Successful completion of this exemption procedure enables VP Bank (Switzerland) Ltd to serve clients domiciled in Germany from its office in Switzerland, and means it will also be able actively to acquire new clients, without being obliged to set up a permanent establishment there or cooperate with another licensed financial institution.
During the course of this complex approvals process, BaFin verifies that the bank complies with all relevant German consumer protection provisions and money laundering regulations. Submission of the exemption application before BaFin is moreover conditional upon a supervisory certificate from the Swiss Financial Market Supervisory Authority (Eidgenössische Finanzmarktaufsicht – “FINMA”) for the transactions and services that are to be rendered in Germany.
“Cross-border asset management and investment consultancy for clients domiciled in Germany are es-tablished parts of our core business. Because of the rules that are applicable in Germany, however, we have had only limited access to this,” explained Antony Lassanianos, CEO of VP Bank (Switzerland) Ltd. “The exemption grants us significantly simplified access and improved conditions to develop the market in Germany. It will enable us to support our existing clients even more closely, while also actively attracting new private and institutional clients,” continued Lassanianos.