of Prof. Dr. Conrad Meyer took stock of the internal control systems of the one thousand top selling companies in Switzerland. The developments in internal control in businesses worldwide are currently heavily influenced by the American Sarbanes-Oxley Act, which also led to adjustments and regulatory changes in Europe und in Switzerland.

Publication in German

Date: 05/24/2005 | Size: 1002,45kB